Donaldson (NYSE: DCI) reported third-quarter financial results on Tuesday. The transcript from the company's third-quarter earnings call has been provided below.

唐納森（紐約證券交易所代碼：DCI）於週二公佈了第三季度財務業績。以下是公司第三季度財報電話會議的文字記錄。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此內容由 Benzinga API 提供。有關全面的財務數據和文字記錄，請訪問 https://www.benzinga.com/apis/。

View the webcast at https://events.q4inc.com/attendee/539545782

查看網絡直播：https://events.q4inc.com/attendee/539545782

Summary

摘要

Donaldson Company, Inc. reported its strongest quarterly performance to date with record sales of $995 million, a 6% increase from the previous year, driven by currency translation, net pricing benefits, and volume growth.

唐納森公司報告了迄今為止最強勁的季度業績，銷售額創下 9.95 億美元的紀錄，比去年增長 6%，主要受匯率轉換、淨定價收益和銷量增長的推動。

The company successfully closed its acquisition of Facet Filtration, which is expected to enhance its Industrial Solutions portfolio and contribute to future revenue growth, particularly in aerospace and power generation markets.

公司成功完成了對 Facet Filtration 的收購，預計將增強其工業解決方案組合，併為未來的收入增長做出貢獻，特別是在航空航天和發電市場。

Despite macroeconomic uncertainties and operational challenges, Donaldson delivered robust financial results, with an adjusted EPS of $1.06 and an operating margin of 16.6%, marking a significant improvement from the previous quarter.

儘管面臨宏觀經濟不確定性和運營挑戰，唐納森仍交出了強勁的財務業績，調整後的每股收益為 1.06 美元，營業利潤率為 16.6%，較上個季度顯著改善。

Mobile solutions saw an 8% sales increase, driven by strong volume growth and aftermarket sales, while industrial solutions faced a slight decline due to volume drops, offset by pricing and currency benefits.

移動解決方案的銷售額增長了 8%，得益於強勁的銷量增長和售後市場銷售，而工業解決方案由於銷量下降略有下滑，但通過定價和匯率收益得以抵消。

The company revised its fiscal 2026 guidance, now expecting consolidated organic sales growth between 3% and 5%, with a notable focus on operational improvements and margin expansion in upcoming quarters.

公司修訂了 2026 財年的指引，現在預計合併的有機銷售增長將在 3% 到 5% 之間，特別關注未來幾個季度的運營改善和利潤率擴張。

Full Transcript

完整記錄

OPERATOR

主持人

After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press Star one to raise your hand. To withdraw your question, press Star one again. I will now hand the conference over to Sarika Dodwal, Head of Investor Relations. Please go ahead.

在今天的準備發言後，我們將舉行問答環節。如果您想提問，請按星號 1 舉手。要撤回您的問題，請再次按星號 1。現在我將會議交給投資者關係負責人 Sarika Dodwal，請繼續。

Sarika Dodwal (Head of Investor Relations)

Sarika Dodwal（投資者關係負責人）

Good morning. Thank you for joining Donaldson's third quarter fiscal 2026 earnings conference call. With me today are Rich Lewis, President and CEO and Brad Pogalz, Chief Financial Officer. This morning we will provide a summary of our third quarter performance and our outlook for fiscal 2026. During today's call we will discuss non-GAAP or adjusted results for third quarter 2026. Non GAAP results exclude pre tax charges of 9.8 million including 9 million of restructuring and other and 800,000 of business development charges. This compares to prior year pre tax charges of 65.8 million including 4.2 million of restructuring and other 800,000 of business development charges, 62 million for the impairment of intangible assets and a $1.2 million gain on the sale of fixed assets. A reconciliation of GAAP to non-GAAP metrics is provided within the schedules attached to this morning's press release. Before I turn it over to Rich, a quick note on our recently completed acquisition of Facet Filtration. Facet performance will be included in our consolidated fourth quarter earnings results reported in the Aerospace and Defense Business unit within Industrial Solutions. With that, please keep in mind that any forward looking statements made during this call are subject to risks and uncertainties which are described in our press release and SEC filings. I will now turn the call over to Rich.

早上好。感謝您參加唐納森 2026 財年第三季度收益電話會議。今天與我一起的是總裁兼首席執行官 Rich Lewis 和首席財務官 Brad Pogalz。今天早上我們將提供第三季度業績的摘要以及對 2026 財年的展望。在今天的電話會議中，我們將討論 2026 財年第三季度的非 GAAP 或調整後結果。非 GAAP 結果不包括 980 萬美元的税前費用，其中包括 900 萬美元的重組及其他費用和 80 萬美元的業務發展費用。這與去年税前費用 6580 萬美元相比，包括 420 萬美元的重組及其他費用、80 萬美元的業務發展費用、6200 萬美元的無形資產減值和 120 萬美元的固定資產出售收益。GAAP 與非 GAAP 指標的對賬在今天早上的新聞稿附帶的時間表中提供。在我將時間交給 Rich 之前，簡單提一下我們最近完成的 Facet Filtration 收購。Facet 的業績將包含在我們合併的第四季度收益結果中，報告在工業解決方案的航空航天和國防業務單元內。請記住，在此次電話會議中所做的任何前瞻性聲明都面臨風險和不確定性，這些風險和不確定性在我們的新聞稿和 SEC 文件中有描述。現在我將電話交給 Rich。

Rich Lewis (President and CEO)

Rich Lewis（總裁兼首席執行官）

Thanks Sarika and Good morning everyone. Third quarter was a strong quarter for Donaldson Company And as expected marked a significant step up in performance from our second quarter results. I am proud of our team whose hard work resulted in the company's strongest quarter to date with respect to sales, adjusted operating margin and adjusted eps. We successfully navigated macro uncertainty including uneven cyclical dynamics and the ongoing conflict in the Middle East. To that end, I specifically want to thank our team in Abu Dhabi whose dedication and resolve have been on display over the last several months. Our leaders have ensured employees feel as safe as possible and that our local operations continue globally this quarter we continue to serve our customers through our expanded product portfolio and high on time delivery rates including in the higher margin Mobile solutions, aftermarket business, food and beverage and our disk drive business.. We made further progress on optimizing our cost structure as we closed the last two plants identified within our Footprint optimization initiative. We are now focused on ramping up production in the receiving sites which puts us on the path to delivering incremental efficiencies in the future. Lastly, subsequent to quarter end we closed our acquisition of Facet Filtration, adding high performance, fuel and fluid capabilities to our expanding Industrial solutions product portfolio. Facet increases our exposure to durable growing end markets including aerospace and power generation and strengthens our aftermarket position with approximately 70% of revenues driven by recurring regulated replacement part sales with highly accretive margins. We welcome the Facet team to the Donaldson and integration integration efforts are underway as demonstrated this quarter. Donaldson is committed to delivering for all our stakeholders including our customers, shareholders and employees. We continually do this through our leadership position infiltration which was built on decades of solving our customers most difficult filtration problems our best in class technology uniquely powerful because we focus on filtration capabilities and then leverage these technologies across multiple end markets our ability to help customers meet evolving environmental and operational goals by helping to protect equipment, processes and people and our clear strategic and balanced growth strategy. This is how we have and continue to win. Now I will cover some third quarter highlights, Brad will discuss the quarterly financials and full year guidance in more detail and then I will return for some closing remarks. At a high level, sales were a record 995 million 6% above prior year driven by currency translation, net pricing benefits and volume growth. Operating margin was 16.6% up 30 basis points over prior year and an increase of 260 basis points from second quarter expense. Leverage on higher sales was partially offset by gross margin pressure from production shifts to support customer specific requirements and power generation. Within Industrial Solutions, adjusted earnings per share were 1 $1.06 7% above 2025. Now I'll cover some highlights by segment. In mobile solutions sales were 630 million up 8% inclusive of strong volume growth. Aftermarket sales were 498 million up 8% with growth in all regions and in both channels. We grew double digits in our independent channel where our product availability, revenue, reliability, and consistency continue to drive share gains. This quarter we had a large competitive win with a major North America fleet operator supplying a mix of air, lube and fuel products. These types of programs allow us to strengthen our future dealer relationships and create meaningful future pull through opportunities for incremental sales. On the first fit side off road sales were were 104 million, an increase of 9% versus prior year led by strength in construction on Road. Sales of 28 million increased 5% as truck production began to ramp particularly in EMEA Touching on China within mobile sales were up 6% due to strength and off road performance in China has been encouraging and the growing export market is supporting demand for our technology led solutions. In industrial solutions sales were 282 million down 1% driven by volume declines partially offset by net pricing and currency benefits. IFS sales of 237 million grew 2% from net pricing and power generation volume growth primarily in EMEA where sales of new equipment more than doubled as we continue to benefit from the super cycle. Partially offsetting this favorability were volume declines and new equipment sales for industrial gases and dust collection. Importantly, we are encouraged by the positive macro indicators we are seeing for our capex based businesses including strengthening industrial production and capital expenditures in certain regions including North America and apac. This more supportive backdrop combined with our new product introductions gives us confidence in our ability to win in these markets. Last month we launched our Stratos Mist collector as part of our dust collection product portfolio. With modern machining operations, elevated levels of smaller mist particles and contaminants need to be captured. We are solving this customer problem through Stratos reliable continuous duty filtration which comes in a space efficient footprint and supports multiple industries. Early indications are positive including strong customer interest and quoting activity. Switching over to aerospace and defense sales were 45 million, down 14% versus 2025 due to weaker new equipment. Sales volumes were pressured by ongoing supply chain constraints and project timing. In life sciences, sales of 84 million increased 13% largely as a result of robust new equipment volume in food and beverage and ongoing strength in disk drive. Momentum continues in our food and beverage business where sales grew over 30% supported by new equipment sales and with a growing installed base driving consumables demand. We are excited about the customer and channel partner reception to our new technology led offerings and continue to build out our portfolio. In March we expanded our LifeTech product line by introducing our most advanced high loading performance filter largely for use in bottled water filtration applications. This product is built with Donaldson Membrane manufactured in our own Material Research center and is designed to improve efficiency and filter life driving lower total cost of ownership and value to our customers. In summary, I am pleased with our third quarter results. We exited the quarter with robust order volumes, elevated backlogs and focused execution giving us confidence in delivering on our record organic guidance ranges inclusive of record sales of over 3.8 billion or a 4% increase over prior year driven by growth in several key high margin businesses. Operating margin expansion versus 2025 earnings per share roughly 8% above prior year and free cash flow conversion of approximately 90%. Important as we remain committed to returning value to our shareholders. With that, I will now turn it over to Brad, who will provide more details on the financials and our outlook for fiscal 2026.

感謝 Sarika，大家早上好。第三季度對唐納森公司來説是一個強勁的季度，正如預期的那樣，業績較第二季度有了顯著提升。我為我們的團隊感到自豪，他們的辛勤工作使公司在銷售、調整後的營業利潤率和調整後的每股收益方面達到了迄今為止的最佳季度。我們成功應對了宏觀不確定性，包括週期性動態的不均衡和中東持續的衝突。為此，我特別想感謝我們在阿布扎比的團隊，他們在過去幾個月中展現出的奉獻精神和決心。我們的領導者確保員工感到儘可能安全，並且我們的本地運營在本季度繼續全球化，我們通過擴展的產品組合和高準時交付率繼續為客户提供服務，包括高利潤的移動解決方案、售後業務、食品和飲料以及我們的硬盤驅動業務。我們在優化成本結構方面取得了進一步進展，關閉了在我們的足跡優化計劃中識別的最後兩家工廠。我們現在專注於在接收地點提高生產，這使我們走上了未來實現增量效率的道路。最後，在季度結束後，我們完成了對 Facet Filtration 的收購，增加了高性能的燃料和流體能力，豐富了我們不斷擴展的工業解決方案產品組合。Facet 增加了我們對耐用增長終端市場的曝光，包括航空航天和發電，並通過約 70% 的收入來自於經常性受監管的替換零件銷售，增強了我們的售後市場地位，這些銷售具有高度的增值利潤。我們歡迎 Facet 團隊加入唐納森，整合工作正在進行中，本季度已有所體現。唐納森致力於為所有利益相關者提供服務，包括我們的客户、股東和員工。我們通過在過濾領域的領導地位不斷實現這一目標，這一地位建立在數十年解決客户最棘手的過濾問題的基礎上。我們的最佳技術獨特而強大，因為我們專注於過濾能力，並將這些技術應用於多個終端市場。我們幫助客户滿足不斷變化的環境和運營目標，保護設備、流程和人員，以及我們清晰的戰略和均衡的增長戰略。這就是我們如何贏得勝利的原因。現在我將介紹一些第三季度的亮點，Brad 將更詳細地討論季度財務和全年的指導，然後我將回來做一些總結性發言。從高層來看，銷售額創下了 9.95 億美元的紀錄，比去年增長了 6%，主要受匯率轉換、淨定價收益和銷量增長的推動。營業利潤率為 16.6%，比去年上升了 30 個基點，比第二季度的費用增加了 260 個基點。由於生產轉移以支持客户特定要求和發電的影響，銷售增長的槓桿效應部分被毛利率壓力抵消。在工業解決方案中，調整後的每股收益為 1.06 美元，比 2025 年增長了 7%。現在我將按部門介紹一些亮點。在移動解決方案中，銷售額為 6.3 億美元，同比增長 8%，包括強勁的銷量增長。售後市場銷售額為 4.98 億美元，同比增長 8%，所有地區和渠道均有增長。我們在獨立渠道的增長超過兩位數，我們的產品可用性、收入、可靠性和一致性繼續推動市場份額的增長。本季度，我們與一家主要的北美車隊運營商達成了一項大型競爭性勝利，提供了一系列空氣、潤滑和燃料產品。這類項目使我們能夠加強未來的經銷商關係，併為增量銷售創造有意義的未來拉動機會。在首次配備方面，越野銷售額為 1.04 億美元，同比增長 9%，主要受建築行業的強勁推動。公路銷售額為 2800 萬美元，同比增長 5%，因為卡車生產開始加速，特別是在歐洲、中東和非洲地區。談到中國，移動銷售額增長了 6%，得益於越野性能的強勁表現，出口市場的增長也支持了我們技術驅動解決方案的需求。在工業解決方案中，銷售額為 2.82 億美元，同比下降 1%，主要由於銷量下降，部分被淨定價和匯率收益抵消。IFS 銷售額為 2.37 億美元，主要由於淨定價和發電銷量增長而增長 2%，尤其是在歐洲、中東和非洲地區，新的設備銷售額翻了一番，因為我們繼續受益於超級週期。部分抵消這一有利因素的是工業氣體和除塵設備的新設備銷售的銷量下降。重要的是，我們對資本支出基礎業務的積極宏觀指標感到鼓舞，包括北美和亞太地區的工業生產和資本支出的增強。這種更具支持性的背景，加上我們新產品的推出，使我們對在這些市場中獲勝的能力充滿信心。上個月，我們推出了 Stratos Mist 收集器，作為我們除塵產品組合的一部分。隨着現代機械操作，小顆粒霧狀物和污染物的濃度升高，需要被捕獲。我們通過 Stratos 可靠的連續工作過濾解決了這一客户問題，該產品具有空間高效的外形，並支持多個行業。早期跡象積極，包括強烈的客户興趣和報價活動。轉向航空航天和國防，銷售額為 4500 萬美元，同比下降 14%，主要由於新設備的疲軟。銷售量受到持續的供應鏈限制和項目時機的壓力。在生命科學領域，銷售額為 8400 萬美元，同比增長 13%，主要得益於食品和飲料領域新設備銷量的強勁和硬盤驅動業務的持續增長。我們的食品和飲料業務持續保持勢頭，銷售額增長超過 30%，得益於新設備銷售和不斷增長的安裝基礎推動的消耗品需求。我們對客户和渠道合作伙伴對我們新技術驅動產品的反響感到興奮，並繼續擴展我們的產品組合。在 3 月份，我們通過推出我們最先進的高負載性能過濾器，擴展了我們的 LifeTech 產品線，主要用於瓶裝水過濾應用。該產品採用唐納森膜製造，生產於我們自己的材料研究中心，旨在提高效率和過濾壽命，從而降低總擁有成本，為客户創造價值。總之，我對我們的第三季度業績感到滿意。我們以強勁的訂單量、較高的積壓和專注的執行力結束了本季度，使我們對實現創紀錄的有機指導範圍充滿信心，包括創紀錄的銷售額超過 38 億美元，較去年增長 4%，主要得益於幾個關鍵高利潤業務的增長。營業利潤率擴張，調整後的每股收益比去年增長約 8%，自由現金流轉化率約為 90%。這很重要，因為我們仍然致力於為股東回報價值。接下來，我將把時間交給 Brad，他將提供有關財務和我們 2026 財年的展望的更多細節。

Brad Pogalz

Brad thanks Rich Good morning everyone. The topic we had been discussing with many of you since our last report was our plan to drive a strong sequential improvement in operating margin and we're pleased to say on that point we delivered. While the operational work is not yet done in our industrial segment, our mobile and life sciences segments performed very well, all complemented by sharp prioritization of initiatives across the company. I want to thank my global colleagues for their diligence and commitment as we propelled the company to new records for sales, operating margin and eps. As I detail third quarter results, note that my profit comments exclude the impact from the non recurring charges Sarika Dodwal referenced earlier. Total sales increased 6% and adjusted EPS of $1.06 grew 7% over the prior year. Third quarter operating margin of 16.6% was up 30 basis points from the prior year and at an all time high versus second quarter operating margin increased 260 basis points due to both gross margin improvement and and expense leverage. Breaking down the components of the year over year operating margin expansion. Expense leverage remains a consistent strength at Donaldson Co. Third quarter operating expense as a rate of sales was 17.8%, an improvement of 40 basis points from the prior year, showcasing the structural expense discipline that affords us the latitude to make investment choices while driving margin expansion. Third quarter gross margin was 34.4%, down 10 basis points from 2025 as benefits from pricing volume and mix were more than offset by about 100 basis points of headwinds from short term operating inefficiencies in our industrial segment. More specifically, we realized about 80 basis points of pressure from from the production shifts to Mexico for large turbine systems. In our power generation business; we're seeing improved delivery performance and operational alignment, so we view third quarter as the low point and expect to be fully recovered midway through fiscal 2027. footprint optimization initiatives added a little under 20 basis points of pressure due to costs associated with plant closures and transfers of production. These initiatives were designed to improve our cost structure and the last two plant closures were completed during the quarter. The work is now transitioned to ramping up productivity in the new locations. We expect these industrial based initiatives to generate annualized benefits of about $10 million once we hit run rate productivity during fiscal 2027. I want to take a moment to recognize the teams that have been working on these projects. It has been an incredible effort and we're in the final stages due entirely to their commitment, collaboration and resilience. The work being done strengthens Donaldson's foundation for long term success, so I want to especially thank everyone involved in this massive undertaking. In terms of Profitability by segment, the gross margin impacts from power generation and footprint optimization drove pressure on the pre tax margin in our industrial segment which was 13.4% in the quarter versus 18.1% in the prior year. The margin was lower than we anticipated but did step up from the second quarter. We expect that trend to continue in the fourth quarter driven by higher sales and improved operational performance in our other two segments. We were pleased with the profit performance. Mobile solutions margin was an all time high of 20.2% 210 basis points above prior year primarily due to volume, leverage and favorable mix related to aftermarket sales strength. Life sciences pre tax margin was 8.1% up 30 basis points from the prior year. Importantly, last year's profitability benefited from an earn out reversal from the purologics business. Excluding this prior year, one time benefit pre tax margin would have increased more than 8 percentage points. Volume, leverage and favorable mix from our higher margin food and beverage and distrib businesses combined with a focused expense structure drove the improvement. As of the end of the quarter, the company remains in a strong position with robust orders record backlog and notable progress made on the footprint projects. All of that factored into our revised outlook for fiscal 26 which contemplates another sequential step up in sales and margin and we will also have Facet included in our results for the first time. Given the newness of facet, I want to break out our guidance in terms of organic performance and then lay out the impact Facet will have on some key measures. With that our consolidated organic sales are expected to grow between 3% and 5% with the midpoint being about 1% higher than prior guidance due to sales strength in our mobile solutions and life sciences segments. Additionally, pricing and currency translation are each expected to contribute a little more than 1% to growth in mobile solutions. Sales are expected to grow between 3.5% and and 5.5% slightly above our prior guidance driven by an improved but still mid single digit increase outlook in aftermarket sales as a result of share gains and higher vehicle utilization rates in our first fit businesses. Off road sales are projected to grow mid single digits from improvements in select end markets and on road sales are expected to decrease low single digits versus flat previously as global truck production remains tempered in industrial solutions, organic sales are forecast to be between flat and up 2% with the midpoint of this range consistent with the prior guide ifs. Sales are expected to grow in the low single digits driven by robust volume growth in power generation and favorable currency and pricing in dust collection, aerospace and defense sales are projected to decline mid single digits due to the timing of certain programs as we continue to navigate supply chain issues. In life sciences, we project sales to increase between 9% and 11%, up from 5% to 9% previously, reflecting continued volume strength in food and beverage and disk drive. With our focused expense structure, we expect full year pretax margin in the mid to high single digits driven by our year to date performance and reflective of another margin step up in the fourth quarter. Our organic operating margin guidance is now forecast between 15.8% and 16.2% versus 16 to 16.4% previously. The current range implies full year organic operating margin expansion between 10 and 50 basis points, with expense leverage being partially offset by gross margin pressure. It's worth reiterating that our fiscal 2026 margin performance will be at a record level despite dealing with temporary operational inefficiencies which we advanced meaningfully in the quarter and have a clear path to eliminating with the strength of our underlying business. I I am confident we will get past these headwinds and generate more meaningful margin expansion in future periods. Now I'll give a few points on facets impact to what I just laid out. We expect fourth quarter sales between 25 and $30 million, adding around 70 to 80 basis points to the full year growth rate. The impact on operating margin is likely immaterial this year, but as robust business performance is offset by amortization costs, debt incurred from the transaction will add about $9 million of interest expense in the quarter with the net dilution to eps of about $0.03 excluding facet adjusted EPS is projected between $3.94 and $4.01 per share with the midpoint reflecting an 8% increase from the prior year, about double the rate of our sales growth. Now onto our balance sheet and cash flow outlook, our capital expenditures are expected to be between $60 million and $75 million with focused investments including new products and technologies across all segments. Rich highlighted several new product introductions earlier and we intend to continue leading in the area. We project cash conversion in the range of 85 to 95%, an improvement versus 2025 and consistent with historical averages. Our balance sheet remains a strength including facet. Our Leverage ratio is approximately 1.8 times net debt to EBITDA, still leaving us ample financial flexibility to thoughtfully invest for future growth. Integral to the Donaldson story is our capital allocation strategy, how we build for our future and simultaneously return value today. Our priorities in that regard are unchanged. First, reinvest back into the company. We're committed to maintaining our position as the leader in technology led filtration. We do this through our R and D investments in strategically important high growth high margin areas where we have a clear path to win. We're proud to have a portfolio of patent protected products and have nearly 3,000 active US and international patents with over 120 patents awarded in calendar year 2025. In addition to R and D, we think critically about our investments in working capital and capital expenditure investing for efficiency today and and growth for tomorrow by ensuring we meet our customers needs. Our second capital deployment priority is disciplined M and A. We will continue to pursue opportunities that strengthen our portfolio and meet our strategic and financial criteria with Facet being an excellent example. The financial strength of Donaldson is evidenced by our ability to invest for profitable growth and still return cash to shareholders. With that, our third capital allocation priority is dividends. As of the end of calendar 2025 we have paid dividends for 70 years in a row. We've also increased our dividend for 30 years in a row and recently announced an additional 7% dividend increase. We're committed to remaining as a proud member of the S and P High High yield dividend. Aristocrat Index Share repurchase is our fourth capital deployment priority. Share repurchase is our variable lever and as we indicated last quarter, we have paused our repurchasing activity to focus on paying down our Facet related debt. Year to date we have repurchased 1.2% of shares outstanding, offsetting stock compensation dilution. As Sarika Dodwal mentioned, beginning in the fourth quarter our reporting will include Facet and I'm excited to fold their financial strength into our results. We're working towards a strong finish to fiscal 2026 and I'm confident our strategy, deployed by the talented Donaldson teams around the world, will deliver. Now I'll turn the call back to Rich.

布拉德感謝瑞奇，大家早上好。我們自上次報告以來與許多人討論的話題是我們計劃在運營利潤率上實現強勁的連續改善，我們很高興地説，在這一點上我們做到了。儘管我們在工業部門的運營工作尚未完成，但我們的移動和生命科學部門表現非常出色，這一切都得益於公司各項舉措的明確優先級。我想感謝我的全球同事們的勤奮和承諾，因為我們推動公司在銷售、運營利潤率和每股收益方面創下新紀錄。在我詳細説明第三季度的業績時，請注意我的利潤評論不包括薩里卡·多德瓦爾之前提到的非經常性費用的影響。總銷售額增長了 6%，調整後的每股收益為 1.06 美元，比去年增長了 7%。第三季度的運營利潤率為 16.6%，比去年提高了 30 個基點，並且創下歷史新高；與第二季度相比，運營利潤率提高了 260 個基點，這得益於毛利率的改善和費用槓桿的提升。分解年度運營利潤率擴張的組成部分，費用槓桿在唐納森公司始終保持強勁。第三季度的運營費用佔銷售額的比率為 17.8%，比去年改善了 40 個基點，展示了我們在結構性費用上的紀律，使我們能夠在推動利潤率擴張的同時進行投資選擇。第三季度的毛利率為 34.4%，比 2025 年下降了 10 個基點，因為定價、銷量和產品組合的好處被我們工業部門短期運營效率低下帶來的約 100 個基點的壓力所抵消。更具體地説，我們在大型渦輪系統的生產轉移到墨西哥方面感受到約 80 個基點的壓力。在我們的發電業務中，我們看到交付表現和運營協調有所改善，因此我們將第三季度視為低點，並預計在 2027 財年中期完全恢復。足跡優化舉措由於與工廠關閉和生產轉移相關的成本，增加了不到 20 個基點的壓力。這些舉措旨在改善我們的成本結構，最後兩家工廠的關閉在本季度完成。工作現在已轉向在新地點提高生產力。我們預計這些基於工業的舉措在 2027 財年達到運行率生產力後將產生約 1000 萬美元的年化收益。我想花一點時間來表彰那些一直在這些項目上工作的團隊。這是一項令人難以置信的努力，我們正處於最後階段，完全得益於他們的承諾、合作和韌性。正在進行的工作鞏固了唐納森長期成功的基礎，因此我特別感謝所有參與這一重大工作的人員。在各個部門的盈利能力方面，發電和足跡優化的毛利率影響導致我們工業部門的税前利潤率承壓，本季度為 13.4%，而去年為 18.1%。這一利潤率低於我們的預期，但比第二季度有所上升。我們預計這一趨勢將在第四季度繼續，主要受益於銷售增長和其他兩個部門的運營表現改善。我們對利潤表現感到滿意。移動解決方案的利潤率創下歷史新高，達到 20.2%，比去年提高了 210 個基點，主要得益於銷量、槓桿和與售後市場銷售強勁相關的有利產品組合。生命科學的税前利潤率為 8.1%，比去年提高了 30 個基點。重要的是，去年的盈利能力受益於來自普羅邏輯業務的收益反轉。如果不考慮去年的一次性收益，税前利潤率將增加超過 8 個百分點。來自我們高毛利的食品和飲料及分銷業務的銷量、槓桿和有利產品組合，加上專注的費用結構，推動了這一改善。截至本季度末，公司仍處於強勁的地位，擁有強勁的訂單、創紀錄的積壓和在足跡項目上取得的顯著進展。所有這些因素都考慮在內，修訂後的 2026 財年展望預計銷售和利潤率將再次實現連續增長，我們還將首次將 Facet 納入我們的業績中。鑑於 Facet 的全新性，我想將我們的指導分解為有機表現，然後闡明 Facet 對一些關鍵指標的影響。我們的合併有機銷售預計將增長 3% 至 5%，中間值比之前的指導高出約 1%，這得益於我們移動解決方案和生命科學部門的銷售強勁。此外，定價和貨幣轉換預計各自將對移動解決方案的增長貢獻超過 1%。銷售預計將增長 3.5% 至 5.5%，略高於我們之前的指導，主要受益於售後市場銷售的改善，但仍然是中位數的單一數字增長，這得益於市場份額的增加和我們首次適配業務中更高的車輛利用率。越野銷售預計將因特定終端市場的改善而增長中位數的單一數字，而公路銷售預計將比之前的持平下降低個位數，因為全球卡車生產仍然受到抑制。在工業解決方案方面，有機銷售預計將在持平和增長 2% 之間，範圍的中間值與之前的指導一致。預計銷售將以低個位數增長，主要受益於發電領域的強勁銷量增長以及塵埃收集、航空航天和國防領域的有利貨幣和定價。由於某些項目的時間安排，我們預計生命科學的銷售將增長 9% 至 11%，高於之前的 5% 至 9%，反映出食品和飲料及磁盤驅動器領域的持續銷量強勁。憑藉我們專注的費用結構，我們預計全年税前利潤率將在中到高個位數之間，得益於我們年初至今的表現，並反映出第四季度利潤率的再次提升。我們的有機運營利潤率指導現在預計在 15.8% 至 16.2% 之間，而之前為 16% 至 16.4%。當前範圍意味着全年有機運營利潤率擴張在 10 到 50 個基點之間，費用槓桿部分被毛利率壓力抵消。值得重申的是，儘管面臨臨時的運營效率低下，我們在 2026 財年的利潤率表現將處於歷史最高水平，而我們在本季度大幅推進並有明確的消除路徑，得益於我們基礎業務的強勁。我對我們能夠克服這些阻力並在未來時期實現更有意義的利潤率擴張充滿信心。現在我將給出一些關於 Facet 對我剛才所述內容影響的要點。我們預計第四季度銷售將在 2500 萬到 3000 萬美元之間，為全年增長率增加約 70 到 80 個基點。今年對運營利潤率的影響可能微不足道，但由於強勁的業務表現被攤銷成本抵消，交易產生的債務將在本季度增加約 900 萬美元的利息費用，淨稀釋每股收益約為 0.03 美元，排除 Facet 後調整後的每股收益預計在 3.94 美元至 4.01 美元之間，中間值反映出比去年增長 8%，約為我們銷售增長率的兩倍。現在進入我們的資產負債表和現金流展望，我們的資本支出預計將在 6000 萬到 7500 萬美元之間，重點投資包括所有部門的新產品和技術。瑞奇之前強調了幾項新產品的推出，我們打算繼續在這一領域保持領先。我們預計現金轉換率將在 85% 到 95% 之間，相較於 2025 年有所改善，並與歷史平均水平一致。我們的資產負債表仍然是一個優勢，包括 Facet。我們的槓桿比率約為 1.8 倍的淨債務與 EBITDA，仍然為我們提供了充足的財務靈活性，以便深思熟慮地投資於未來的增長。唐納森故事的核心是我們的資本配置戰略，即我們如何為未來構建，同時今天回報價值。在這方面，我們的優先事項沒有改變。首先，重新投資於公司。我們致力於保持我們在技術驅動的過濾領域的領導地位。我們通過在戰略上重要的高增長高利潤領域進行研發投資來實現這一目標，在這些領域我們有明確的勝算。我們自豪地擁有一系列受專利保護的產品，並在 2025 日曆年獲得了近 3000 項美國和國際專利，其中超過 120 項專利在 2025 年獲得。除了研發，我們還對我們的營運資本和資本支出投資進行深思熟慮，以確保我們滿足客户的需求，今天實現效率併為明天的增長投資。我們的第二個資本部署優先事項是有紀律的併購。我們將繼續追求增強我們投資組合並符合我們戰略和財務標準的機會，Facet 就是一個很好的例子。唐納森的財務實力體現在我們能夠投資於盈利增長的同時仍然向股東返還現金。為此，我們的第三個資本配置優先事項是分紅。截至 2025 日曆年末，我們已連續 70 年支付分紅。我們還連續 30 年增加分紅，並最近宣佈額外 7% 的分紅增長。我們致力於繼續作為標準普爾高收益分紅貴族指數的驕傲成員。股票回購是我們的第四個資本部署優先事項。股票回購是我們的可變槓桿，正如我們在上個季度所指出的，我們已暫停回購活動，以專注於償還與 Facet 相關的債務。截至目前，我們已回購了 1.2% 的流通股，以抵消股票補償稀釋。正如薩里卡·多德瓦爾提到的，從第四季度開始，我們的報告將包括 Facet，我很高興將他們的財務實力納入我們的業績中。我們正朝着 2026 財年強勁收官而努力，我相信我們在全球各地的唐納森團隊實施的戰略將會取得成功。現在我將把電話交回給瑞奇。

Rich Lewis (President and CEO)

Rich Lewis（總裁兼首席執行官）

Thanks Brad. While I've been a Donaldson employee for over two decades, my first 90 days as CEO have been remarkable. I've had the chance to meet with countless employees, customers and investors around the globe and I am increasingly proud of the work we have collectively done to fulfill our mission of advancing filtration for a cleaner world. Our deep technical expertise, strong culture, track record and financial position have allowed us to operate from a position of strength and I take great pride and responsibility in building upon that success. For more than a decade, our strategic investments have driven the growth and diversification of our high performing company and there is ample opportunity for us to further enhance our performance. We are continuing to invest in attractive markets where we have a clear path to win, while also critically evaluating our existing portfolio of businesses, ensuring each business has earned a place in our portfolio. With this rigor, our foundation becomes stronger, positioning us to deliver value for all of our stakeholders. I am excited about the journey that lies ahead and humbled by the opportunity to lead such a talented organization through this next phase of our evolution. I look forward to reporting on our progress. With that, I now turn the call back to the operator to open the line for questions.

謝謝你，Brad。雖然我在 Donaldson 工作了超過二十年，但作為首席執行官的前 90 天讓我感到非凡。我有機會與全球無數員工、客户和投資者會面，我對我們共同為實現更清潔世界的過濾使命所做的工作感到越來越自豪。我們深厚的技術專長、強大的企業文化、良好的業績記錄和財務狀況使我們能夠在強勢地位上運營，我對此感到非常自豪並承擔着相應的責任，繼續在這一成功的基礎上發展。十多年來，我們的戰略投資推動了我們高績效公司的增長和多元化，我們還有充足的機會進一步提升我們的表現。我們將繼續投資於那些我們有明確勝算的有吸引力的市場，同時也在認真評估我們現有的業務組合，確保每個業務在我們的組合中都有其應有的位置。通過這種嚴格的評估，我們的基礎將變得更強大，使我們能夠為所有利益相關者創造價值。我對未來的旅程感到興奮，併為能夠帶領這樣一個才華橫溢的組織進入下一個發展階段而感到謙卑。我期待着向大家報告我們的進展。接下來，我將把電話交回給接線員，開啓提問環節。

OPERATOR

接線員

We will now begin the question and answer session. If you would like to ask a question, please press Star one To raise your hand. To withdraw your question, press Star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality if you are muted locally, please remember to unmute your device. Please stand by while we compile the Q and A roster. Your first question comes from Brian Blair with Oppenheimer. Please go ahead.

我們現在將開始問答環節。如果您想提問，請按星號 1 以舉手。要撤回您的問題，請再次按星號 1。我們建議您在提問時拿起聽筒，以確保最佳音質。如果您在本地靜音，請記得取消靜音。請稍等，我們正在整理問答名單。您的第一個問題來自 Oppenheimer 的 Brian Blair。請繼續。

Brian Blair (Equity Analyst)

Brian Blair（股票分析師）

Morning everyone. Morning Brian. I was hoping to level set a bit on footprint optimization, power gen ramp up and the impact on industrial margins. I realized that most of the pieces are now in place and sounds like your team is confident in driving better operating leverage going forward, but there's still quite a number of moving parts at hand. Is the right way to think about this that by the midpoint of fiscal 27 you're back, all else equal to 18% -ish margin at a prior run rate and then we're layering on the 10 million in cost savings? Or is that unfair or overly aggressive based on mix outlook or any other consideration?

大家早上好。早上好，Brian。我希望能對足跡優化、發電提升及其對工業利潤率的影響進行一些基礎性的討論。我意識到大部分因素現在都已到位，聽起來你的團隊對未來推動更好的運營槓桿充滿信心，但仍然有很多變數。我們是否可以這樣理解，到 2027 財年的中點，假設其他條件不變，你們的利潤率將回到 18% 左右的先前水平，然後再加上 1000 萬美元的成本節省？還是説這個想法不公平或過於激進，基於組合前景或其他考慮？

Brad Pogalz

Yeah Brian, I would say if you just take footprint and the power gen situation and factor those in, I think that's a fair assessment. That would put us clearly back to prior high water marks for the industrial business and then I think as you look forward from there we'll have the rolled in savings that we had mentioned. Of course if there's other major mix changes that could have an impact, we'll have to explain those and talk about those as those arise at this point. I would not foresee anything meaningful at this point, but you know, we'll continue to monitor the situation and keep you informed.

是的，Brian，我認為如果你考慮足跡和發電情況，並將這些因素納入考慮，我認為這是一個合理的評估。這將使我們明顯回到工業業務的先前高點，然後我認為從那裏看，我們將有之前提到的滾動節省。當然，如果有其他重大組合變化可能會產生影響，我們將需要對此進行解釋並討論。此時，我不預見會有任何重大變化，但我們會繼續監測情況並保持你們的知情。

Brian Blair (Equity Analyst)

Brian Blair（股票分析師）

Okay, understood. And he's obviously owned Sassa for about a month now. So obviously early stage. Maybe offer a little color on the initial steps of integration. Remind us of the cost synergies contemplated in your deal model. I believe that's all procurement. And then most importantly, elaborate on commercial synergy potential. If I recall the phrase correctly, the journey of refinery to the wing. That has a nice ring to it.

好的，明白了。他顯然已經擁有 Sassa 大約一個月了，所以顯然還處於早期階段。也許可以提供一些關於整合初步步驟的背景。提醒我們在你的交易模型中考慮的成本協同效應。我相信這都是採購方面的。最重要的是，詳細説明商業協同效應的潛力。如果我沒記錯的話，煉油廠到機翼的旅程這個短語聽起來不錯。

Rich Lewis (President and CEO)

Rich Lewis（總裁兼首席執行官）

Yeah. So as you mentioned, we just closed Facet and I would just tell you if you just go back to the sort of the rationale for the acquisition, you know, it's a great end market with a lot of natural tailwind, higher margins, So think double our margin profile, higher growth rates. We continue to be encouraged by what we've seen. We did our first deep business review with the team post close and the outlook for the business over the next 12 months, even in spite of the situation in the Middle East is still strong. We're very encouraged by what we're seeing with Facet from a cost synergy. You're right, it's all on the procurement side. It was in the neighborhood of around 4 to 5 million dollars. Brad can clarify the exact amount. And then on the revenue synergy side, we didn't build any revenue synergies into our justification, but we do believe that there are some. So for example, they'll sell a fuel system into a particular marine application. It also requires air filtration. So they have relationship with customers that we do not. And we have relationship with customers that they do not. So over time we believe we'll be able to leverage additional growth synergies. It's not determined at this point how large those will be, but we're encouraged by what we've seen so far.

是的。正如你提到的，我們剛剛完成了 Facet 的收購，我想告訴你，如果你回顧一下收購的理由，你會發現這是一個很好的終端市場，具有很多自然的順風，利潤率更高，所以想想我們的利潤率翻倍，增長率更高。我們對所看到的情況感到鼓舞。我們在收購後與團隊進行了第一次深入的業務審查，儘管中東的情況不佳，但未來 12 個月的業務前景仍然強勁。我們對 Facet 在成本協同方面的表現感到非常鼓舞。你説得對，這完全是在採購方面，金額大約在 400 萬到 500 萬美元之間。Brad 可以澄清確切的金額。在收入協同方面，我們在論證中沒有建立任何收入協同，但我們確實相信存在一些。例如，他們會向特定的海洋應用銷售燃油系統，這也需要空氣過濾。因此，他們與我們沒有的客户建立了關係，而我們與他們沒有的客户也有關係。因此，隨着時間的推移，我們相信能夠利用額外的增長協同。目前尚不確定這些協同效應的規模，但我們對迄今為止所看到的情況感到鼓舞。

Brad Pogalz

Nothing to add for me. Brian Rich has the cost right and I think it's just it's been a good month of getting to know the team and starting to work the plans together.

我沒有其他要補充的。Brian，Rich 説的成本是正確的，我認為這是一個很好的月份，讓我們開始瞭解團隊並共同制定計劃。

Brian Blair (Equity Analyst)

Brian Blair（股票分析師）

Understood. Appreciate the color. Thanks again.

明白了。感謝你的説明。再次感謝。

OPERATOR

接線員

Your next question comes from Angel Castillo with Morgan Stanley. Please go ahead.

您的下一個問題來自摩根士丹利的 Angel Castillo。請繼續。

Oliver

Hey, good morning guys. This is Oliver on for angel this morning. Just a quick question on on your operating margin guide. I mean that seems to imply a pretty substantial step up in fourth quarter in industrial solutions. Can you just help us bridge some of the key drivers there? Is it mostly mix or operating leverage or something else there? Thanks.

嘿，早上好，大家。這是 Oliver，今天早上代替 Angel 提問。關於你們的運營利潤率指引，我有一個簡單的問題。這似乎暗示在工業解決方案的第四季度會有相當大的提升。你能幫我們梳理一下其中的一些關鍵驅動因素嗎？主要是組合、運營槓桿還是其他因素？謝謝。

Brad Pogalz

Hi, Oliver. Yeah, I mean you've got it right. We're definitely implying the step up in Q4 and as I commented in my remarks, we expected more of a step up in Q3, but we feel good about the endpoint where we've worked through some things. And as I noted on Footprint specifically, two plants were closed and now it's about that final phase of transitioning and getting productivity in the new homes. So the step up there is really about improved operational performance. Volumes are contemplated up from here, and then on top of it, some of the more meaningful headwinds are behind us in terms of overall profit.

嗨，Oliver。是的，我是説你説對了。我們確實暗示了第四季度的增長，正如我在發言中提到的，我們原本預計第三季度會有更大的增長，但我們對最終結果感到滿意，因為我們已經解決了一些問題。正如我特別提到的，Footprint 方面有兩個工廠關閉，現在正處於過渡的最後階段，努力提高新工廠的生產力。因此，增長實際上是關於改善運營表現。預計未來的產量會有所增加，並且在整體利潤方面，一些更重要的阻力已經過去。

Oliver

Okay, great, that's helpful. And then just a question on AMD, I mean, you know, year to date, it seems like we're down kind of in the mid teens organically. Can you just give us a sense of the orders in the backlog? If you can still ship those, you know, this year with the supply chain constraints or, you know, potentially does this become a tailwind in 202027? If we all ship those orders, then

好的，很好，這很有幫助。然後關於 AMD 的問題，我是説，到目前為止，似乎我們的有機增長大約下降了中個位數。你能給我們一些關於積壓訂單的情況嗎？如果你們仍然能夠在供應鏈限制下在今年發貨，或者説這是否可能在 2027 年成為一個順風？如果我們都能發出這些訂單的話，

Brad Pogalz

yeah. Oliver, if you think about.

是的，Oliver，如果你考慮一下。

OPERATOR

操作員

Please hold for technical delay.

請稍等，技術延遲。

Brad Pogalz

All right, Oliver, I think we're back. We lost connection.

好的，Oliver，我想我們恢復了。我們失去了連接。

Oliver

Yeah, I can hear you.

是的，我能聽到你。

Brad Pogalz

Yeah, so A and D, we exited Q3 with near record backlogs and it's been increasing steadily throughout the year. So there is an element of, Hey, we only have three months left. How much will we be able to get out? And as you mentioned, there are some recurring supply chain issues that we're working through. We do expect that you'll see continued improvement in the next few quarters. But yeah, as a tailwind into F27, that's probably a good way to think about it.

是的，所以 A 和 D，我們在第三季度結束時積壓訂單接近創紀錄，並且在全年穩步增加。因此，有一個因素是，嘿，我們只剩下三個月了，我們能發出多少？正如你提到的，我們正在解決一些反覆出現的供應鏈問題。我們確實預計在接下來的幾個季度會看到持續改善。但作為 2027 年的順風，這可能是一個不錯的思路。

Oliver

Perfect. Thanks guys.

完美。謝謝你們。

OPERATOR

操作員

Your next question comes from Adam Farley with Stifel. Please go ahead.

下一個問題來自 Stifel 的 Adam Farley。請繼續。

Adam Farley (Equity Analyst)

Adam Farley（股票分析師）

Good morning, everyone. Good morning. And then we first saw in the mobile aftermarket strength, just a little more color on, you know,, how the original equipment (OE) channel progressed following last quarter's expected balance sheet management. And then, you know,, what's, what's driving the double digit strength on the independent side.

大家早上好。早上好。然後我們首先在移動後市場看到了強勁的表現，能否再多説一下，關於原始設備（OE）渠道在上個季度的預期資產負債管理後的進展情況。然後，是什麼推動了獨立市場的雙位數增長。

Rich Lewis (President and CEO)

Rich Lewis（總裁兼首席執行官）

So Adam, you know, if you think about. Let's just talk about the OE side. You know, we came out of Q2 and the OEs were aggressively managing their balance sheet, as you mentioned, the expectation was we would see a reversal of that. I think clearly that came through. I would call it a. Probably a destocking in Q2 and a little bit of restocking in Q3, and we'll have straight pull through demand in Q4, albeit at a very high level. Just in general, utilization rates are really strong right now globally. And we see that very broad based. It's not just one region, it's across the entire world through both Channels. On our independent aftermarket side, we mentioned that we had picked up a nice new business award that'll start shipping here in Q4 and will be a nice tailwind into next year. So overall a mix of volume, pricing and we feel really encouraged by what we're seeing out in the market right now.

所以 Adam，你知道，如果你考慮一下。我們先談談 OE 方面。你知道，我們在第二季度結束時，OE 們在積極管理他們的資產負債表，正如你提到的，預期是我們會看到這種情況的逆轉。我認為這顯然是實現了。我會稱之為第二季度的去庫存和第三季度的小幅補庫存，第四季度我們將有直接的需求拉動，儘管水平非常高。一般來説，全球的利用率現在非常強勁。我們看到這種情況非常廣泛，不僅僅是一個地區，而是遍佈全球的兩個渠道。在我們的獨立後市場方面，我們提到我們獲得了一項不錯的新業務合同，將在第四季度開始發貨，並將成為明年的一個良好順風。因此，總體而言，量、價格的組合讓我們對目前市場的表現感到非常鼓舞。

Adam Farley (Equity Analyst)

Adam Farley（股票分析師）

That's really helpful. Maybe staying on the mobile business. On the first-fit side, how do you characterize the end markets? Maybe on a relative basis. I know you pulled out construction, but maybe what are you seeing or expecting on some of the other end markets in first Fit?

這真的很有幫助。也許繼續談談移動業務。在首次適配方面，你如何描述最終市場？也許相對而言。我知道你排除了建築，但你在首次適配方面對其他一些最終市場有什麼看法或預期？

Rich Lewis (President and CEO)

Rich Lewis（總裁兼首席執行官）

So let's start on the sort of the positive side. So construction, as you mentioned, mining, they continue to run sort of, I'd call them mid cycle levels, good order patterns. On the AG and trucking side, we continue to be at trough levels or near those levels. We have seen pockets of improvement in certain areas of ag. So think small AG and turf, but those are more niche applications. I'd say broad based AG remains constrained. On the trucking side, we're seeing elevated order patterns especially in North America in the second half as we enter the new EPA regulations in 2027. But overall demand on both of those markets for the first fit remains muted. And as we spoke a minute ago, most of our revenue over 75% recurring revenue on the replacement side. And we can see those demand and backlog still remaining pretty strong.

所以我們先從積極的一面開始。正如你提到的，建築、採礦，他們繼續保持中週期水平，訂單模式良好。在農業和卡車方面，我們仍然處於低谷水平或接近這些水平。我們在某些農業領域看到了一些改善的跡象。所以考慮到小型農業和草坪，但這些更多是小眾應用。我認為廣泛的農業仍然受到限制。在卡車方面，尤其是在北美，我們看到訂單模式上升，特別是在 2027 年新 EPA 法規實施的下半年。但總體而言，這兩個市場的首次適配需求仍然疲軟。正如我們剛才提到的，我們超過 75% 的收入是來自替換市場的經常性收入。我們可以看到這些需求和積壓仍然保持相當強勁。

Adam Farley (Equity Analyst)

Adam Farley（股票分析師）

Okay, thank you for taking my questions.

好的，謝謝你回答我的問題。

OPERATOR

操作員

Your next question comes from Brian Drab with William Blair. Please go ahead.

下一個問題來自 William Blair 的 Brian Drab。請繼續。

Brian Drab (Equity Analyst)

Brian Drab（股票分析師）

Hi. Thanks for taking my questions. I just wonder if you could talk a little bit more about the aerospace and defense business in the last quarter. I think the main issue you highlighted was project timing. Now I think it sounds like project timing and supply chain. Could you just elaborate on what's happening in the supply chain and is that your supply chain? Are you seeing disruptions in customer supply chain, this dampening demand and, and kind of give us some visibility there to when that gets resolved.

嗨。謝謝你回答我的問題。我只是想知道你能否多談談上個季度的航空航天和國防業務。我認為你強調的主要問題是項目時機。現在我認為聽起來像是項目時機和供應鏈。你能否詳細説明供應鏈中發生了什麼？這是你們的供應鏈嗎？你們是否在客户的供應鏈中看到干擾，這影響了需求，並給我們一些關於何時解決的可見性。

Rich Lewis (President and CEO)

Rich Lewis（總裁兼首席執行官）

Sure. Yeah. Thanks Brian. Good morning. And yeah, maybe just start big picture where we're hearing from our customers, it does sound like from our customers that they have a number of supply chain challenges. Very rarely are our supply chain challenges the ones that are keeping them from building product. If you look at our specific situation, it's probably twofold. So let us talk about the lumpy project timing, we talked about. We've seen a lot of strengthening coming out of the first half in our aerospace and defense backlogs. So that's those project timing,, those new orders coming in that we expected. So that has strengthened significantly. Really comes down to our ability to ship those. It's primarily on the system side. So if you think about it, these are large engineered, highly complex systems that we're selling to our customers and in many cases we're waiting on one part or one material to ship those. So there is a handful of challenges that we're working through. Based on our timelines, we would expect the vast majority of these to be recovered through Q1 of next fiscal into calendar year at the latest. Probably the only one internally would be. We did close that plant in California in last quarter and we're working on the ramp up at the new site. Like our supplier challenges that will also continue into the early part of next fiscal. But overall we'll carry a strong tailwind into next year and we would expect most of these issues to get resolved through a series of actions.

當然。是的。謝謝你，Brian。早上好。也許我們可以從大局開始，聽聽客户的反饋，似乎我們的客户面臨着許多供應鏈挑戰。我們的供應鏈挑戰很少是阻礙他們生產產品的原因。如果你看看我們的具體情況，可能有兩個方面。所以讓我們談談我們之前提到的項目時間不均的問題。我們看到航空航天和國防的訂單積壓在上半年有了很大的增強。這些項目的時間安排，以及我們預期的新訂單都顯著增強。實際上，這主要取決於我們交付這些訂單的能力。主要是在系統方面。所以如果你考慮一下，這些是我們銷售給客户的大型工程、複雜系統，在許多情況下，我們在等待一個零件或一種材料來交付這些訂單。因此，我們正在解決一些挑戰。根據我們的時間表，我們預計絕大多數這些問題將在下一個財年的第一季度得到解決，最遲到日曆年結束。可能唯一的內部問題是，我們在上個季度關閉了加州的工廠，目前正在新地點進行增產。像我們的供應商挑戰一樣，這些問題也將持續到下一個財年的早期。但總體而言，我們將在明年迎來強勁的順風，我們預計大多數問題將通過一系列措施得到解決。

Brian Drab (Equity Analyst)

Brian Drab（股票分析師）

Okay, thank you. And then this is one more on the outlook. The three 3 to 5% revenue growth. What is the breakdown there between in your mind, between price and volume and you know, how much is price contributing and is this, you know, are you having to adjust based on tariffs and steel prices, etc.

好的，謝謝。那麼這是關於前景的另一個問題。3% 到 5% 的收入增長。你認為這其中價格和銷量的比例如何？價格貢獻多少？你們是否需要根據關税和鋼鐵價格等進行調整？

Brad Pogalz

Hey, Brian, the price is relatively consistent with where we've been so far this year. Probably a little more than 1%. I will point out though, if you remember one year ago, we were starting to lap the real hit from tariffs. We were paying those costs. So year over year it looks a little bit different to your question about what we're getting right now. You know, of course, I think the biggest thing that we're all watching is the inflation and the impact from the Middle East conflict. And it really didn't come through in Q3. So I would say we're poised for that. We'll use surcharges where appropriate. We'll use price increases where appropriate, but that's something we didn't factor in meaningful incremental price in our forecast as a result of that. I would consider it more of an organic forecast in that regard.

嘿，Brian，價格與我們今年迄今為止的水平相對一致，可能略高於 1%。不過我想指出的是，如果你還記得一年前，我們開始受到關税的真正影響。我們當時在支付這些成本。因此，年比年看起來有些不同，關於你現在問到的情況。我認為我們都在關注的最大問題是通貨膨脹和中東衝突的影響。這在第三季度並沒有顯現出來。所以我會説我們為此做好了準備。我們會在適當的情況下使用附加費，也會在適當的情況下提高價格，但這不是我們在預測中考慮的有意義的額外價格。我會認為這在某種程度上是一個有機的預測。

Brian Drab (Equity Analyst)

Brian Drab（股票分析師）

Okay, and Brett, can you just quickly remind me, did Section 232 change impact anything? I know you moved a lot of volume to Mexico and you're shipping a lot of that into the U.S. yeah,

好的，Brett，你能快速提醒我一下，232 條款的變化是否影響了什麼嗎？我知道你們將很多量轉移到了墨西哥，並且將很多貨物運往美國。是的，

Brad Pogalz

sorry, I didn't mean to cut you off. Yes, the change there is at this point, I would say negligible for us. There's a few parts that we're looking at and obviously the metal content is the biggest one. So think about our hydraulic filters are a good example. But in terms of the net impact to tariffs. And despite these changes with 232, it's not something that I would say is material for Donaldson.

抱歉，我不是故意打斷你。是的，目前的變化對我們來説可以説是微不足道的。有一些零件我們在關注，顯然金屬含量是最大的一個。所以想想我們的液壓過濾器就是一個很好的例子。但就關税的淨影響而言，儘管 232 條款有這些變化，但我不會説這對 Donaldson 是重要的。

Brian Drab (Equity Analyst)

Brian Drab（股票分析師）

Okay, got it. Talk to you more later. Thank you. Thanks.

好的，明白了。稍後再聊。謝謝。

OPERATOR

操作員

Your next question comes from Robert Mason with Baird. Please go ahead.

下一個問題來自 Baird 的 Robert Mason。請繼續。

Robert Mason (Equity Analyst)

Robert Mason（股票分析師）

Good morning. Thanks for the question. Just first question around FAFSA, you know the expectation that that comes in about $0.03 dilutive. Yeah, I guess more or less on a GAAP basis. That includes the amortization. And the thought that the GAAP the margin impact is immaterial in the fourth quarter. Is that are those good benchmarks to annualize and carry into fiscal 27 or is there anything unique about the fourth quarter quarter? Presumably you would deleverage some along the way, but how to think about that on an annualized basis? Sure, you really touched on an important

早上好。謝謝你的提問。第一個問題是關於 FAFSA 的，你知道預期會有大約 0.03 的稀釋。是的，我想這在 GAAP 基礎上大致如此。這包括攤銷。而且考慮到 GAAP 的利潤影響在第四季度是微不足道的。這些是可以年化並帶入 2027 財年的良好基準嗎？還是説第四季度有什麼獨特之處？假設你在這個過程中會有一些去槓桿，但如何在年化基礎上考慮這個問題？當然，你觸及了一個重要的

Brad Pogalz

point is the deleveraging. So thinking about fourth quarter and we talked about roughly $9 million of interest expense, all sequel, that ends up being a high watermark as we work to pay it down over the course of the coming quarters in terms of the net impact. The other side of it would be the expected and expected growth in revenue and then profit expansion that comes with facet, whereas amortization of course ends up being a fixed amount. We'll give some more details on the very specific components of that when we do our fiscal 27 outlook in a few months. But to your question, I would caution against just saying $0.03 times four is the annualized number. It definitely goes less than that. And as we said on the call last quarter, we would expect facet accretion on a gap basis in year two and it's cash basis much more quickly.

點，那就是去槓桿。所以考慮到第四季度，我們提到大約 900 萬美元的利息支出，所有續集，這最終成為我們在接下來的幾個季度中努力償還的高點，就淨影響而言。另一方面是預期的收入增長和隨之而來的利潤擴張，而攤銷當然是一個固定金額。我們將在幾個月後進行 2027 財年展望時提供一些更具體的細節。但對於你的問題，我會提醒不要僅僅説 0.03 乘以 4 就是年化數字。肯定會少於這個數字。正如我們在上個季度的電話中所説，我們預計在第二年會有基於 GAAP 的 FAFSA 增值，而在現金基礎上會更快。

Robert Mason (Equity Analyst)

Robert Mason（股票分析師）

Understood, understood.

明白了，明白了。

Rich Lewis (President and CEO)

Rich Lewis（總裁兼首席執行官）

Just as a follow up, Rich, your

作為跟進，Rich，你的

Robert Mason (Equity Analyst)

Robert Mason（股票分析師）

commentary around the mobile aftermarket certainly tended to the positive with some things kicking in here even in the fourth quarter on the share gain, you know. But if I step back and look at what that in your full year guide kind of implies sequentially, it's maybe not as strong seasonal as I would normally expect. I don't know, maybe my math is off. But is that conservatism on your part or is there you know, anything else kind of discreet that is keeping kind of this seasonal lift less than what we've seen historically?

關於移動售後市場的評論顯然是偏向積極的，甚至在第四季度也有一些事情在分享增長方面開始顯現。但是如果我退一步看看你們的全年指導所暗示的順序，可能沒有我通常預期的那麼強勁的季節性。我不知道，也許我的計算有誤。但這是你們的保守態度，還是説還有其他什麼因素使得這種季節性提升低於我們歷史上看到的水平？

Rich Lewis (President and CEO)

Rich Lewis（總裁兼首席執行官）

Yeah, it's a little bit of what we spoke about a minute ago where we had the OES doing the destocking in Q2 and then they restocked probably we think to a little bit more aggressive level than pull through demand. It's honestly a little Bit hard to pin that down. Exactly. But we're assuming there'll be a slight pullback and we'll just have pull through demand. No more stocking destocking in Q4. I would say, you know, to be determined. Order rates still look really strong in the Q4, but we'll continue to monitor it throughout the quarter. But that's the main impact there.

是的，這有點像我們剛才談到的，我們在第二季度讓 OES 進行去庫存，然後他們可能以比需求更激進的水平進行了補貨。老實説，這很難準確界定。但我們假設會有輕微的回落，我們將只會有需求拉動。第四季度不會再有庫存去庫存的情況。我會説，這還需要觀察。第四季度的訂單率看起來仍然非常強勁，但我們會在整個季度內繼續監測。這是主要影響。

Robert Mason (Equity Analyst)

羅伯特·梅森（股票分析師）

Very good, thank you.

非常好，謝謝。

OPERATOR

操作員

Your next question comes from Lawrence Alexander with Jefferies. Please go ahead.

您的下一個問題來自傑富瑞的勞倫斯·亞歷山大。請繼續。

Dan Rizwan (Equity Analyst)

丹·瑞茲萬（股票分析師）

Hey guys, it's Dan Rizwan from Lawrence. Thanks for taking my question. So you mentioned, I mean obviously market share gains are a big part of kind of the growth, the growth algorithm. I was wondering if it's, if how it's split between increased penetration with existing customers versus new customers, if new customers is harder to get or that's not how we should think about it or just any color on how that's working.

嘿，大家好，我是勞倫斯的丹·瑞茲萬。感謝你們回答我的問題。你提到，市場份額的增長顯然是增長算法的重要組成部分。我想知道這在現有客户的滲透率增加與新客户之間的分配情況如何，如果獲取新客户更困難，或者我們不應該這樣考慮，或者只是關於這方面的任何信息。

Rich Lewis (President and CEO)

裏奇·劉易斯（總裁兼首席執行官）

Yeah, I would say it's really a business by business conversation because if you go to some of our businesses, like in our mobile OE world, we have business with the vast majority of the large OEs. So it's about taking share with those existing customers. Disk drive would be a similar story. But then if you get into like our food and beverage business, a big part of their Q3 story was taking share at new customers. You know, we talked about last time the cooling systems for data centers. That's a brand, that's an adjacency that we've just pushed into. So I would, it's a mix and it probably varies by business and the maturity of the business.

是的，我會説這實際上是一個業務對業務的對話，因為如果你去看我們的某些業務，比如在我們的移動 OE 領域，我們與絕大多數大型 OE 有業務往來。所以這是在現有客户中爭取市場份額。磁盤驅動器的情況也是類似的。但如果你進入我們的食品和飲料業務，他們第三季度的一個重要故事就是在新客户中爭取市場份額。你知道，我們上次談到的數據中心冷卻系統。這是一個品牌，這是我們剛剛進入的一個鄰近領域。所以我認為這是一個混合，可能因業務和業務的成熟度而異。

Dan Rizwan (Equity Analyst)

丹·瑞茲萬（股票分析師）

Okay. And then I'm sorry if I missed this. So obviously interest rates going up, but you still have a, a very healthy balance sheet. But I was wondering if you're shifting your strategic priorities to focus more on debt reduction and lessening share repurchases. I'm thinking more of 2027 and beyond or just for 2027, really. I don't know if it's just going to be a short term shift in how you kind of allocate your available cash.

好的。如果我錯過了這一點，我感到抱歉。顯然，利率在上升，但你們的資產負債表仍然非常健康。但我想知道你們是否在戰略優先事項上轉向更關注債務減少，而減少股票回購。我更關注 2027 年及以後的情況，或者只是針對 2027 年，實際上我不知道這是否只是短期內你們在如何分配可用現金上的變化。

Brad Pogalz

布拉德·波戈茲

Hey, Dan. So the share repurchases as we talked about, we paused to do some pay down on Facet, but I would say this isn't a suspension at all. Share repurchase has always been the variable lever. We've got fresh debt minted right now. Obviously we'll give more updates on our plans in a few months, but it's something that would ebb and flow based on our opportunities. And the point to make too is that we would still look for M and A opportunities in the market. It's got to be the right strategic fit. It's got to be something like a facet, good qualifications that come with FaceTime, but share repurchase will move according to those opportunities.

嘿，丹。正如我們所談到的，股票回購我們暫停了一些以償還 Facet 的債務，但我會説這並不是暫停。股票回購一直是一個可變的槓桿。我們現在有新的債務顯現出來。顯然，我們將在幾個月內提供更多關於我們計劃的更新，但這將根據我們的機會而波動。還有一點要提的是，我們仍然會在市場上尋找併購機會。必須是合適的戰略契合，必須是像 Facet 這樣的東西，具有良好的資格，但股票回購將根據這些機會而變化。

Dan Rizwan (Equity Analyst)

丹·瑞茲萬（股票分析師）

Thank you very much.

非常感謝。

OPERATOR

操作員

Your next question comes from Tim Feen with Raymond James. Please go ahead.

您的下一個問題來自雷蒙德·詹姆斯的蒂姆·芬。請繼續。

Tim Feen (Equity Analyst)

蒂姆·芬（股票分析師）

Thank you. Good morning. First question, Brad, maybe one for you. Just on the gross margins and circling back to the comments earlier around some of the potential inflation bubbling up that, that, that hasn't yet flown through the P and L. Did that, did the gross margin change? Did that, did that come into play or was it more on the industrial side and that impacted that. And I'm just thinking as we, as we put the calendar to 27, you know, based on where we sit today, which you know, could change tomorrow, obviously, but just how you think your position is from a broader kind of price cost perspective.

謝謝。早上好。第一個問題，布拉德，也許是給你的。關於毛利率，回到之前關於一些潛在通脹上升的評論，這些通脹尚未流入損益表。毛利率有變化嗎？這是否起了作用，還是更多地在工業方面影響了這一點。我只是想知道，隨着我們進入 2027 年，基於我們今天的情況，當然，這可能明天會改變，但你如何看待從更廣泛的價格成本角度來看你的定位。

Brad Pogalz

布拉德·波戈茲

Sure. Overall we're positioned pretty well from price cost. So the impacts in the quarter, as you point out, it was really about these very specific industrial things. So we talked about essentially reconciling 100 basis points of pressure that are attributable to the industrial segment for temporary activities and all else equal, then that would imply gross margin up 90 basis points versus the minus 10 year over year price, volume and mix were all contributing there. So I feel like our pricing muscle is in a really good spot. To the extent that we see pressure from the Middle East, we'll react and we'll react quickly. And in the past quarter it was only upside for us.

當然。總體而言，我們在價格成本方面的定位相當不錯。因此，正如你所指出的，這個季度的影響確實是關於這些非常具體的工業因素。所以我們談到了基本上調和 100 個基點的壓力，這歸因於工業部門的臨時活動，其他條件相同，那麼這將意味着毛利率比去年上升 90 個基點，而價格、銷量和組合都在貢獻。因此，我覺得我們的定價能力處於一個非常好的位置。如果我們看到來自中東的壓力，我們會迅速反應。在過去的一個季度，這對我們來説只有好處。

Tim Feen (Equity Analyst)

蒂姆·芬（股票分析師）

Okay, interesting. And then on the, the aftermarket piece within mobile, how do you, I know you want, you don't want to go out on thoughts on 27, but the new contract that you want, we're not talking a scope of the Napa win from years past, I assume, right. In terms of how to size that. Yeah.

好的，有趣。那麼在移動領域的售後市場部分，你如何看待，我知道你不想對 2027 年發表看法，但你想要的新合同，我們不是在談論幾年前 Napa 贏得的範圍，我假設，對吧？關於如何評估這個。

Rich Lewis (President and CEO)

裏奇·劉易斯（總裁兼首席執行官）

Think about it in two pieces. So first it's not the size of an APPA win, but it is a sizable win. And what it does strategically is it gets our products on the shelf at a number of dealers that we had not been present before, which then creates future growth opportunities. We actually think the future growth opportunity is bigger than the current business award. So it is a nice catalyst for our growth over the next couple years.

可以分為兩個部分來考慮。首先，它不是 APPA 贏得的規模，但它是一個相當可觀的勝利。從戰略上講，它使我們的產品能夠在一些我們之前沒有出現過的經銷商的貨架上，這樣就創造了未來的增長機會。我們實際上認為未來的增長機會比當前的業務獎勵更大。因此，這是我們未來幾年增長的一個良好催化劑。

Brad Pogalz

布拉德·波戈茲

Tim, maybe I'll add on that. I talk in my section about capital deployment and working capital every quarter. We hear from our aftermarket partners about wins that they've got in the field and some are bigger than others. Of course, but it's consistency and reliability that are helping us get share here. This is a durable part of our growth plans in aftermarket as well.

蒂姆，也許我會補充一點。我在我的部分中談到每個季度的資本部署和營運資本。我們聽到我們的售後合作伙伴在現場獲得的勝利，有些比其他的更大。當然，但一致性和可靠性幫助我們在這裏獲得市場份額。這也是我們在售後市場增長計劃中的一個持久部分。

Rich Lewis (President and CEO)

裏奇·劉易斯（總裁兼首席執行官）

Excellent. Thank you very much.

非常好，非常感謝。

OPERATOR

操作員

There are no further questions at this time. I will now turn the call back to Rich Lewis for closing remarks.

目前沒有進一步的問題。我現在將電話交回給裏奇·劉易斯進行結束語。

Rich Lewis (President and CEO)

裏奇·劉易斯（總裁兼首席執行官）

Thank you. That concludes our call for today. Thanks to everyone who participated. We look forward to reporting our fourth quarter fiscal 2026 results in August.

謝謝。這次電話會議到此結束。感謝所有參與者。我們期待在八月份報告 2026 財年第四季度的業績。

OPERATOR

主持人

Thank you and goodbye. This concludes today's call. Thank you for attending. You may now disconnect.

謝謝，再見。這次電話會議到此結束。感謝您的參與。您現在可以掛斷電話。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本轉錄僅供信息參考。雖然我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 文件和官方新聞稿。企業參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會隨時更改，恕不另行通知。

唐納森 2026 年第三季度財報電話會議記錄