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Published: 2023-01-25 10:37:10 ET
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EX-99.1 2 a8-kxexhibit991segments.htm EX-99.1 Document
Exhibit 99.1
Select Recast Segment Results
The following are summaries of segment net sales, earnings (loss) before income taxes and earnings before income taxes percentage presented under the new segment reporting structure for the periods presented:
DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL
(In millions)
(Unaudited)
Year ended July 31,
202220212020
Net sales
Mobile Solutions segment
Off-Road$390.5 $316.3 $244.3 
On-Road136.1 138.8 124.4 
Aftermarket1,599.9 1,363.3 1,195.8 
Total Mobile Solutions segment2,126.5 1,818.4 1,564.5 
Industrial Solutions segment
Industrial Filtration Solutions780.5 684.8 659.4 
Aerospace and Defense120.5 96.2 117.7 
Total Industrial Solutions segment901.0 781.0 777.1 
Life Sciences segment
Total Life Sciences segment279.1 254.5 240.2 
Total Company$3,306.6 $2,853.9 $2,581.8 
Earnings (loss) before income taxes
Mobile Solutions segment$293.8 $276.1 $203.1 
Industrial Solutions segment133.0 81.0 92.5 
Life Sciences segment64.9 65.2 58.6 
Corporate and unallocated(53.3)(41.3)(19.0)
Total Company$438.4 $381.0 $335.2 
Earnings before income taxes percentage
Mobile Solutions segment13.8 %15.2 %13.0 %
Industrial Solutions segment14.8 %10.4 %11.9 %
Life Sciences segment23.3 %25.6 %24.4 %
Note: Earnings before income taxes percentage is calculated by dividing earnings before income taxes by net sales. Amounts may not foot due to rounding.
1

DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL
(In millions)
(Unaudited)
Three Months Ended
October 31, 2022July 31, 2022April 30, 2022January 31, 2022October 31, 2021
Net sales
Mobile Solutions segment
Off-Road$103.7 $103.8 $104.4 $91.9 $90.4 
On-Road36.0 35.4 36.1 33.1 31.5 
Aftermarket415.3 430.9 415.1 388.5 365.4 
Total Mobile Solutions segment555.0 570.1 555.6 513.5 487.3 
Industrial Solutions segment
Industrial Filtration Solutions196.0 217.3 198.5 191.4 173.3 
Aerospace and Defense33.6 34.6 31.3 27.1 27.5 
Total Industrial Solutions segment229.6 251.9 229.8 218.5 200.8 
Life Sciences segment
Total Life Sciences segment62.7 68.0 67.8 70.5 72.8 
Total Company$847.3 $890.0 $853.2 $802.5 $760.9 
Earnings (loss) before income taxes
Mobile Solutions segment$80.3 $89.9 $79.7 $58.6 $65.6 
Industrial Solutions segment37.6 46.9 34.3 27.2 24.6 
Life Sciences segment10.8 13.8 14.0 16.7 20.4 
Corporate and unallocated(12.1)(22.1)(16.7)(8.0)(6.5)
Total Company$116.6 $128.5 $111.3 $94.5 $104.1 
Earnings before income taxes percentage
Mobile Solutions segment14.5 %15.8 %14.3 %11.4 %13.5 %
Industrial Solutions segment16.4 %18.6 %14.9 %12.4 %12.3 %
Life Sciences segment17.2 %20.3 %20.6 %23.7 %28.0 %
Note: Earnings before income taxes percentage is calculated by dividing earnings before income taxes by net sales. Amounts may not foot due to rounding.
2

DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL
(In millions)
(Unaudited)
Three Months Ended
July 31, 2021April 30, 2021January 31, 2021October 31, 2020
Net sales
Mobile Solutions segment
Off-Road$86.7 $92.5 $75.0 $62.1 
On-Road33.7 39.7 33.4 32.0 
Aftermarket367.8 362.8 322.7 310.0 
Total Mobile Solutions segment488.2 495.0 431.1 404.1 
Industrial Solutions segment
Industrial Filtration Solutions187.4 181.2 163.9 152.3 
Aerospace and Defense28.7 24.2 20.9 22.4 
Total Industrial Solutions segment216.1 205.4 184.8 174.7 
Life Sciences segment
Total Life Sciences segment68.9 64.6 63.2 57.8 
Total Company$773.2 $765.0 $679.1 $636.6 
Earnings (loss) before income taxes
Mobile Solutions segment$76.6 $80.5 $62.0 $57.0 
Industrial Solutions segment29.2 25.0 11.1 15.7 
Life Sciences segment19.5 16.5 14.0 15.2 
Corporate and unallocated(11.3)(11.1)(13.2)(5.7)
Total Company$114.0 $110.9 $73.9 $82.2 
Earnings before income taxes percentage
Mobile Solutions segment15.7 %16.3 %14.4 %14.1 %
Industrial Solutions segment13.5 %12.2 %6.0 %9.0 %
Life Sciences segment28.3 %25.5 %22.2 %26.3 %
Note: Earnings before income taxes percentage is calculated by dividing earnings before income taxes by net sales. Amounts may not foot due to rounding.
3

DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions)
(Unaudited)
Year ended July 31,
202220212020
Earnings before income taxes
Mobile Solutions segment - GAAP$293.8 $276.1 $203.1 
Restructuring charges— 0.4 — 
Adjusted Mobile Solutions segment$293.8 $276.5 $203.1 
Industrial Solutions segment - GAAP$133.0 $81.0 $92.5 
Restructuring charges— 8.6 — 
Adjusted Industrial Solutions segment$133.0 $89.6 $92.5 
Life Sciences segment - GAAP$64.9 $65.2 $58.6 
Restructuring charges— — — 
Adjusted Life Sciences segment$64.9 $65.2 $58.6 
Adjusted earnings before income taxes percentage
Mobile Solutions segment13.8 %15.2 %13.0 %
Industrial Solutions segment14.8 %11.5 %11.9 %
Life Sciences segment23.3 %25.6 %24.4 %
Three Months Ended
October 31, 2022July 31, 2022April 30, 2022January 31, 2022October 31, 2021
Earnings before income taxes
Mobile Solutions segment - GAAP$80.3 $89.9 $79.7 $58.6 $65.6 
Restructuring charges— — — — — 
Adjusted Mobile Solutions segment$80.3 $89.9 $79.7 $58.6 $65.6 
Industrial Solutions segment - GAAP$37.6 $46.9 $34.3 $27.2 $24.6 
Restructuring charges— — — — — 
Adjusted Industrial Solutions segment$37.6 $46.9 $34.3 $27.2 $24.6 
Life Sciences segment - GAAP$10.8 $13.8 $14.0 $16.7 $20.4 
Restructuring charges— — — — — 
Adjusted Life Sciences segment$10.8 $13.8 $14.0 $16.7 $20.4 
Adjusted earnings before income taxes percentage
Mobile Solutions segment14.5 %15.8 %14.3 %11.4 %13.5 %
Industrial Solutions segment16.4 %18.6 %14.9 %12.4 %12.3 %
Life Sciences segment17.2 %20.3 %20.6 %23.7 %28.0 %
Note: Adjusted earnings before income taxes percentage is calculated by dividing adjusted earnings before income taxes (which exclude the impact of certain items not related to ongoing operations) by net sales. Adjusted rates are non-GAAP measures.
4

DONALDSON COMPANY, INC. AND SUBSIDIARIES
SEGMENT DETAIL - RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions)
(Unaudited)
Three Months Ended
July 31, 2021April 30, 2021January 31, 2021October 31, 2020
Earnings before income taxes
Mobile Solutions segment - GAAP$76.6 $80.5 $62.0 $57.0 
Restructuring charges— — 0.4 — 
Adjusted Mobile Solutions segment$76.6 $80.5 $62.4 $57.0 
Industrial Solutions segment - GAAP$29.2 $25.0 $11.1 $15.7 
Restructuring charges— — 8.6 — 
Adjusted Industrial Solutions segment$29.2 $25.0 $19.7 $15.7 
Life Sciences segment - GAAP$19.5 $16.5 $14.0 $15.2 
Restructuring charges— — — — 
Adjusted Life Sciences segment$19.5 $16.5 $14.0 $15.2 
Adjusted earnings before income taxes percentage
Mobile Solutions segment15.7 %16.3 %14.5 %14.1 %
Industrial Solutions segment13.5 %12.2 %10.7 %9.0 %
Life Sciences segment28.3 %25.5 %22.2 %26.3 %
Note: Adjusted earnings before income taxes percentage is calculated by dividing adjusted earnings before income taxes (which exclude the impact of certain items not related to ongoing operations) by net sales. Adjusted rates are non-GAAP measures.
Non-GAAP Financial Information
These Select Recast Segment Results contain financial measures that have not been prepared in conformity with GAAP. They include adjusted earnings before income taxes and adjusted earnings before income taxes as a percentage of net sales. Tables showing the reconciliation of these non-GAAP financial measures to the comparable GAAP measures are included. Management believes these non-GAAP metrics are commonly used financial measures for investors to evaluate the Company’s operating performance and, when read in conjunction with the Company’s consolidated financial statements, present a useful tool to evaluate the Company’s ongoing operations and performance from period to period. In addition, these are some of the factors the Company uses in internal evaluations of the overall performance of its businesses. Management acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.
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