DONALDSON Co INC
For the period ended Jan 31, 2025. Filed Mar 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jan 31, 2025 · Filed Mar 4, 2025
DCI$84.33+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-10-31; filed 2024-12-06.
0000029644-24-000181
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-01-31; filed 2025-03-04.
0000029644-25-000029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 79 previous paragraphs and 111 current paragraphs.
51 unchanged; 18 reworded; 36 added; 10 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 9 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (36)
Current report
(1) The impact of foreign currency translation was calculated by translating the second quarter of fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the second quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Current report
Net sales for the three months ended January 31, 2025 decreased $6.7 million, or 0.8%, from the three months ended January 31, 2024, reflecting lower sales in the Mobile Solutions segment of $2.8 million, or a 0.5% decline, and the Industrial Solutions segment of $9.7 million, or a 3.7% decline, partially offset by higher sales in the Life Sciences segment of $5.8 million, or 9.2% growth. Foreign currency translation decreased net sales by $14.7 million compared to the three months ended January 31, 2024, reflecting decreases in the Mobile Solutions, Industrial Solutions and Life Sciences segments of $10.7 million, $2.9 million and $1.1 million, respectively. During the three months ended January 31, 2025, the Company’s net sales decrease was driven by unfavorable foreign currency impacts, partially offset by pricing benefits.
Current report
Gross margin as a percentage of net sales for the three months ended January 31, 2025 was 35.2% compared with 35.2% for the three months ended January 31, 2024, and was consistent with the prior year.
Current report
Interest expense for the three months ended January 31, 2025 was $5.9 million, compared with $5.6 million for the three months ended January 31, 2024, an increase of $0.3 million, or 5.3%. The increase reflected a higher proportion of variable interest rate debt.
Current report
Other income, net for the three months ended January 31, 2025 was $5.4 million, compared with other income, net of $4.9 million for the three months ended January 31, 2024, an increase of $0.5 million, which was driven primarily by lower foreign currency losses in the current year.
Current report
Operating Results
Current report
Geographic Net Sales by Origination
Current report
Net Sales
Current report
(1) The impact of foreign currency translation was calculated by translating the year-to-date fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the year-to-date net sales of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Current report
Gross Margin
Current report
Gross margin as a percentage of net sales for the six months ended January 31, 2025 was 35.3% compared with 35.4% for the six months ended January 31, 2024, and was consistent with the prior year.
Current report
Selling, General and Administrative Expenses
Current report
Selling, general and administrative expenses for the six months ended January 31, 2025 were $325.3 million, or 18.4% of net sales, compared with $311.8 million, or 18.1% of net sales, for the six months ended January 31, 2024, an increase of $13.5 million, or 4.3%. The increase in selling, general and administrative expenses as a percentage of net sales was primarily due to restructuring and other non-recurring expenses of $8.2 million, partially offset by disciplined expense management.
Current report
Research and Development Expenses
Current report
Research and development expenses for the six months ended January 31, 2025 were $43.9 million, or 2.5% of net sales, and were approximately flat compared with $43.4 million, or 2.5% of net sales, for the six months ended January 31, 2024.
Current report
Non-Operating Items
Current report
Interest expense for the six months ended January 31, 2025 was $11.4 million, compared with $11.1 million for the six months ended January 31, 2024, an increase of $0.3 million, or 2.7%. The increase reflected a higher proportion of variable interest rate debt.
Current report
Income Taxes
Current report
Net Earnings
Current report
Net earnings for the six months ended January 31, 2025 were $194.9 million, compared with $190.8 million for the six months ended January 31, 2024, an increase of $4.1 million, or 2.2%. Diluted EPS were $1.60 for the six months ended January 31, 2025, compared with $1.56 for the six months ended January 31, 2024, an increase of $0.04, or 2.8%.
Current report
(1) The impact of foreign currency translation was calculated by translating the second quarter of fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the second quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Current report
Net sales for the Mobile Solutions segment for the three months ended January 31, 2025 were $547.5 million, compared with $550.3 million for the three months ended January 31, 2024, a decrease of $2.8 million, or 0.5%. Foreign currency translation negatively impacted net sales for the Mobile Solutions segment by 1.9%. All business units were negatively impacted by foreign currency translation.
Current report
Earnings before income taxes for the Mobile Solutions segment for the three months ended January 31, 2025 were $95.5 million, or 17.4% of net sales, a decrease from 18.0% of net sales for the three months ended January 31, 2024. The decrease was driven by deleveraging of operating expenses.
Current report
(1) The impact of foreign currency translation was calculated by translating the year-to-date fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the year-to-date net sales of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Current report
Net sales for the Mobile Solutions segment for the six months ended January 31, 2025 were $1,119.9 million, compared with $1,090.3 million for the six months ended January 31, 2024, an increase of $29.6 million, or 2.7%. Foreign currency translation negatively impacted net sales for the Mobile Solutions segment by 0.7%. All business units were negatively impacted by foreign currency translation.
Current report
(1) The impact of foreign currency translation was calculated by translating the second quarter of fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the second quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Current report
Net sales for the Industrial Solutions segment for the three months ended January 31, 2025 were $253.7 million, compared with $263.4 million for the three months ended January 31, 2024, a decrease of $9.7 million, or 3.7%. Foreign currency translation negatively impacted net sales for the Industrial Solutions segment by 1.1%. Both business units were negatively impacted by foreign currency translation.
Current report
Earnings before income taxes for the Industrial Solutions segment for the three months ended January 31, 2025 were $40.9 million, or 16.1% of net sales, a decrease from 18.0% of net sales for the three months ended January 31, 2024. The decrease was driven primarily by deleveraging of operating expenses.
Current report
(1) The impact of foreign currency translation was calculated by translating the year-to-date fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the year-to-date net sales of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Current report
Net sales for the Industrial Solutions segment for the six months ended January 31, 2025 were $511.3 million, compared with $509.6 million for the six months ended January 31, 2024, an increase of $1.7 million, or 0.3%. Foreign currency translation negatively impacted net sales for the Industrial Solutions segment by 0.1%. Both business units were negatively impacted by foreign currency translation.
Current report
(1) The impact of foreign currency translation was calculated by translating the second quarter of fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the second quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Current report
Net sales for the Life Sciences segment for the three months ended January 31, 2025 were $68.8 million, compared with $63.0 million for the three months ended January 31, 2024, an increase of $5.8 million, or 9.2%. Foreign currency translation negatively impacted net sales for the Life Sciences segment by 1.7%. The increase was driven by strong market demand in disk drive.
Current report
Losses before income taxes for the Life Sciences segment for the three months ended January 31, 2025 were $0.5 million, or 0.7% of net sales, a decrease from losses before income taxes of 9.2% of net sales for the three months ended January 31, 2024. The improvement was driven by leverage from higher sales and benefits from recent restructuring activities.
Current report
(1) The impact of foreign currency translation was calculated by translating the year-to-date fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the year-to-date net sales of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Current report
Net sales for the Life Sciences segment for the six months ended January 31, 2025 were $138.9 million, compared with $123.1 million for the six months ended January 31, 2024, an increase of $15.8 million, or 12.8%. Foreign currency translation favorably impacted net sales for the Life Sciences segment by 0.4%. The increase was driven by strong market demand in disk drive.
Current report
Losses before income taxes for the Life Sciences segment for the six months ended January 31, 2025 were $5.8 million, or 4.2% of net sales, a decrease from losses before income taxes of 8.1% of net sales for the six months ended January 31, 2024. The improvement was driven by leverage from higher sales and benefits from recent restructuring activities.
Removed paragraphs (10)
Previous report
(1) The impact of foreign currency translation was calculated by translating the first quarter of fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the first quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Previous report
Gross margin as a percentage of net sales for the three months ended October 31, 2024 was 35.5%, a decrease from 35.6% for the three months ended October 31, 2023. The decrease in gross margin as a percentage of net sales was primarily due to restructuring expenses of $1.1 million associated with a continuation of the global footprint and cost optimization actions.
Previous report
Interest expense was $5.5 million for both the three months ended October 31, 2024 and 2023.
Previous report
(1) The impact of foreign currency translation was calculated by translating the first quarter of fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the first quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Previous report
Net sales for the Mobile Solutions segment for the three months ended October 31, 2024 were $572.4 million, compared with $540.0 million for the three months ended October 31, 2023, an increase of $32.4 million, or 6.0%. Excluding a $3.3 million increase from foreign currency translation, net sales for the Mobile Solutions segment increased 5.4%. All business units were positively impacted by foreign currency translation.
Previous report
(1) The impact of foreign currency translation was calculated by translating the first quarter of fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the first quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Previous report
Net sales for the Industrial Solutions segment for the three months ended October 31, 2024 were $257.6 million, compared with $246.2 million for the three months ended October 31, 2023, an increase of $11.4 million, or 4.6%. Excluding a $2.2 million increase from foreign currency translation, net sales for the Industrial Solutions segment increased 3.7%.
Previous report
(1) The impact of foreign currency translation was calculated by translating the first quarter of fiscal 2025 foreign currency net sales into U.S. dollars using the average foreign currency exchange rates for the first quarter of the prior fiscal year. The impact of currency translation does not change the underlying drivers of revenue shown in this chart.
Previous report
Net sales for the Life Sciences segment for the three months ended October 31, 2024 were $70.1 million, compared with $60.1 million for the three months ended October 31, 2023, an increase of $10.0 million, or 16.6%. Excluding a $1.6 million increase from foreign currency translation, net sales for the Life Sciences segment increased 13.9%. The increase was driven by strong market demand and market share gains in disk drive and strong food and beverage markets in EMEA and APAC.
Previous report
Losses before income taxes for the Life Sciences segment for the three months ended October 31, 2024 were $5.3 million, or 7.6% of net sales, an increase from losses before income taxes of 7.0% of net sales for the three months ended October 31, 2023. The increase was driven by the expected impact from investments made in the Company’s recently-acquired businesses.
Reworded paragraphs (18)
Previous wording
Selling, general and administrative expenses for the three months ended October 31, 2024 were $166.1 million, or 18.5% of net sales, compared with $155.0 million, or 18.3% of net sales, for the three months ended October 31, 2023, an increase of $11.1 million, or 7.2%. The increase in selling, general and administrative expenses as a percentage of net sales was primarily due to restructuring expenses of $2.2 million associated with a continuation of the global footprint and cost optimization actions.
Current wording
Selling, general and administrative expenses for the three months ended January 31, 2025 were $159.2 million, or 18.3% of net sales, compared with $156.8 million, or 17.9% of net sales, for the three months ended January 31, 2024, an increase of $2.4 million, or 1.5%. The increase in selling, general and administrative expenses as a percentage of net sales was primarily due to restructuring and other non-recurring expenses of $6.0 million, partially offset by disciplined expense management.
Previous wording
Research and development expenses for the three months ended October 31, 2024 were $22.7 million, or 2.5% of net sales, were generally flat as a percentage of net sales compared with $21.3 million, or 2.5% of net sales, for the three months ended October 31, 2023.
Current wording
Research and development expenses for the three months ended January 31, 2025 were $21.2 million, or 2.4% of net sales, and were approximately flat compared with $22.1 million, or 2.5% of net sales, for the three months ended January 31, 2024.
Previous wording
Net earnings for the three months ended October 31, 2024 were $99.0 million, compared with $92.1 million for the three months ended October 31, 2023, an increase of $6.9 million, or 7.5%. Diluted EPS were $0.81 for the three months ended October 31, 2024, compared with $0.75 for the three months ended October 31, 2023, an increase of $0.06, or 8.1%.
Current wording
Net earnings for the three months ended January 31, 2025 were $95.9 million, compared with $98.7 million for the three months ended January 31, 2024, a decrease of $2.8 million, or 2.7%. Diluted EPS were $0.79 for the three months ended January 31, 2025, compared with $0.81 for the three months ended January 31, 2024, a decrease of $0.02, or 2.2%.
Previous wording
Net sales for the three months ended October 31, 2024 increased $53.8 million, or 6.4%, from the three months ended October 31, 2023, reflecting higher sales in the Mobile Solutions segment of $32.4 million, or 6.0% growth, the Industrial Solutions segment of $11.4 million, or 4.6% growth, and the Life Sciences segment of $10.0 million, or 16.6% growth. Foreign currency translation increased net sales by $7.1 million compared to the three months ended October 31, 2023, reflecting increases in the Mobile Solutions, Industrial Solutions and Life Sciences segments of $3.3 million, $2.2 million and $1.6 million, respectively. During the three months ended October 31, 2024, the Company’s net sales increase was driven primarily by volume increases primarily due to strong underlying market growth.
Current wording
Net sales for the six months ended January 31, 2025 increased $47.1 million, or 2.7%, from the six months ended January 31, 2024, reflecting higher sales in the Mobile Solutions segment of $29.6 million, or 2.7% growth, the Industrial Solutions segment of $1.7 million, or 0.3% growth, and the Life Sciences segment of $15.8 million, or 12.8% growth. Foreign currency translation decreased net sales by $7.3 million compared to the six months ended January 31, 2024, reflecting decreases in the Mobile Solutions and Industrial Solutions segments of $7.3 million and $0.5 million, respectively, partially offset by an increase in the Life Sciences segment of $0.5 million. During the six months ended January 31, 2025, the Company’s net sales increased due to volume growth and higher pricing, partially offset by unfavorable foreign currency impacts.
Previous wording
Other income, net for the three months ended October 31, 2024 was $5.2 million, compared with other income, net of $3.8 million for the three months ended October 31, 2023, an increase of $1.4 million, which was driven primarily by higher income from joint ventures.
Current wording
Other income, net for the six months ended January 31, 2025 was $10.6 million, compared with other income, net of $8.7 million for the six months ended January 31, 2024, an increase of $1.9 million, which was driven primarily by higher income from joint ventures.
Previous wording
The effective tax rate was 24.2% and 25.1% for the three months ended October 31, 2024 and 2023, respectively. The lower effective tax rate was primarily due to an increase in discrete tax benefits.
Current wording
The effective tax rate was 23.7% and 24.2% for the six months ended January 31, 2025 and 2024, respectively. The lower effective tax rate was primarily due to an increase in discrete tax benefits.
Previous wording
(1)Corporate and unallocated includes interest expense and certain corporate expenses determined to be non-allocable to the segments, such as restructuring charges and incentive compensation.
Current wording
(1)Corporate and unallocated includes interest expense and certain corporate expenses determined to be non-allocable to the segments, such as restructuring charges and portions of incentive compensation.
Previous wording
Net sales of Aftermarket increased $43.7 million, primarily due to volume increases driven by favorable market conditions, inventory destocking in the prior year and market share gains. Net sales of On-Road and Off-Road decreased $5.7 million and $5.6 million, respectively, primarily due to a decline in global equipment production driven by weak end market conditions, including agriculture and transportation.
Current wording
Net sales of Aftermarket increased $60.8 million due to volume increases driven by strong market demand and market share gains. Net sales of On-Road and Off-Road decreased $13.9 million and $17.3 million, respectively, primarily due to a decline in global equipment production driven by weak end market conditions, including agriculture and transportation.
Previous wording
Earnings before income taxes for the Mobile Solutions segment for the three months ended October 31, 2024 were $104.7 million, or 18.3% of net sales, an increase from 17.1% of net sales for the three months ended October 31, 2023. The increase was driven by higher volume, favorable product mix related to the sale of replacement parts and select lower input costs.
Current wording
Earnings before income taxes for the Mobile Solutions segment for the six months ended January 31, 2025 were $200.2 million, or 17.9% of net sales, an increase from 17.6% of net sales for the six months ended January 31, 2024. The increase was driven by higher volume and favorable product mix related to the sale of replacement parts.
Previous wording
Net sales of Aerospace and Defense increased by $9.6 million due to ongoing strength in the aerospace and defense end markets. Net sales of IFS increased $1.8 million, reflecting higher sales volume in power generation driven by the timing of projects.
Current wording
Net sales of IFS decreased $17.0 million, reflecting lower sales volume in power generation driven by the timing of projects and lower sales volume in industrial gases driven by weak market conditions. Net sales of Aerospace and Defense increased by $7.3 million due to ongoing strength in the Defense end markets.
Previous wording
Earnings before income taxes for the Industrial Solutions segment for the three months ended October 31, 2024 were $41.0 million, or 15.9% of net sales, a decrease from 17.6% of net sales for the three months ended October 31, 2023. The decrease was driven by higher operating expense from investments for future growth and the impact of negative product mix.
Current wording
Earnings before income taxes for the Industrial Solutions segment for the six months ended January 31, 2025 were $81.9 million, or 16.0% of net sales, a decrease from 17.8% of net sales for the six months ended January 31, 2024 primarily driven by deleveraging operating expenses and the impact of negative product mix.
Previous wording
Cash provided by operating activities for the three months ended October 31, 2024 was $72.9 million, compared with $138.0 million for the three months ended October 31, 2023, a decrease of $65.1 million. The decrease in cash provided by operating activities was primarily driven by an increase in working capital requirements during the current quarter, including purchasing additional inventory to increase on-time deliveries, partially offset by higher earnings in the current quarter.
Current wording
Cash provided by operating activities for the six months ended January 31, 2025 was $163.3 million, compared with $225.0 million for the six months ended January 31, 2024, a decrease of $61.7 million. The decrease in cash provided by operating activities was primarily driven by an increase in working capital requirements during the current quarter, including purchasing additional inventory to increase on-time deliveries.
Previous wording
Cash used in investing activities for the three months ended October 31, 2024 was $96.0 million, compared with $23.2 million for the three months ended October 31, 2023, an increase of $72.8 million. The increase in cash used was primarily due to the equity method investment in Medica.
Current wording
Cash used in investing activities for the six months ended January 31, 2025 was $115.1 million, compared with $44.5 million for the six months ended January 31, 2024, an increase of $70.6 million. The increase in cash used was primarily due to the equity method investment in Medica.
Previous wording
Cash provided by financing activities generally relates to the use of cash for payment of dividends and repurchases of the Company’s common stock, net of borrowing activity and proceeds from the exercise of stock options. Cash provided by financing activities for the three months ended October 31, 2024 was $9.8 million, compared with cash used in financing activities of $78.9 million for the three months ended October 31, 2023, an increase of $88.7 million. The increase was primarily driven by a debt repayment of $73.8 in the first quarter of the prior year.
Current wording
Cash used in financing activities generally relates to the use of cash for payment of dividends and repurchases of the Company’s common stock, net of borrowing activity and proceeds from the exercise of stock options. Cash used in financing activities for the six months ended January 31, 2025 was $88.5 million, compared with cash used in financing activities of $171.7 million for the six months ended January 31, 2024, a decrease of $83.2 million. The decrease was primarily driven by a debt repayment of $20.0 million in the current year compared to $88.7 million in the prior year.
Previous wording
To determine the level of dividend and share repurchases, the Company considers recent and projected performance across key financial metrics, including earnings, cash flow from operations and total debt. Dividends paid for the three months ended October 31, 2024 and 2023 were $32.4 million and $30.2 million, respectively. Share repurchases for the three months ended October 31, 2024 and 2023 were $74.4 million and $53.3 million, respectively.
Current wording
To determine the level of dividend and share repurchases, the Company considers recent and projected performance across key financial metrics, including earnings, cash flow from operations and total debt. Dividends paid for the six months ended January 31, 2025 and 2024 were $64.6 million and $60.3 million, respectively. Share repurchases for the six months ended January 31, 2025 and 2024 were $81.6 million and $86.6 million, respectively.
Previous wording
Additional sources of liquidity are existing cash and available credit facilities. Cash and cash equivalents as of October 31, 2024 was $221.2 million, compared with $232.7 million as of July 31, 2024. The Company has capacity of $501.9 million available for further borrowing under existing credit facilities as of October 31, 2024, which includes $327.0 million available on the Company’s $500.0 million unsecured revolving credit facility that expires on May 21, 2026.
Current wording
Additional sources of liquidity are existing cash and available credit facilities. Cash and cash equivalents as of January 31, 2025 was $189.1 million, compared with $232.7 million as of July 31, 2024. The Company has capacity of $543.9 million available for further borrowing under existing credit facilities as of January 31, 2025, which includes $347.0 million available on the Company’s $500.0 million unsecured revolving credit facility that expires on May 21, 2026.
Previous wording
As of October 31, 2024, total debt, including short-term borrowings and long-term debt, represented 29.4% of total capitalization, defined as total debt plus total stockholders’ equity, compared with 26.5% as of July 31, 2024. As of October 31, 2024, the Company was in compliance with its financial covenants.
Current wording
As of January 31, 2025, total debt, including short-term borrowings and long-term debt, represented 27.2% of total capitalization, defined as total debt plus total stockholders’ equity, compared with 26.5% as of July 31, 2024. As of January 31, 2025, the Company was in compliance with its financial covenants.
Previous wording
Long-term debt outstanding was $563.6 million as of October 31, 2024, compared with $508.4 million as of July 31, 2024, an increase of $55.2 million, primarily due to proceeds from long-term debt received during the three months ended October 31, 2024. As of October 31, 2024, there was $327.0 million available and $165.0 million outstanding on the Company’s $500.0 million unsecured revolving credit facility that expires on May 21, 2026.
Current wording
Long-term debt outstanding was $539.7 million as of January 31, 2025, compared with $508.4 million as of July 31, 2024, an increase of $31.3 million, primarily due to proceeds from long-term debt received to finance our equity method investment in Medica during the six months ended January 31, 2025. As of January 31, 2025, there was $347.0 million available and $145.0 million outstanding on the Company’s $500.0 million unsecured revolving credit facility that expires on May 21, 2026.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The effective tax rate was 23.2% and 23.5% for the three months ended January 31, 2025 and 2024, respectively. The lower effective tax rate was primarily due to a favorable shift in the mix of global earnings.
Current report — wording carried from elsewhere
Operating results were as follows (in millions, except per share amounts):
Current report — wording carried from elsewhere
Net sales, disaggregated by location where the customer’s order was received, were as follows (in millions):
Current report — wording carried from elsewhere
Net sales by segment (in millions):
Current report — wording carried from elsewhere
Net sales of Aftermarket increased $17.1 million, primarily due to strong market demand. Net sales of On-Road and Off-Road decreased $8.2 million and $11.7 million, respectively, primarily due to a decline in global equipment production driven by weak end market conditions, including agriculture and transportation.
Current report — wording carried from elsewhere
Net sales of IFS decreased $15.2 million, reflecting lower sales volume in industrial gases and industrial air filtration driven by weak market conditions and lower sales volume in power generation driven by the timing of projects. Net sales of Aerospace and Defense increased by $16.9 million due to ongoing strength in the Defense end markets.