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    Donaldson Company Inc (DCI)

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    Business Description

    Donaldson Company, Inc. is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets. The company designs and manufactures filtration systems and components for various applications, including air and liquid filtration, industrial processes, and life sciences. Donaldson's products are used in diverse sectors such as construction, mining, agriculture, transportation, power generation, aerospace, and medical devices.

    1. Mobile Solutions - Provides replacement filters for air and liquid filtration, filtration housings, and systems related to exhaust and emissions for OEMs in construction, mining, agriculture, and transportation, as well as independent distributors and OEM dealer networks.

    2. Industrial Solutions - Offers products for industrial air filtration, industrial gases, industrial hydraulics, power generation, and aerospace and defense, including dust collectors, compressed air purification systems, and filtration for industrial processes.

    3. Life Sciences - Supplies products for bioprocessing, food and beverage, medical devices, vehicle electrification, microelectronics, and disk drives, including bioprocessing equipment, chromatography devices, and specialized air and gas filtration systems.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Tod E. CarpenterChairman, President, and CEONovember 2017Tod E. Carpenter has been with Donaldson Company, Inc. since 1996. He was appointed as the Chairman, President, and Chief Executive Officer in November 2017. Previously, he served as COO and in various other roles.
    Scott J. RobinsonChief Financial Officer2015Scott J. Robinson served as the Chief Financial Officer of Donaldson Company, Inc. from 2015 until October 31, 2024. Before joining DCI, he was CFO at Imation Corp..
    Amy C. BeckerChief Legal Officer and Corporate SecretaryNovember 2022Amy C. Becker joined Donaldson Company, Inc. in 1998 and was appointed as Chief Legal Officer and Corporate Secretary in November 2022. She has held various legal roles within the company.
    Sheila G. KramerChief Human Resources OfficerNovember 2022Sheila G. Kramer has been with Donaldson Company, Inc. since 2015 and was appointed as Chief Human Resources Officer in November 2022. She previously worked at Taylor Corporation and Lifetouch, Inc..
    Guillermo BriseñoPresident, Industrial SolutionsNovember 2022Guillermo Briseño joined Donaldson Company, Inc. in 2003 and became President, Industrial Solutions in November 2022. He has held various positions in Latin America.
    Andrew DahlgrenPresident, Mobile SolutionsAugust 1, 2024Andrew Dahlgren joined Donaldson Company, Inc. in 1994 and was appointed as President, Mobile Solutions effective August 1, 2024. He has held various leadership roles within the company.
    Richard B. LewisPresident, Life SciencesAugust 1, 2024Richard B. Lewis joined Donaldson Company, Inc. in 2002 and was appointed as President, Life Sciences effective August 1, 2024. He previously served as President of Mobile Solutions.
    Thomas R. ScalfPresident, Enterprise Operations and Supply ChainNovember 2022Thomas R. Scalf has been with Donaldson Company, Inc. since 1989 and was appointed as President, Enterprise Operations and Supply Chain in November 2022. He has held various roles in operations and management.
    Brad PogalzChief Financial OfficerNovember 1, 2024Brad Pogalz was appointed as the Chief Financial Officer effective November 1, 2024. He has been with Donaldson Company for nearly a decade and has held various finance roles.

    Questions to Ask Management

    1. Given the pretax loss of approximately $5 million in the Life Sciences segment due to continued investments and market challenges, can you elaborate on the specific actions you're taking to focus your expense structure, and how confident are you in achieving breakeven for the segment this fiscal year?

    2. With Off-Road sales down 6% due to sustained weak conditions in agriculture, and considering that the agriculture market continues to get tougher, what strategic initiatives are you implementing to mitigate this weakness, and when do you anticipate a potential inflection point?

    3. You mentioned that supply chain constraints in Aerospace and Defense are holding back seven-figure projects; can you provide more detail on these bottlenecks, the expected timeline for resolution, and how they might impact your full-year guidance for this segment?

    4. While Mobile Solutions aftermarket sales grew due to market share gains, you've indicated that Q2 is typically the toughest quarter and that vehicle utilization is steady; how do you plan to sustain growth in the aftermarket business during this seasonal slowdown, and are there risks to your full-year outlook if utilization rates decline?

    5. Free cash flow conversion was 47% in the quarter, below your full-year guidance of 85% to 95%; given ongoing investments in working capital and inventory, what measures are you taking to improve cash conversion in the coming quarters, and do you still expect to meet your full-year cash flow targets?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNovember 2023
    End Date/DurationUntil terminated
    Total Additional Amount12.0 million shares
    Remaining Authorization9.7 million shares (as of 2024-10-31)
    DetailsPart of the company's capital deployment strategy to return value to shareholders, supported by strong cash flow generation.