Donaldson Q3 net earnings down 1.8%; record sales $853M; lowers FY margin and FCF guidance

DONALDSON Co INC

2022-Q3 EPS reported $1.85 revenue$2,416,600,000

GAAP EPS $0.67 vs $0.66; net earnings $83.0M, down 1.8% YoY.
Record sales $853.2M, up 11.5% (14.4% constant currency); Engine +13.2%, Industrial +7.8%.
FY sales growth guidance raised to 14.5-16.5% from 11-15%; EPS narrowed to $2.67-2.73.
Gross margin guide now down 1.5-2.0 ppts (vs prior -1.0 to -1.5); operating margin cut to 13.5-13.9%.
Free cash flow conversion outlook slashed to 50-60% from 70-80% due to inventory and receivables.

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