Donaldson Company 2026财年第四季度财报及2027财年业绩展望

一、AI总结内容 一、核心业绩情况 1. 2026财年第四季度总销售额同比增长8%，首次突破10亿美元，调整后每股收益1.15美元，同比增长12%，季度合并营业利润率17.5%，创历史新高，同比提升110个基点，环比提升90个基点 2. 2026财年全年总销售额达39亿美元，创历史新高，同比增长5%，每股收益3.98美元，同比增长8%，营业利润率16%，向股东返还2.5亿美元 3. 收购Facet对季度业绩贡献：本季度Facet贡献约3个百分点销售额增长，稀释每股收益6美分，其销售、毛利率、经营利润符合预期，摊销和利息支出略高于此前预期 二、分板块业绩 1. 移动解决方案板块：季度销售额6.35亿美元，同比增长8%，售后市场销售额5.12亿美元，同比增长9%，北美商用车车队项目贡献新销售，中国市场销售额增长27%，越野业务中建筑领域增长抵消农业领域低迷 2. 工业解决方案板块：季度销售额3.34亿美元，同比增长8%，其中Facet贡献10个百分点增长，航空航天与国防销售额7600万美元，同比增长61%，工业过滤系统（IFS）销售额2.57亿美元，同比下降2%，售后零部件销售额占IFS总销售额51%，同比低个位数增长 3. 生命科学板块：季度销售额9000万美元，同比增长10%，磁盘业务双位数增长，食品与饮料业务稳定，新成立工艺过滤业务整合食品与饮料、微电子业务以推动超市场增长三、2027财年业绩展望 1. 总销售额预期增长5.5%-9.5%，Facet和定价各贡献约2个百分点增长，汇率贡献1个百分点，有机销量为剩余增长部分 2. 移动解决方案销售额预期增长2%-6%，工程机械和卡车生产复苏拉动，农业领域初步出现改善迹象 3. 工业解决方案销售额预期增长中个位数，IFS销售额中个位数增长，电力发电业务受益超级周期，订单充足至2028财年，航空航天与国防销售额同比增长超50%，有机销售额中个位数增长，供应链问题将在2027财年上半年逐步解决 4. 生命科学销售额预期增长7%-11%，工艺过滤和磁盘业务需求持续强劲 5. 营业利润率预期区间16.6%-17.2%，中点同比提升90个基点，受毛利率扩张推动，经营费用率受Facet相关摊销和利息支出影响部分抵消毛利率利好 6. 每股收益预期区间4.22-4.38美元，含约12美分Facet带来的稀释影响，中点创历史新高，同比增长8% 四、风险与关注 1. 工业板块电力发电业务受墨西哥工厂减产影响，季度毛利率承压约40个基点，预计2027财年中期完全恢复 2. 2027财年利息支出预计5500万-6000万美元，较此前增加，主要源于Facet相关债务利息 3. 工业过滤系统（IFS）中集装设备业务销售具有波动性，售后渗透率提升为关键策略 4. 农业领域需求改善范围有限，产品间及客户间结果差异较大 1. 资本开支预期7000万-9000万美元，平衡于新技术、新产品投资及运营资产效率维护2. 现金流转化率预期95%-105%，高于历史平均3. 资本配置优先序：业务再投资、并购、股息、股票回购，连续30年提高季度股息，已重启股票回购计划，2027财年拟回购约1%流通股4. 2026财年完成Facet收购，为公司历史最大收购，扩展至航空航天与国防、电力发电等高增长领域，推进整合及协同效应实现 二、音频原文（转写） urgent businesses operating margin expansion ofninety basis points to sixteen point nine percent earnings per share of roughly four dollars andthirty cents including approximately twelve cents of dilution from facet and free cash flow conversion of approximately ninety five to one hundred and five percent which is important as we maintain our commitment to return value to our shareholders with that i will now turn it over to brad Who will provide more details on the fourthquarter financials and our outlook for fiscal twenty twenty seven. Brad, thanks Rich. Good morning everyone. I want to start by recognizing thecontributions from the Donaldson team over the past year. We delivered fourth quarter results ahead of expectations, capping off a year filled with significant macro uncertainty, including from tariffs and conflict in the Middle East, whilealso navigating a complicated execution environment, particularly in the industrial. segment Throughout the year, our teams had a clear focus on serving our customers. and delivering resultsSo thank you. to all of our employees for your hard work. and for positioning us to build on oursuccess in fiscal 2027. I'll cover our financial outlook in a few minutes. But first, I'll discuss our record fourth quarter results in more detail. Note that my comments exclude the impact from the nonrecurring charges. Sarika referencedearlier. Fourth quarter total sales increased 8%over the prior year. an adjusted EPS of $1.15 g rew twelve per cent. due to operating margin expansion I want to quickly touch on the contribution to these metrics. from facet. which added approximately 3 percentage points of sales growth and diluted our EPS by 6 cents in the quarter. Importantly, Facet's business results were in linewith forecast, meaning strong sales, gross margin and operating profit. while amortization andinterest were a bit higher than previously expected. Fourth quarter consolidated operating margin was 17.5%. and all time high. and up 110 basispoints from the prior year. the sequential increase from third quarter of 90 basis points is important as it was driven by gross margin expansion Highlighting delivery on our promise. of continued improvement in operating efficiency. particularly in our industrial business. to that end,gross margin increased 190 basis points to 36.7percent An all time company high. reflecting favorability from volume pricing and mix I want toalso call out a couple of offsetting factors. specifically, select input cost inflation largelyrelated to the conflict in the Middle East, aswell as continued operational inefficiencies inpower generation Within power generation, demandremains strong and we are still stabilizing operations At our plant in Mexico. Following a shift in production. Consequently, we realized about40 basis points of gross margin pressure in thequarter. I'm encouraged by the progress made. including measurable improvements in throughput delivery performance and execution. Given the current trajectory, we remain confident that we will fully recover by the middle of fiscal 2027. Important to note is that the impact from footprint optimization was immaterial in the quarter aswe continue to ramp productivity in the receiving facilities, And we are still on track. to deliver annualized savings of about 10 million dollars once we hit run rate productivity in the second half of fiscal 2027. Now back to the piano. F ourth quarter operating expense as a rate of sales was 19.1%. 80 basis points above the prior year The higher rate was driven primarily by the