10/10/2024 | Press release | Distributed by Public on 10/10/2024 14:31
2024 | 2023 | |||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | |||||||||
Revenue | $ | 1,883,719 | $ | 1,948,782 | $ | 3,832,501 | $ | 1,907,429 | $ | 1,913,807 | $ | 1,958,428 | $ | 1,904,812 | $ | 7,684,476 |
Cost of goods and services | 1,186,532 | 1,196,259 | 2,382,791 | 1,205,044 | 1,206,932 | 1,219,047 | 1,185,909 | 4,816,932 | ||||||||
Gross profit | 697,187 | 752,523 | 1,449,710 | 702,385 | 706,875 | 739,381 | 718,903 | 2,867,544 | ||||||||
Selling, general and administrative expenses | 442,981 | 429,055 | 872,036 | 416,143 | 415,242 | 402,838 | 413,981 | 1,648,204 | ||||||||
Operating earnings | 254,206 | 323,468 | 577,674 | 286,242 | 291,633 | 336,543 | 304,922 | 1,219,340 | ||||||||
Interest expense | 36,365 | 32,374 | 68,739 | 34,214 | 33,803 | 32,390 | 30,897 | 131,304 | ||||||||
Interest income | (4,756) | (4,081) | (8,837) | (2,091) | (2,653) | (3,808) | (4,944) | (13,496) | ||||||||
(Gain) loss on disposition
|
(529,943) | 663 | (529,280) | - | - | - | - | - | ||||||||
Other income, net | (7,139) | (12,845) | (19,984) | (3,807) | (6,677) | (10,274) | (710) | (21,468) | ||||||||
Earnings before provision for income taxes | 759,679 | 307,357 | 1,067,036 | 257,926 | 267,160 | 318,235 | 279,679 | 1,123,000 | ||||||||
Provision for income taxes | 157,577 | 60,770 | 218,347 | 51,234 | 50,150 | 56,252 | 21,500 | 179,136 | ||||||||
Earnings from continuing operations | 602,102 | 246,587 | 848,689 | 206,692 | 217,010 | 261,983 | 258,179 | 943,864 | ||||||||
Earnings from discontinued operations, net
|
30,119 | 35,235 | 65,354 | 21,882 | 25,229 | 27,770 | 38,083 | 112,964 | ||||||||
Net earnings
|
$ | 632,221 | $ | 281,822 | $ | 914,043 | $ | 228,574 | $ | 242,239 | $ | 289,753 | $ | 296,262 | $ | 1,056,828 |
Basic earnings per share:
|
||||||||||||||||
Earnings from continuing operations | $ | 4.33 | $ | 1.79 | $ | 6.14 | $ | 1.48 | $ | 1.55 | $ | 1.87 | $ | 1.85 | $ | 6.75 |
Earnings from discontinued operations, net
|
$ | 0.22 | $ | 0.26 | $ | 0.47 | $ | 0.16 | $ | 0.18 | $ | 0.20 | $ | 0.27 | $ | 0.81 |
Net earnings | $ | 4.55 | $ | 2.05 | $ | 6.61 | $ | 1.64 | $ | 1.73 | $ | 2.07 | $ | 2.12 | $ | 7.56 |
Weighted average shares outstanding | 139,051 | 137,443 | 138,247 | 139,757 | 139,862 | 139,878 | 139,893 | 139,848 | ||||||||
Diluted earnings per common share:
|
||||||||||||||||
Earnings from continuing operations | $ | 4.30 | $ | 1.78 | $ | 6.10 | $ | 1.47 | $ | 1.54 | $ | 1.86 | $ | 1.84 | $ | 6.71 |
Earnings from discontinued operations, net
|
$ | 0.22 | $ | 0.25 | $ | 0.47 | $ | 0.16 | $ | 0.18 | $ | 0.20 | $ | 0.27 | $ | 0.80 |
Net earnings
|
$ | 4.52 | $ | 2.04 | $ | 6.57 | $ | 1.63 | $ | 1.72 | $ | 2.06 | $ | 2.11 | $ | 7.52 |
Weighted average shares outstanding | 139,869 | 138,404 | 139,136 | 140,616 | 140,578 | 140,615 | 140,586 | 140,599 | ||||||||
Dividends paid per common share | $ | 0.51 | $ | 0.51 | $ | 1.02 | $ | 0.505 | $ | 0.505 | $ | 0.51 | $ | 0.51 | $ | 2.03 |
* Per share data may be impacted by rounding. |
FY 2022 | FY 2021 | |||
Revenue | $ | 7,844,174 | $ | 7,361,273 |
Cost of goods and services | 4,939,221 | 4,522,425 | ||
Gross profit | 2,904,953 | 2,838,848 | ||
Selling, general and administrative expenses | 1,625,312 | 1,632,926 | ||
Operating earnings | 1,279,641 | 1,205,922 | ||
Interest expense | 116,456 | 106,316 | ||
Interest income | (4,429) | (4,439) | ||
Gain on dispositions
|
- | (206,338) | ||
Other income, net | (22,589) | (14,839) | ||
Earnings before provision for income taxes | 1,190,203 | 1,325,222 | ||
Provision for income taxes | 200,291 | 259,902 | ||
Earnings from continuing operations
|
989,912 | 1,065,320 | ||
Earnings from discontinued operations, net
|
75,464 | 58,498 | ||
Net earnings
|
$ | 1,065,376 | $ | 1,123,818 |
Basic earnings per share:
|
||||
Earnings from continuing operations | $ | 6.94 | $ | 7.40 |
Earnings from discontinued operations, net
|
$ | 0.53 | $ | 0.41 |
Net earnings | $ | 7.47 | $ | 7.81 |
Weighted average shares outstanding | 142,681 | 143,923 | ||
Diluted earnings per common share:
|
||||
Earnings from continuing operations | $ | 6.89 | $ | 7.33 |
Earnings from discontinued operations, net
|
$ | 0.53 | $ | 0.40 |
Net earnings
|
$ | 7.42 | $ | 7.74 |
Weighted average shares outstanding | 143,595 | 145,273 | ||
Dividends paid per common share | $ | 2.01 | $ | 1.99 |
* Per share data may be impacted by rounding. |
2024 | 2023 | |||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | |||||||||
REVENUE | ||||||||||||||||
Engineered Products | $ | 332,820 | $ | 285,297 | $ | 618,117 | $ | 325,955 | $ | 287,408 | $ | 309,431 | $ | 328,131 | $ | 1,250,925 |
Clean Energy & Fueling | 445,053 | 463,014 | 908,067 | 430,729 | 441,166 | 466,959 | 449,423 | 1,788,277 | ||||||||
Imaging & Identification | 276,806 | 287,593 | 564,399 | 283,091 | 271,932 | 276,179 | 285,530 | 1,116,732 | ||||||||
Pumps & Process Solutions | 465,729 | 477,239 | 942,968 | 413,881 | 465,626 | 431,373 | 444,811 | 1,755,691 | ||||||||
Climate & Sustainability Technologies | 364,292 | 436,706 | 800,998 | 455,325 | 449,001 | 475,911 | 398,345 | 1,778,582 | ||||||||
Intersegment eliminations | (981) | (1,067) | (2,048) | (1,552) | (1,326) | (1,425) | (1,428) | (5,731) | ||||||||
Total consolidated revenue | $ | 1,883,719 | $ | 1,948,782 | $ | 3,832,501 | $ | 1,907,429 | $ | 1,913,807 | $ | 1,958,428 | $ | 1,904,812 | $ | 7,684,476 |
EARNINGS FROM CONTINUING OPERATIONS
|
||||||||||||||||
Segment Earnings: | ||||||||||||||||
Engineered Products | $ | 62,532 | $ | 52,095 | $ | 114,627 | $ | 54,064 | $ | 38,872 | $ | 63,525 | $ | 67,590 | $ | 224,051 |
Clean Energy & Fueling
|
69,675 | 87,536 | 157,211 | 73,605 | 83,616 | 92,483 | 78,900 | 328,604 | ||||||||
Imaging & Identification | 69,959 | 75,786 | 145,745 | 68,315 | 61,336 | 70,316 | 72,545 | 272,512 | ||||||||
Pumps & Process Solutions | 118,737 | 137,217 | 255,954 | 115,244 | 129,337 | 117,907 | 121,917 | 484,405 | ||||||||
Climate & Sustainability Technologies
|
50,759 | 79,127 | 129,886 | 73,778 | 76,074 | 84,060 | 71,468 | 305,380 | ||||||||
Total segment earnings | 371,662 | 431,761 | 803,423 | 385,006 | 389,235 | 428,291 | 412,420 | 1,614,952 | ||||||||
Purchase accounting
expenses 1
|
44,187 | 44,332 | 88,519 | 40,603 | 38,644 | 38,956 | 40,379 | 158,582 | ||||||||
Restructuring and other costs 2
|
23,971 | 11,590 | 35,561 | 14,053 | 18,143 | 11,581 | 19,150 | 62,927 | ||||||||
Disposition costs 3
|
- | - | - | - | - | - | 1,302 | 1,302 | ||||||||
(Gain) loss on disposition 4
|
(529,943) | 663 | (529,280) | - | - | - | - | - | ||||||||
Corporate expense / other 5
|
42,159 | 39,526 | 81,685 | 40,301 | 34,138 | 30,937 | 45,957 | 151,333 | ||||||||
Interest expense | 36,365 | 32,374 | 68,739 | 34,214 | 33,803 | 32,390 | 30,897 | 131,304 | ||||||||
Interest income | (4,756) | (4,081) | (8,837) | (2,091) | (2,653) | (3,808) | (4,944) | (13,496) | ||||||||
Earnings before provision for income taxes | 759,679 | 307,357 | 1,067,036 | 257,926 | 267,160 | 318,235 | 279,679 | 1,123,000 | ||||||||
Provision for income taxes 6
|
157,577 | 60,770 | 218,347 | 51,234 | 50,150 | 56,252 | 21,500 | 179,136 | ||||||||
Earnings from continuing operations | $ | 602,102 | $ | 246,587 | $ | 848,689 | $ | 206,692 | $ | 217,010 | $ | 261,983 | $ | 258,179 | $ | 943,864 |
SEGMENT EARNINGS MARGIN | ||||||||||||||||
Engineered Products | 18.8 % | 18.3 % | 18.5 % | 16.6 % | 13.5 % | 20.5 % | 20.6 % | 17.9 % | ||||||||
Clean Energy & Fueling
|
15.7 % | 18.9 % | 17.3 % | 17.1 % | 19.0 % | 19.8 % | 17.6 % | 18.4 % | ||||||||
Imaging & Identification | 25.3 % | 26.4 % | 25.8 % | 24.1 % | 22.6 % | 25.5 % | 25.4 % | 24.4 % | ||||||||
Pumps & Process Solutions | 25.5 % | 28.8 % | 27.1 % | 27.8 % | 27.8 % | 27.3 % | 27.4 % | 27.6 % | ||||||||
Climate & Sustainability Technologies
|
13.9 % | 18.1 % | 16.2 % | 16.2 % | 16.9 % | 17.7 % | 17.9 % | 17.2 % | ||||||||
Total segment earnings margin | 19.7 % | 22.2 % | 21.0 % | 20.2 % | 20.3 % | 21.9 % | 21.7 % | 21.0 % | ||||||||
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.
|
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2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
|
||||||||||||||||
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.
|
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4 (Gain) loss on disposition including working capital adjustments due to the sale of De-Sta-Co in our Engineered Products segment.
|
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5 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
|
||||||||||||||||
6 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023.
|
FY 2022 | FY 2021 | |||
REVENUE | ||||
Engineered Products | $ | 1,379,512 | $ | 1,234,695 |
Clean Energy & Fueling | 1,878,507 | 1,648,153 | ||
Imaging & Identification | 1,123,815 | 1,163,367 | ||
Pumps & Process Solutions | 1,728,235 | 1,708,634 | ||
Climate & Sustainability Technologies | 1,737,724 | 1,608,175 | ||
Intersegment eliminations | (3,619) | (1,751) | ||
Total consolidated revenue | $ | 7,844,174 | $ | 7,361,273 |
EARNINGS FROM CONTINUING OPERATIONS
|
||||
Segment Earnings: | ||||
Engineered Products | $ | 240,496 | $ | 196,512 |
Clean Energy & Fueling
|
352,993 | 327,186 | ||
Imaging & Identification | 268,084 | 266,932 | ||
Pumps & Process Solutions | 533,018 | 575,593 | ||
Climate & Sustainability Technologies
|
254,484 | 185,517 | ||
Total segment earnings | 1,649,075 | 1,551,740 | ||
Purchase accounting expenses 1
|
174,397 | 137,535 | ||
Restructuring and other costs 2
|
36,209 | 37,242 | ||
Loss (gain) on dispositions 3
|
194 | (206,338) | ||
Corporate expense / other 4, 5
|
136,045 | 156,202 | ||
Interest expense | 116,456 | 106,316 | ||
Interest income | (4,429) | (4,439) | ||
Earnings before provision for income taxes | 1,190,203 | 1,325,222 | ||
Provision for income taxes
|
200,291 | 259,902 | ||
Earnings from continuing operations | $ | 989,912 | $ | 1,065,320 |
SEGMENT EARNINGS MARGIN | ||||
Engineered Products | 17.4 % | 15.9 % | ||
Clean Energy & Fueling
|
18.8 % | 19.9 % | ||
Imaging & Identification | 23.9 % | 22.9 % | ||
Pumps & Process Solutions | 30.8 % | 33.7 % | ||
Climate & Sustainability Technologies
|
14.6 % | 11.5 % | ||
Total segment earnings margin | 21.0 % | 21.1 % | ||
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
|
||||
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
|
||||
3 Loss (gain) on dispositions including working capital adjustments related to the sale of Unified Brands in our Climate & Sustainability Technology segment and Race Winning Brands equity method investment in our Engineered Products segment.
|
||||
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
|
||||
5 FY 2022 includes a $6.3 million settlement charge related to our U.S qualified defined benefit plan.
|
2024 | 2023 | |||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | |||||||||
ADJUSTED SEGMENT EBITDA | ||||||||||||||||
Engineered Products: | ||||||||||||||||
Segment earnings | $ | 62,532 | $ | 52,095 | $ | 114,627 | $ | 54,064 | $ | 38,872 | $ | 63,525 | $ | 67,590 | $ | 224,051 |
Other depreciation and amortization 1
|
4,785 | 4,778 | 9,563 | 5,671 | 5,778 | 5,736 | 4,827 | 22,012 | ||||||||
Adjusted segment EBITDA 2
|
67,317 | 56,873 | 124,190 | 59,735 | 44,650 | 69,261 | 72,417 | 246,063 | ||||||||
Adjusted segment EBITDA margin 2
|
20.2 % | 19.9 % | 20.1 % | 18.3 % | 15.5 % | 22.4 % | 22.1 % | 19.7 % | ||||||||
Clean Energy & Fueling: | ||||||||||||||||
Segment earnings | $ | 69,675 | $ | 87,536 | $ | 157,211 | $ | 73,605 | $ | 83,616 | $ | 92,483 | $ | 78,900 | $ | 328,604 |
Other depreciation and amortization 1
|
7,921 | 7,627 | 15,548 | 7,046 | 7,541 | 7,686 | 7,844 | 30,117 | ||||||||
Adjusted segment EBITDA 2
|
77,596 | 95,163 | 172,759 | 80,651 | 91,157 | 100,169 | 86,744 | 358,721 | ||||||||
Adjusted segment EBITDA margin 2
|
17.4 % | 20.6 % | 19.0 % | 18.7 % | 20.7 % | 21.5 % | 19.3 % | 20.1 % | ||||||||
Imaging & Identification: | ||||||||||||||||
Segment earnings | $ | 69,959 | $ | 75,786 | $ | 145,745 | $ | 68,315 | $ | 61,336 | $ | 70,316 | $ | 72,545 | $ | 272,512 |
Other depreciation and amortization 1
|
3,733 | 3,271 | 7,004 | 3,394 | 3,745 | 3,972 | 4,182 | 15,293 | ||||||||
Adjusted segment EBITDA 2
|
73,692 | 79,057 | 152,749 | 71,709 | 65,081 | 74,288 | 76,727 | 287,805 | ||||||||
Adjusted segment EBITDA margin 2
|
26.6 % | 27.5 % | 27.1 % | 25.3 % | 23.9 % | 26.9 % | 26.9 % | 25.8 % | ||||||||
Pumps & Process Solutions: | ||||||||||||||||
Segment earnings | $ | 118,737 | $ | 137,217 | $ | 255,954 | $ | 115,244 | $ | 129,337 | $ | 117,907 | $ | 121,917 | $ | 484,405 |
Other depreciation and amortization 1
|
12,139 | 12,637 | 24,776 | 10,939 | 11,609 | 12,052 | 11,744 | 46,344 | ||||||||
Adjusted segment EBITDA 2
|
130,876 | 149,854 | 280,730 | 126,183 | 140,946 | 129,959 | 133,661 | 530,749 | ||||||||
Adjusted segment EBITDA margin 2
|
28.1 % | 31.4 % | 29.8 % | 30.5 % | 30.3 % | 30.1 % | 30.0 % | 30.2 % | ||||||||
Climate & Sustainability Technologies: | ||||||||||||||||
Segment earnings | $ | 50,759 | $ | 79,127 | $ | 129,886 | $ | 73,778 | $ | 76,074 | $ | 84,060 | $ | 71,468 | $ | 305,380 |
Other depreciation and amortization 1
|
7,275 | 7,220 | 14,495 | 6,624 | 6,895 | 6,954 | 7,084 | 27,557 | ||||||||
Adjusted segment EBITDA 2
|
58,034 | 86,347 | 144,381 | 80,402 | 82,969 | 91,014 | 78,552 | 332,937 | ||||||||
Adjusted segment EBITDA margin 2
|
15.9 % | 19.8 % | 18.0 % | 17.7 % | 18.5 % | 19.1 % | 19.7 % | 18.7 % | ||||||||
Total Segments: | ||||||||||||||||
Total segment earnings 2, 3
|
$ | 371,662 | $ | 431,761 | $ | 803,423 | $ | 385,006 | $ | 389,235 | $ | 428,291 | $ | 412,420 | $ | 1,614,952 |
Other depreciation and amortization 1
|
35,853 | 35,533 | 71,386 | 33,674 | 35,568 | 36,400 | 35,681 | 141,323 | ||||||||
Total Adjusted segment EBITDA 2
|
407,515 | 467,294 | 874,809 | 418,680 | 424,803 | 464,691 | 448,101 | 1,756,275 | ||||||||
Total Adjusted segment EBITDA margin 2
|
21.6 % | 24.0 % | 22.8 % | 21.9 % | 22.2 % | 23.7 % | 23.5 % | 22.9 % | ||||||||
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
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2 Refer to Non-GAAP Disclosures section for definition.
|
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3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
|
FY 2022
|
FY 2021
|
|||
ADJUSTED SEGMENT EBITDA | ||||
Engineered Products: | ||||
Segment earnings | $ | 240,496 | $ | 196,512 |
Other depreciation and amortization 1
|
22,571 | 22,712 | ||
Adjusted segment EBITDA 2
|
263,067 | 219,224 | ||
Adjusted segment EBITDA margin 2
|
19.1 % | 17.8 % | ||
Clean Energy & Fueling: | ||||
Segment earnings 4
|
$ | 352,993 | $ | 327,186 |
Other depreciation and amortization 1
|
28,815 | 25,842 | ||
Adjusted segment EBITDA 2
|
381,808 | 353,028 | ||
Adjusted segment EBITDA margin 2
|
20.3 % | 21.4 % | ||
Imaging & Identification: | ||||
Segment earnings | $ | 268,084 | $ | 266,932 |
Other depreciation and amortization 1
|
14,185 | 14,189 | ||
Adjusted segment EBITDA 2
|
282,269 | 281,121 | ||
Adjusted segment EBITDA margin 2
|
25.1 % | 24.2 % | ||
Pumps & Process Solutions: | ||||
Segment earnings | $ | 533,018 | $ | 575,593 |
Other depreciation and amortization 1
|
40,839 | 39,272 | ||
Adjusted segment EBITDA 2
|
573,857 | 614,865 | ||
Adjusted segment EBITDA margin 2
|
33.2 % | 36.0 % | ||
Climate & Sustainability Technologies: | ||||
Segment earnings
|
$ | 254,484 | $ | 185,517 |
Other depreciation and amortization 1
|
26,204 | 26,987 | ||
Adjusted segment EBITDA 2
|
280,688 | 212,504 | ||
Adjusted segment EBITDA margin 2
|
16.2 % | 13.2 % | ||
Total Segments: | ||||
Total segment earnings 2, 3, 4
|
$ | 1,649,075 | $ | 1,551,740 |
Other depreciation and amortization 1
|
132,614 | 129,002 | ||
Total Adjusted segment EBITDA 2
|
1,781,689 | 1,680,742 | ||
Total Adjusted segment EBITDA margin 2
|
22.7 % | 22.8 % | ||
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
|
||||
2 Refer to Non-GAAP Disclosures section for definition.
|
||||
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
|
||||
4 FY 2022 excludes $19.0 million of amortization of inventory step-up related to the Q4 2021 acquisitions within our Clean Energy & Fueling segment.
|
2024 | 2023 | |||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | |||||||||
Earnings from continuing operations | $ | 602,102 | $ | 246,587 | $ | 848,689 | $ | 206,692 | $ | 217,010 | $ | 261,983 | $ | 258,179 | $ | 943,864 |
Provision for income taxes 1
|
157,577 | 60,770 | 218,347 | 51,234 | 50,150 | 56,252 | 21,500 | 179,136 | ||||||||
Earnings before provision for income taxes | 759,679 | 307,357 | 1,067,036 | 257,926 | 267,160 | 318,235 | 279,679 | 1,123,000 | ||||||||
Interest income | (4,756) | (4,081) | (8,837) | (2,091) | (2,653) | (3,808) | (4,944) | (13,496) | ||||||||
Interest expense | 36,365 | 32,374 | 68,739 | 34,214 | 33,803 | 32,390 | 30,897 | 131,304 | ||||||||
Corporate expense / other 2
|
42,159 | 39,526 | 81,685 | 40,301 | 34,138 | 30,937 | 45,957 | 151,333 | ||||||||
Disposition costs 3
|
- | - | - | - | - | - | 1,302 | 1,302 | ||||||||
(Gain) loss on disposition 4
|
(529,943) | 663 | (529,280) | - | - | - | - | - | ||||||||
Restructuring and other costs 5
|
23,971 | 11,590 | 35,561 | 14,053 | 18,143 | 11,581 | 19,150 | 62,927 | ||||||||
Purchase accounting expenses 6
|
44,187 | 44,332 | 88,519 | 40,603 | 38,644 | 38,956 | 40,379 | 158,582 | ||||||||
Total segment earnings 7
|
371,662 | 431,761 | 803,423 | 385,006 | 389,235 | 428,291 | 412,420 | 1,614,952 | ||||||||
Add: Other depreciation and amortization 8
|
35,853 | 35,533 | 71,386 | 33,674 | 35,568 | 36,400 | 35,681 | 141,323 | ||||||||
Total adjusted segment EBITDA 7
|
$ | 407,515 | $ | 467,294 | $ | 874,809 | $ | 418,680 | $ | 424,803 | $ | 464,691 | $ | 448,101 | $ | 1,756,275 |
1 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023.
|
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2 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
|
||||||||||||||||
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment.
|
||||||||||||||||
4 (Gain) loss on disposition due to the sale of De-Sta-Co in the Engineered Products segment.
|
||||||||||||||||
5 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
|
||||||||||||||||
6 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.
|
||||||||||||||||
7 Refer to Non-GAAP Disclosures section for definition.
|
||||||||||||||||
8 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
|
FY 2022
|
FY 2021
|
|||
Earnings from continuing operations | $ | 989,912 | $ | 1,065,320 |
Provision for income taxes
|
200,291 | 259,902 | ||
Earnings before provision for income taxes | 1,190,203 | 1,325,222 | ||
Interest income | (4,429) | (4,439) | ||
Interest expense | 116,456 | 106,316 | ||
Corporate expense / other 1,2
|
136,045 | 156,202 | ||
Loss (gain) on dispositions 3
|
194 | (206,338) | ||
Restructuring and other costs 4
|
36,209 | 37,242 | ||
Purchase accounting expenses 5
|
174,397 | 137,535 | ||
Total segment earnings 6
|
1,649,075 | 1,551,740 | ||
Add: Other depreciation and amortization 7
|
132,614 | 129,002 | ||
Total adjusted segment EBITDA 6
|
$ | 1,781,689 | $ | 1,680,742 |
1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
|
||||
2 FY 22 includes a $6.3 million settlement charge related to our U.S. qualified benefit plan.
|
||||
3 Loss (gain) on dispositions including working capital adjustments related to the sale of Unified Brands in our Climate & Sustainability Technology segment and Race Winning Brands equity method investment in our Engineered Products segment.
|
||||
4 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
|
||||
5 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
|
||||
6 Refer to Non-GAAP Disclosures section for definition.
|
||||
7 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
|
2024 | 2023 | |||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | |||||||||
Organic | ||||||||||||||||
Engineered Products | 2.1 | % | 18.3 | % | 9.7 | % | (0.7) | % | (16.6) | % | (12.0) | % | (7.7) | % | (9.3) | % |
Clean Energy & Fueling
|
1.4 | % | 2.3 | % | 1.9 | % | (2.6) | % | (9.3) | % | (0.2) | % | (3.5) | % | (4.0) | % |
Imaging & Identification | (1.6) | % | 6.9 | % | 2.6 | % | 8.2 | % | 0.3 | % | (3.6) | % | (3.5) | % | 0.2 | % |
Pumps & Process Solutions | 4.5 | % | (3.1) | % | 0.5 | % | (7.1) | % | 0.9 | % | (7.3) | % | 0.5 | % | (3.3) | % |
Climate & Sustainability Technologies
|
(20.3) | % | (2.3) | % | (11.4) | % | 16.2 | % | 4.0 | % | 1.8 | % | (10.9) | % | 2.4 | % |
Total Organic | (3.4) | % | 3.0 | % | (0.2) | % | 2.2 | % | (4.1) | % | (3.9) | % | (5.2) | % | (2.8) | % |
Acquisitions | 2.2 | % | 2.3 | % | 2.3 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % |
Dispositions | - | % | (2.8) | % | (1.4) | % | - | % | - | % | - | % | - | % | - | % |
Currency translation | - | % | (0.7) | % | (0.4) | % | (2.8) | % | (0.7) | % | 1.3 | % | 1.1 | % | (0.2) | % |
Total* | (1.2) | % | 1.8 | % | 0.3 | % | 0.4 | % | (3.8) | % | (1.6) | % | (3.1) | % | (2.0) | % |
2024 | 2023 | |||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | |||||||||
Organic | ||||||||||||||||
United States | (2.3) | % | 9.1 | % | 3.3 | % | 1.0 | % | (11.5) | % | (10.8) | % | (0.5) | % | (5.7) | % |
Other Americas | (6.1) | % | 18.2 | % | 5.9 | % | 18.4 | % | 13.7 | % | 13.9 | % | (23.4) | % | 3.7 | % |
Europe | (0.5) | % | (3.8) | % | (2.2) | % | (0.3) | % | (0.9) | % | (5.2) | % | (16.1) | % | (5.7) | % |
Asia | (4.8) | % | (8.6) | % | (6.8) | % | (4.0) | % | 2.0 | % | (3.4) | % | 4.8 | % | (0.2) | % |
Other | (21.6) | % | (28.0) | % | (24.9) | % | 20.6 | % | 32.8 | % | 72.7 | % | 26.7 | % | 38.4 | % |
Total Organic | (3.4) | % | 3.0 | % | (0.2) | % | 2.2 | % | (4.1) | % | (3.9) | % | (5.2) | % | (2.8) | % |
Acquisitions | 2.2 | % | 2.3 | % | 2.3 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % |
Dispositions | - | % | (2.8) | % | (1.4) | % | - | % | - | % | - | % | - | % | - | % |
Currency translation | - | % | (0.7) | % | (0.4) | % | (2.8) | % | (0.7) | % | 1.3 | % | 1.1 | % | (0.2) | % |
Total* | (1.2) | % | 1.8 | % | 0.3 | % | 0.4 | % | (3.8) | % | (1.6) | % | (3.1) | % | (2.0) | % |
FY 2022
|
FY 2021
|
|||
Organic | ||||
Engineered Products | 14.7 | % | 20.8 | % |
Clean Energy & Fueling
|
(0.3) | % | 5.8 | % |
Imaging & Identification | 2.9 | % | 8.0 | % |
Pumps & Process Solutions | 4.1 | % | 26.6 | % |
Climate & Sustainability Technologies
|
18.5 | % | 22.0 | % |
Total Organic | 7.8 | % | 16.5 | % |
Acquisitions | 4.6 | % | 1.3 | % |
Dispositions | (1.6) | % | (0.2) | % |
Currency translation | (4.2) | % | 2.1 | % |
Total* | 6.6 | % | 19.7 | % |
FY 2022 | FY 2021 | |||
Organic | ||||
United States | 7.6 | % | 17.7 | % |
Other Americas | 7.7 | % | 12.9 | % |
Europe | 11.7 | % | 15.5 | % |
Asia | 7.1 | % | 18.0 | % |
Other | (11.0) | % | 11.6 | % |
Total Organic | 7.8 | % | 16.5 | % |
Acquisitions | 4.6 | % | 1.3 | % |
Dispositions | (1.6) | % | (0.2) | % |
Currency translation | (4.2) | % | 2.1 | % |
Total* | 6.6 | % | 19.7 | % |
2024 | 2023 | |||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | |||||||||
BOOKINGS
|
||||||||||||||||
Engineered Products | $ | 329,925 | $ | 280,542 | $ | 610,467 | $ | 329,005 | $ | 297,662 | $ | 330,566 | $ | 312,416 | $ | 1,269,649 |
Clean Energy & Fueling
|
471,610 | 442,086 | 913,696 | 454,526 | 440,137 | 449,663 | 401,195 | 1,745,521 | ||||||||
Imaging & Identification | 278,433 | 288,641 | 567,074 | 290,712 | 262,092 | 271,113 | 297,312 | 1,121,229 | ||||||||
Pumps & Process Solutions | 473,632 | 461,426 | 935,058 | 464,297 | 394,317 | 363,111 | 455,390 | 1,677,115 | ||||||||
Climate & Sustainability Technologies
|
453,086 | 406,269 | 859,355 | 371,643 | 310,911 | 340,474 | 325,625 | 1,348,653 | ||||||||
Intersegment eliminations | (791) | (1,591) | (2,382) | (1,530) | (1,913) | (848) | (2,100) | (6,391) | ||||||||
Total consolidated bookings | $ | 2,005,895 | $ | 1,877,373 | $ | 3,883,268 | $ | 1,908,653 | $ | 1,703,206 | $ | 1,754,079 | $ | 1,789,838 | $ | 7,155,776 |
2024 | 2023 | |||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | |||||||||
BOOKINGS GROWTH FACTORS
|
||||||||||||||||
Organic
|
||||||||||||||||
Engineered Products | 0.2 | % | 11.4 | % | 5.5 | % | (5.8) | % | (9.2) | % | 3.0 | % | (2.3) | % | (3.7) | % |
Clean Energy & Fueling
|
1.6 | % | (1.6) | % | - | % | (6.1) | % | (8.4) | % | 3.5 | % | (0.1) | % | (3.1) | % |
Imaging & Identification | (3.4) | % | 11.1 | % | 3.5 | % | (1.8) | % | (8.5) | % | (5.4) | % | 7.7 | % | (2.1) | % |
Pumps & Process Solutions | (4.6) | % | 10.5 | % | 2.3 | % | (1.2) | % | (19.4) | % | (15.6) | % | 22.6 | % | (4.7) | % |
Climate & Sustainability Technologies
|
22.3 | % | 31.6 | % | 26.6 | % | (11.6) | % | (31.5) | % | (16.8) | % | (14.8) | % | (19.1) | % |
Total Organic | 3.2 | % | 11.5 | % | 7.1 | % | (5.4) | % | (16.3) | % | (6.7) | % | 2.2 | % | (6.9) | % |
Acquisitions | 2.1 | % | 2.4 | % | 2.2 | % | 1.1 | % | 0.7 | % | 0.3 | % | 0.4 | % | 0.7 | % |
Dispositions | - | % | (3.0) | % | (1.4) | % | - | % | - | % | - | % | - | % | - | % |
Currency translation | (0.2) | % | (0.7) | % | (0.4) | % | (2.9) | % | (0.8) | % | 1.3 | % | 1.1 | % | (0.5) | % |
Total* | 5.1 | % | 10.2 | % | 7.5 | % | (7.2) | % | (16.4) | % | (5.1) | % | 3.7 | % | (6.7) | % |
* Totals may be impacted by rounding.
|
FY 2022 | FY 2021 | |||
BOOKINGS
|
||||
Engineered Products | $ | 1,320,288 | $ | 1,398,444 |
Clean Energy & Fueling
|
1,821,025 | 1,742,479 | ||
Imaging & Identification | 1,154,199 | 1,190,404 | ||
Pumps & Process Solutions | 1,709,204 | 2,023,061 | ||
Climate & Sustainability Technologies
|
1,669,916 | 2,317,000 | ||
Intersegment eliminations | (5,173) | (1,477) | ||
Total consolidated bookings | $ | 7,669,459 | $ | 8,669,911 |
FY 2022 | FY 2021 | |||
BOOKINGS GROWTH FACTORS
|
||||
Organic
|
||||
Engineered Products | (4.8) | % | 29.1 | % |
Clean Energy & Fueling
|
(8.8) | % | 11.2 | % |
Imaging & Identification | 2.6 | % | 7.7 | % |
Pumps & Process Solutions | (12.8) | % | 48.2 | % |
Climate & Sustainability Technologies
|
(19.3) | % | 53.3 | % |
Total Organic | (10.3) | % | 31.1 | % |
Acquisitions | 3.8 | % | 1.6 | % |
Dispositions | (1.6) | % | (0.3) | % |
Currency translation | (3.4) | % | 2.3 | % |
Total* | (11.5) | % | 34.7 | % |
* Totals may be impacted by rounding.
|
2024 | 2023 |
2022
|
||||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 |
FY 2022
|
||||||||||
Net Cash Flows Provided By (Used In): | ||||||||||||||||||
Operating activities | $ | 146,456 | $ | 149,181 | $ | 295,637 | $ | 220,240 | $ | 168,947 | $ | 331,795 | $ | 498,564 | $ | 1,219,546 | $ | 746,754 |
Investing activities | 432,416 | 33,215 | 465,631 | (41,952) | (40,591) | (48,529) | (586,643) | (717,715) | (520,844) | |||||||||
Financing activities | (80,782) | (830,657) | (911,439) | (306,565) | (137,924) | (312,716) | 189,149 | (568,056) | (260,265) |
2024 | 2023 | 2022 | ||||||||||||||||
Q1 | Q2 | Q2 YTD | Q1 | Q2 | Q3 | Q4 | FY 2023 | FY 2022 | ||||||||||
Cash flow from operating activities 1
|
$ | 146,456 | $ | 149,181 | $ | 295,637 | $ | 220,240 | $ | 168,947 | $ | 331,795 | $ | 498,564 | $ | 1,219,546 | $ | 746,754 |
Less: Capital expenditures | (40,050) | (35,822) | (75,872) | (46,771) | (38,183) | (41,177) | (57,275) | (183,406) | (211,082) | |||||||||
Free cash flow | $ | 106,406 | $ | 113,359 | $ | 219,765 | $ | 173,469 | $ | 130,764 | $ | 290,618 | $ | 441,289 | $ | 1,036,140 | $ | 535,672 |
Cash flow from operating activities as a percentage of revenue | 7.8 | % | 7.7 | % | 7.7 | % | 11.5 | % | 8.8 | % | 16.9 | % | 26.2 | % | 15.9 | % | 9.5 | % |
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations
|
60.8 | % | 51.3 | % | 55.6 | % | 88.4 | % | 64.6 | % | 110.1 | % | 163.0 | % | 109.1 | % | 66.1 | % |
Free cash flow as a percentage of revenue | 5.6 | % | 5.8 | % | 5.7 | % | 9.1 | % | 6.8 | % | 14.8 | % | 23.2 | % | 13.5 | % | 6.8 | % |
Free cash flow as a percentage of adjusted earnings from continuing operations
|
44.2 | % | 39.0 | % | 41.3 | % | 69.6 | % | 50.0 | % | 96.4 | % | 144.2 | % | 92.7 | % | 47.4 | % |