Donaldson Company delivered a solid QQ3 2024 performance with a record-quarter trajectory across several metrics, underscoring the company’s ability to monetize pricing gains, favorable mix and disciplined capital allocation. Total sales rose 6% year over year to $928 million, with GAAP EPS of $0.92 (up 22%) and operating margin at 15.5%, representing a 130 bps improvement versus the prior year. Gross margin expanded to 35.6% driven by higher volumes, pricing, and input deflation, while the company posted EBITDA of $166 million and free cash flow of $120.2 million. Management reiterated confidence in fiscal 2024 as a year of record sales, margins and earnings, while narrowing full-year topline guidance to +4% to +6% and maintaining a long-term view that includes robust investments in life sciences and strategic acquisitions. The quarter benefited from mobile aftermarket strength and continued momentum in industrial solutions, aided by backlog strength and a more favorable supply chain environment. However, near-term softness remained in On-Road and China within mobile as well as continuing macro headwinds in bioprocessing investments that temper near-term margin inflection in Life Sciences. The company also highlighted M&A activity (EZ-Flow) and a strategic stake in Medica SpA to broaden its hollow-fiber membrane technology capabilities in life sciences, signaling a diversified growth trajectory beyond traditional filtration products.