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Fiscal 2024 Outlook
Consistent with the prior outlook, full-year EPS is forecast to be between $3.14 and $3.30, compared with fiscal 2023 GAAP and adjusted EPS of $2.90 and $3.04, respectively. Sales are expected to increase between 3% and 7% year over year, with a pricing benefit of approximately 2% and a currency translation tailwind of roughly 1%.
Mobile sales are forecast to increase between 1% and 5% versus 2023. Softening end-market conditions, including in China, are expected to drive a mid-single digit decline in Off-Road sales and flat On-Road sales versus prior year. Aftermarket sales are projected to increase mid-single digits as a result of higher vehicle utilization rates and market share gains.
Industrial sales are expected to increase between 3% and 7% compared with prior year. Strength in Power Generation and dust collection sales is forecast to drive mid-single digit growth in IFS. Aerospace and Defense sales are projected to increase mid-single digits due to robust end-market conditions and market share gains.
Life Sciences sales are forecast to grow approximately 20% compared with 2023 benefitting from increases across all businesses including Food & Beverage, Bioprocessing Equipment and Consumables, and Disk Drive.
Operating margin is expected to be between 14.7% and 15.3% versus 14.0%, or 14.6% on an adjusted basis, in 2023 with year-over-year gross margin improvement partially offset by investments in the Life Sciences segment.
Interest expense is forecast to be approximately $23 million and other income is expected to be between $7 million and $11 million. Donaldson projects a fiscal 2024 effective income tax rate of between 24% and 26%.
Capital expenditures are forecast to be between $95 million and $115 million and free cash flow conversion is expected to be between 95% and 105%. For the full year, Donaldson anticipates repurchasing approximately 2% of its shares outstanding.
Posted In: DCI
