The Company is a worldwide manufacturer of filtration systems and replacement
parts. The Company's core strengths are leading filtration technology, strong
customer relationships and its global presence. Products are manufactured around
the world and through three joint ventures.
The Company has two operating segments: Engine Products and Industrial Products.
Products in the Engine Products segment consist of replacement filters for both
air and liquid filtration applications, air filtration systems, liquid
filtration systems for fuel, lube and hydraulic applications, and exhaust and
emissions systems and sensors, indicators and monitoring systems. The Engine
Products segment sells to original equipment manufacturers (OEMs) in the
construction, mining, agriculture, aerospace, defense and truck end markets and
to independent distributors, OEM dealer networks, private label accounts and
large equipment fleets. Products in the Industrial Products segment consist of
dust, fume and mist collectors, compressed air purification systems, gas and
liquid filtration for food, beverage and industrial processes, air filtration
systems for gas turbines, polytetrafluoroethylene (PTFE) membrane-based products
and specialized air and gas filtration systems for applications including hard
disk drives and semi-conductor manufacturing and sensors, indicators and
monitoring systems. The Industrial Products segment sells to various dealers,
distributors and OEMs for specific markets and replacement filters.
The following Management's Discussion and Analysis of Financial Condition and
Results of Operations should be read in conjunction with the Company's Condensed
Consolidated Financial Statements and Notes included in Item 1 of this report.
Consolidated Results of Operations
Operating results for the three months ended October 31, 2019 and 2018 are as
follows (in millions):
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