Donaldson Company, Inc. (NYSE:DCI) will look for acquisitions. Scott Robinson Chief Financial Officer said during the Citigroup 2024 Industrials Conference, "So we're blessed to have very, very strong cash flows in the last few years. We've been kind of in the 0.7, 0.8, 0.9, when you look at the ratio of net debt to EBITDA.

In our Investor Day targets, we said we generally want to stay around 1. So we've been generating cash. We've been doing some acquisitions. We continue to look for acquisitions to deploy that capital.

Our strategy has been consistent for quite a while. It's, number one, invest in the company either organically or inorganically is a key component of our capital deployment strategy. Number two is pay dividends.

We've been paying dividends for over 60 years straight. We've been increasing our dividend for over 25 years straight. So those are some pretty impressive records.

We, in a while back, got added to the S&P High Yield Dividend Aristocrats Fund. So that's a track record that we're pretty proud of and we want to maintain. And number three is to buy back our shares, obviously, and that's the most variable component of our strategy.

The last several years, we've been able to buy back 2% of our shares outstanding, which gives us about a net reduction of about 1% after consideration of share-based compensation programs. So we've been slowly walking down the share count through returns of capital. We want to deploy capital into the company to facilitate future growth. And certainly, we have the cash flows to do that.

So we continue to look for acquisitions. And we have a good pipeline, and I expect we'll continue to execute over the next years, and we'll have to manage that because we will continue to generate strong cash flows".