“We are very pleased to report record fourth quarter and full-year sales, operating margins, net earnings, and EPS,” said Bill Cook, Chairman, President and CEO. “In the quarter, our sales in local currencies increased 11 percent over the prior year; the change in exchange rates due to the stronger U.S. dollar reduced this to the 5 percent increase we reported above. Industrial Products segment sales increased 20 percent in local currency, led by a 51 percent increase in Gas Turbine Products. Sales in our Engine Products segment increased 6 percent in local currency with growth in both Off-Road and On-Road Products. Our Aftermarket Products local currency sales were up 6 percent globally, with 10 percent growth in the Americas offsetting weaker market conditions in Europe and Asia.”“Our operating margin was 15.1 percent, which was a new fourth quarter record. We continued to enjoy the benefits of great operating leverage and from our many Continuous Improvement initiatives. We have also remained diligent in managing our operating expenses.”
Donaldson Reports Record Fourth Quarter And Full-Year Results
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