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Donaldson Company's CEO Discusses F4Q2012 Results - Earnings Call Transcript

Stocks in this article: DCI

As we have discussed in previous calls, one key area of focus in our aftermarket business is continuing to expand our distribution networks and product line. We added another 126 distributors since our last call with the majority of these latest additions in Asia, Latin America and the U.S. Also, we’ve added nearly 500 part numbers to our product offering since our last call, with the majority of these adds in our emerging market businesses.

Now switching to our industrial product segment, our local currency sales increased 20%. Our largest industrial product group, industrial filtration solutions, grew local currency sales by 17%. Their sales growth was good in both the U.S. and Europe for both new Torit dust collection equipment and the replacement filters for those systems already installed in the field. We also had a very large project ship in South Africa this quarter. Sales in gas turbine were up 51% in the quarter driven mainly by strong shipments for new power generation systems. And finally, sales of our special application products increased 3% with sales growth in our venting, disc driver filters, and membrane product lines.

Now I’ll quickly summarize our sales by region. We again had very good growth in the Americas with local currency sales increasing 9% in the quarter. In Europe, our local currency sales increased 11% with our gas turbine, off-road and industrial filtration businesses all posting double-digit percent year-over-year sales increases; and in Asia, strong gas turbine sales drove an overall local currency sales increase of 7% for the region in the quarter.

Read the rest of this transcript for free on seekingalpha.com

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