Donaldson Reports First Quarter Results

Donaldson Company, Inc. (NYSE:DCI) announced its financial results for its fiscal 2014 first quarter. Summarized financial results are as follows (dollars in millions, except per share data):
   
Three Months Ended
October 31

2013
   

2012
   

Change
Net sales $599 $589 2 %
Operating income 92 74 25 %
Net earnings 62 54 14 %
Diluted EPS $0.41 $0.36 14 %
 

“We had a good start to our new fiscal year as we delivered record operating results on a modest sales increase in our first quarter,” said Bill Cook, Donaldson’s CEO. “We believe that many of our first-fit equipment end markets have stabilized, while demand for our replacement filters continues to grow. Our Engine Products’ sales increased 7 percent in local currency from last year, driven by our Engine Aftermarket and Aerospace and Defense businesses, which were up 9 and 20 percent, respectively. Our Industrial Products’ sales decreased 4 percent in local currency. Consistent with our earlier guidance, Gas Turbine shipments decreased 27 percent but were partially offset by our Industrial Filtration Solutions and Special Applications businesses, which were up 2 and 5 percent, respectively. Geographically, excluding our Gas Turbine sales, our Company’s local currency sales growth was widespread across all of our major regions.”

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