Donaldson Boosts FY22 Outlook; Q2 Adj. EPS Miss Estimates

(RTTNews) - While reporting financial results for the second quarter on Wednesday, Donaldson Co. Inc. (DCI) raised its earnings and sales growth guidance for the full-year 2022, reflecting a better-than-expected sales outlook given first half performance combined with additional pricing realization planned in the second half of the year.

For fiscal 2022, Donaldson now projects earnings in a range of $2.66 to $2.76 per share on net sales growth of 11 to 15 percent. Currency translation is forecast to negatively impact sales by approximately 2 percent.

Previously, the company expected earnings in a range of $2.57 to $2.73 per share on net sales growth of 8 to 12 percent.

On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $2.67 per share on sales growth of 10.3 percent to $3.15 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net earnings of $71.8 million or $0.57 per share, up from $56.2 million or $0.44 per share in the prior-year quarter.

Net sales for the quarter increased 18.2 percent to a quarterly record of $802.5 million from $679.1 million in the same quarter last year. The Street was looking for earnings of $0.62 per share on net sales of $768.71 million for the quarter.