Donaldson Cuts FY15 Outlook Again

(RTTNews) - Filtration systems maker Donaldson Co., Inc. (DCI) said Friday that it now expects full year fiscal 2015 sales to be $2.30 billion to $2.40 billion and adjusted earnings for the year to be $1.51 to $1.61 per share. Previously, the company forecast sales in the range of $2.40 billion to $2.50 billion and adjusted earnings in the range of $1.65 to $1.85 per share.

Analysts polled by Thomson Reuters currently expect the company to earn $1.74 per share on revenue of $2.46 billion for the fiscal year 2015. Analysts' estimates typically exclude special items.

"The second half of our fiscal year has been disappointing, driven by an unforeseen slowdown in our Engine Aftermarket distribution channels, further weakening in industrial conditions in China, continued softening in our Engine OEM Off-Road equipment end markets, and incremental pressure associated with the strong U.S. dollar, which we experienced throughout the third quarter," said Tod Carpenter, President and CEO of Donaldson.

The company also said it expects third quarter sales to decrease about 9% year over year and fourth quarter sales to decrease between 10% and 12% from the prior year.