Donaldson Q1 Results Beat View; Backs Full-year Outlook - Quick Facts

(RTTNews) - Filtration systems provider Donaldson Co. Inc. (DCI) reported that its first-quarter net earnings increased to $61.59 million or $0.41 per share from $54.11 million or $0.36 per share in the prior-year period. Net earnings, excluding special items, was $63.04 million or $0.42 per share, compared to $54.11 million or $0.36 per share last year.

On average, eleven analysts polled by Thomson Reuters expected the company to report earnings per share of $0.39 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 2 percent to $599.38 million from $588.95 million in the prior-year period. Analysts had a consensus revenue estimate of $598.69 million for the quarter.

Bill Cook, Donaldson's CEO, said, "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. We believe that many of our first-fit equipment end markets have stabilized, while demand for our replacement filters continues to grow."

Looking ahead to fiscal 2014, Donaldson maintained its outlook for earnings per share between $1.65 and $1.85, and sales between $2.45 billion and $2.55 billion. Analysts expect the company to report fiscal 2014 earnings per share of $1.77 on revenue of $2.51 billion.