Donaldson Q1 Earnings Rise, Beat View; Confirms FY24 Outlook

(RTTNews) - Donaldson Co., Inc. (DCI), a manufacturer of filtration systems and replacement parts, on Wednesday reported higher earnings for the first quarter. Earnings beat the Street view.

Further, the company confirmed its earnings and sales guidance for fiscal 2024.

Quarterly earnings increased 5.7 percent to $92.1 million or $0.75 per share from $87.2 million or $0.70 per share, last year.

Excluding items, earnings were $92.1 million or $0.75 per share compared to earnings of $92.9 million or $0.75 per share in the previous year.

On average, six analysts polled by Thomson Reuters had expected earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue remained approximately flat at $846.3 million from $847.3 million in the prior year, particularly on declines in volume. The Street view for revenue is $855.06 million.

Looking forward to the full year, the company continues to expect earnings per share to be in the range of $3.14 and $3.30, and Adjusted earnings per share to be in the range of $2.90 and $3.04. The Street view for EPS is $3.18.

Revenue is still expected to increase between 3 percent and 7 percent year over year. Analysts' estimate $3.59 billion in revenues.

On Tuesday, Donaldson shares closed at $58.77, down 1.82% on the New York Stock Exchange.