Donaldson Q3 Results Climb; Lifts FY21 Earnings View Above Market - Quick Facts

(RTTNews) - Donaldson Company, Inc. (DCI), a provider of technology-led filtration products and solutions, reported Wednesday that its third-quarter net earnings climbed 33.1 percent to $84.4 million from last year's $63.4 million. Earnings per share increased 32 percent to $0.66 from $0.50 in 2020.

Third-quarter net sales increased 21.5 percent to $765.0 million from $629.7 million in 2020. Sales increased 17.1 percent at constant currency rates.

On average, analysts polled by Thomson Reuters expected earnings of $0.58 per share on sales of $707.59 million. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2021, Donaldson lifted its guidance citing strong third-quarter results, current backlog levels, and incoming order rates.

The company now expects earnings per share between $2.20 and $2.26, higher than last year's $2.00, and adjusted earnings per share between $2.28 and $2.34. Donaldson previously expected fiscal 2021 adjusted earnings per share between $2.17 and $2.25.

Analysts expect earnings of $2.21 per share for the year.

Further, full-year sales are now expected to increase between 9 percent and 11 percent versus fiscal 2020, compared with prior guidance of between 5 percent and 8 percent.

Donaldson expects fiscal 2021 adjusted operating margin between 13.8 percent and 14.2 percent,3 compared with 13.2 percent in fiscal 2020.

In pre-market activity on NYSE, Donaldson shares were gaining around 4.2 percent to trade at $65.02.