Donaldson Co. reported fiscal 2016 sales of $2.2 billion, a decline of 6.4 percent over 2015. Q4 sales were $593.8 million, down 2.8 percent from the same period in 2015.
Net earnings for the year declined 8.3 percent fo $190.8 million.
“Consistent with last quarter, both sales and operating margin improved sequentially as we saw more typical seasonality and continued benefits from our expense discipline,” said Tod Carpenter, president/CEO. “We are pleased that we delivered full-year sales and operating margin in line with guidance. On the bottom line, higher-than-expected expense in ‘other income and expense’ resulted in earnings that were below our expectations.
“Looking to fiscal 2017, we do not expect overall market conditions to improve meaningfully, so we will continue to press forward where we see opportunity. Across the world, we are actively pursuing growth of our replacement part sales while also remaining focused on winning new first-fit programs for future growth. Through these efforts, and supported by our operational discipline, we expect to translate a relatively flat sales environment into operating profit growth in fiscal 2017.”
Source: Donaldson Co.