Donaldson Company, Inc. announced second quarter 2017 net earnings of $46.5 million, or 35 cents per share, compared with $38.0 million, or 28 cents per share, in 2016.
“We are pleased with our year-to-date results, which reflect strong execution of our strategic priorities complemented by further stabilization in overall market conditions,” said Tod Carpenter, president and chief executive officer. “Engine sales were particularly strong during second quarter, due in part to restocking at many customers, and we now expect to deliver full-year sales and profit results above our prior guidance.
“We continue to view the overall market conditions as somewhat uncertain. Recent restocking is an encouraging sign of stabilization, but the mixed outlooks provided by many large customers combined with the reemergence of headwinds from currency translation keep us cautious. Our employees remain focused on supporting our customers and executing our strategic priorities, which include the development of innovative products and driving our replacement parts business. I am proud of the results they delivered during the first half of the year, and I am confident that with their continued focus we will achieve our second-half commitments.”
Fiscal 2017 Outlook
Donaldson expects fiscal 2017 sales will increase between 2 percent and 4 percent from last year, compared with the prior expectation that 2017 sales would be in the range of a 2 percent decline and a 2 percent increase from 2016.
Full-year sales in the Engine Products segment are expected to increase between 5 percent and 7 percent from last year, reflecting year-over-year growth in Aftermarket, Off-Road and Aerospace and Defense, partially offset by a decline in On-Road.
Industrial Products segment sales are expected to decline between 3 percent and 1 percent from last year, with declines in Gas Turbine Systems and Special Applications being partially offset by growth in Industrial Filtration Solutions.
Donaldson previously expected that full-year sales in both the Engine and Industrial Products segments would be between a 2 percent decline and a 2 percent increase compared with 2016.