Donaldson recorded $712.8 million in sales for third quarter 2019, up 1.8 percent from $700 million in the same period of 2018. Net earnings rose 7.6 percent to 75.2 million for the quarter, compared to $69.9 million in 2018.
Its acquisition of BOFA International in the first quarter added 1.4 percentage points to sales growth, and price increases added 1.5 points, partially offsetting declines attributed to “currency translation,” according to the company’s press release.
“We remain on pace to deliver record levels of sales and profit in 2019, with third quarter performance reflecting strong growth in our strategically important ‘Advance and Accelerate’ businesses and modest year-over-year gross margin improvement in both segments,” said Tod Carpenter, chairman, president, CEO, in the release. “While we built momentum in gross margin, a notable decline in customer backlogs and orders toward the end of the quarter resulted in lower-than-expected sales against our already modest forecast.”
Sales of engine products increased 3.6 percent in the quarter, and sales of industrial products decreased 1.9 percent, both relative to 2018 numbers.
Source: Donaldson
