BLOOMINGTON, Minn. (AP) ? Filter maker Donaldson Co. said Monday that its fiscal fourth-quarter earnings rose 8 percent on stronger sales of industrial products as well as lower expenses.
Donaldson also issued a fiscal 2013 forecast that is in line with Wall Street's expectations, and its shares rose nearly 6 percent in afternoon trading.
The Bloomington, Minn., Company reported net income of nearly $71 million, or 47 cents per share for the three months ended July 31. That compares with earnings of $65.8 million, or 42 cents per share, in the same quarter a year ago.
The recent quarter's earnings matched the consensus forecast of analysts, who expected 47 cents per share, according to FactSet.
Revenue rose 5 percent to $656.8 million from $625.5 million, missing Wall Street's estimate of $672.6 million.
The revenue gain was offset by effects of exchange rates and the stronger U.S. dollar. In local currencies, sales rose 11 percent.
Donaldson's industrial products segment posted a nearly 14 percent sales increase, excluding the impact of currency exchange, to $258.3 million.
Engine products sales were essentially flat at $398.5 million.
Operating expenses fell nearly 5 percent to $130.3 million, but were equal with the year-ago period based on local currency. As a percentage of sales, operating expenses were 19.8 percent in the latest quarter compared with last year's 21.9 percent.
For the fiscal year that began Aug. 1, Donaldson expects earnings of $1.82 per share to $1.96 per share. Revenue is expected to range from $2.62 billion to $2.72 billion, up 5 to 9 percent from a year ago. Analysts expect earnings of $1.89 per share and revenue of $2.7 billion, on average.
Shares of Donaldson rose $2.01, or 5.8 percent, to $36.91. The stock has traded in a range of $25.79 to $38.89 the past 12 months.
Source: http://news.yahoo.com/donaldson-4q-profit-rises-8-pct-higher-sales-170821263--finance.html
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