Donaldson Co. Inc. has announced third-quarter 2017 net earnings of $60.1 million, or 45 cents per share, compared with $54.8 million, or 41 cents per share, in 2016. The prior-year results included restructuring charges, which reduced GAAP earnings per share (EPS) by approximately 2 cents. Excluding this impact, third-quarter 2016 adjusted EPS were 43 cents.
“Our employees are doing an excellent job executing our strategy while also supporting our customers as we react to stronger-than-expected demand in our Engine segment,” said Tod Carpenter, president and CEO. “We anticipate the strong growth in Engine, particularly in Off-Road and Aftermarket, carrying through the fourth quarter, resulting in full-year sales and profit that are both above our prior guidance.
“While the signs of stabilization in our Engine markets are encouraging, the variability in our Industrial segment is a reminder that there is still economic and geopolitical uncertainty. We continue to address the mixed operating environment by planning cautiously while making targeted investments. These actions are guided by our strategic priorities, and our results so far this year are evidence of the progress we have made. Sales of innovative products and replacement parts are strong, and the recent acquisition of Hy-Pro Filtration will contribute to our inorganic growth targets. I am confident that we can leverage this success to meet our strategic and financial targets for this fiscal year and further strengthen our foundation for delivering long-term growth,” said Carpenter.