Donaldson Reports 4th Quarter, Full-Year 2017 Earnings

Donaldson Reports 4th Quarter, Full-Year 2017 Earnings

The company has announced fiscal 2017 fourth quarter net earnings of $68.2 million and full-year net earnings of $232.8 million.

Donaldson Co. Inc. has announced fiscal 2017 fourth quarter net earnings of $68.2 million and full-year net earnings of $232.8 million, compared with $59.5 million and $190.8 million, respectively, in fiscal 2016. Fourth quarter 2017 GAAP earnings per share increased 15.9 percent to 51 cents from 44 cents last year, and full-year GAAP EPS increased 22.5 percent to $1.74 from $1.42 in 2016.

The current and prior year GAAP earnings were impacted by one-time items, which are excluded from the company’s calculation of adjusted EPS.

“Sales remained strong through our fourth quarter, and benefits from our strategic initiatives combined with improving market conditions in our Engine segment drove a meaningful increase in full-year sales and earnings,” said Tod Carpenter, president and CEO. “I want to thank our employees for doing an excellent job executing our strategy all year long. Through their efforts, we delivered solid growth in sales of replacement parts and innovative air and liquid products, and we also completed two strategic acquisitions, Partmo and Hy-Pro.

“As we turn to fiscal 2018, we expect the recovery in engine-related end markets to continue, whereas industrial markets are likely to remain uncertain. Although the economic environment is still mixed, we plan to deliver strong earnings growth while also investing in technology development, capacity expansion and customer engagement. We are committed to building on the momentum from 2017, and I am confident that executing our fiscal 2018 priorities will create long-term value for our stakeholders.”

Fiscal 2017 Financial Results

Fourth quarter 2017 sales increased 11.2 percent to $660.1 million from $593.8 million last year, reflecting increases in the engine products and industrial products segments of 17.8 percent and 0.4 percent, respectively.

Fiscal 2017 sales increased 6.8 percent to $2.37 billion from $2.22 billion in 2016. Excluding the negative impact from foreign currency translation, fiscal 2017 sales increased 7.2 percent, reflecting an increase of 11.6 percent in sales of engine products, partially offset by a 0.2 percent decline in industrial products.

During fourth quarter 2017, Donaldson repurchased 650,000 shares, or 0.5 percent, of its common stock at an average price of $46.02 for a total investment of $29.9 million. For the full year, the company repurchased 3.3 million shares, or 2.5 percent, of its common stock at an average price of $42.14 for a total investment of $140.4 million. Donaldson paid fourth quarter and full-year dividends of $22.9 million and $92.4 million, respectively.

Fiscal 2018 Outlook

Donaldson expects fiscal 2018 GAAP EPS between $1.79 and $1.93, compared with fiscal 2017 GAAP EPS of $1.74 and adjusted EPS of $1.69.

The company expects full-year 2018 sales will increase between 4 percent and 8 percent from 2017, including approximately 2 percent related to a favorable impact from currency translation and benefits from the acquisitions completed during fiscal 2017.

You May Also Like

CarParts.com Reports Q3 Sales of $164.8M

Company reports eleventh consecutive quarter of double-digit year-over-year sales growth.

CarParts.com, an e-commerce provider of automotive parts and accessories, has reported results for the third quarter ended October 1, 2022.

Net sales increased 16% year over year to $164.8 million and increased 37% on a two-year stack. Gross profit increased 19% to $56.1 million, with gross margin increasing 70 basis points to 34.1%. Net loss was ($0.9) million or ($0.02) per diluted share, compared to a net loss of ($4.7) million or ($0.09) per diluted share. Adjusted EBITDA of $6.3 million vs. $2.3 million.

Motorcar Parts of America Reports Q2 Results

MPA was impacted by critical component shortages and supply chain disruptions but said it remains optimistic.

Lumileds Successfully Completes Restructuring

The company also announced that Steve Barlow, president of Lumileds’ Automotive Business Unit, will succeed Matt Roney as CEO.

Majority Recapitalization Announced for RANDYS Worldwide

Greenbriar Equity Group completes new investment in the aftermarket products supplier alongside existing investor Tailwind Capital.

SMP Announces Q3 2022 Results, Quarterly Dividend

Net sales for the third quarter of 2022 were $381.4 million, compared to consolidated net sales of $370.3 million during the comparable quarter in 2021.

Other Posts

Dana Reports Strong Q3 Results 

Company reports sales of $2.54 billion, an increase of $331 million.

AutoZone Authorizes Additional Stock Repurchase

Since the inception of the repurchase program in 1998, AutoZone’s Board of Directors has authorized $33.7 billion in share repurchases.

AutoZone Reports Annual Sales of $16.3B

Annual sales saw an increase of 11.1% from the prior year, while domestic same store sales were up 8.4%.

Nikola Commences Exchange Offer to Acquire Romeo Power

On Aug. 1, Nikola and Romeo jointly announced they had entered into a definitive agreement for this all-stock transaction.