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NEW YORK - Filtration products maker Donaldson Company, Inc. (NYSE:DCI) reported better-than-expected third quarter earnings and revenue on Tuesday, while raising its full-year profit guidance.
Despite the strong results and improved outlook, Donaldson shares dipped 0.4% in premarket trading following the release.
Donaldson posted adjusted earnings per share of $0.99 for the fiscal third quarter, beating analyst estimates of $0.95. Revenue rose 1.3% YoY to $940.1 million, also topping expectations of $936.84 million.
The company saw continued growth in its replacement parts business, which helped offset weakness in some end markets. Aftermarket sales in the Mobile Solutions segment increased 3.3% YoY, while Aerospace and Defense sales surged 27.1%.
"I am proud of our third quarter earnings results which are a testament to the durability of our business model and the strength of the Donaldson team," said Tod Carpenter, chairman, president and CEO.
Looking ahead, Donaldson raised its full-year adjusted EPS guidance to a range of $3.64 to $3.70, up from its prior outlook of $3.57 to $3.67. The new midpoint of $3.67 is above the consensus estimate of $3.60.
The company maintained its forecast for full-year sales growth of 1% to 3%.
The stock is up about 8% year-to-date.
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