Donaldson Company Inc. (DCI) reported that its third-quarter net earnings decreased to $69.84 million from $70.95 million in the same quarter last year. Earnings per share for the quarter was $0.46, unchanged from last year.
Net earnings, excluding special items, were $70.75 million, compared to $70.95 million last year. Net earnings per share assuming, excluding special items, for the quarter was $0.47 up from $0.46 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined to $619.37 million from $647.24 million in the prior year quarter. Nine analysts had consensus revenue estimate of $659.41 million for the quarter.
The company lowered its fiscal 2013 earnings outlook to a range of $1.57 - $1.65 per share from the prior estimate of $1.61 - $1.81 per share.
The company now projects fiscal-year 2013 sales to decrease 2 to 4 percent from last year's $2.5 billion. It forecasts its fiscal year sales to be between $2.40 billion and $2.45 billion. Earlier, the company had expected sale to be about equal to last year's $2.5 billion.
Analysts expect the company to report earnings of $1.69 per share on revenues of $2.51 billion for fiscal 2013.
"We believe that the weak end-market conditions we have experienced this year may have now stabilized. Unfortunately, we have not yet seen any strong signs of a material recovery for our Customers in any of our capital equipment-related end markets and, therefore, we are not anticipating sales growth in these markets for at least the next quarter." said Bill Cook, Donaldson's CEO.
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