Donaldson Boosts FY23 Outlook As Q2 Adj. EPS Tops Estimates
(RTTNews) - While reporting financial results for the second quarter on Wednesday, Donaldson Co. Inc. (DCI) raised its earnings, adjusted earnings and sales growth guidance for the full-year 2023.
For fiscal 2023, Donaldson now projects earnings in a range of $2.89 to $2.97 per share and adjusted earnings in a range of $2.99 to $3.07 per share on net sales growth of 2 to 6 percent.
Previously, the company expected earnings in the range of $2.86 to $3.02 per share and adjusted earnings in the range of $2.91 to $3.07 per share on net sales growth of 1 to 5 percent.
On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $2.99 per share on sales growth of 3.90 percent to $3.43 billion for the year. Analysts' estimates typically exclude special items.
For the second quarter, the company reported net earnings of $86.0 million or $0.70 per share, up from $71.8 million or $0.57 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $0.75 per share, compared to $0.57 per share in the year-ago quarter.
Net sales for the quarter increased 3.2 percent to $828.3 million from $802.5 million in the same quarter last year.
The Street was looking for earnings of $0.69 per share on net sales of $837.62 million for the quarter.
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