Donaldson Company, Inc. (NYSE:DCI), a global manufacturer of filtration solutions, delivered better-than-expected results for its fiscal third quarter on Tuesday and revised its earnings outlook upward for the full year. Still, shares edged 0.4% lower in premarket trading despite the upbeat report.
The company reported adjusted earnings of $0.99 per share, exceeding Wall Street’s consensus estimate of $0.95. Revenue came in at $940.1 million, reflecting a 1.3% increase from the same period last year and beating projections of $936.84 million.
Strong performance in the aftermarket and aerospace sectors supported Donaldson’s overall growth. The Mobile Solutions segment saw a 3.3% year-over-year increase in replacement parts sales, while sales in the Aerospace and Defense segment jumped 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.
Encouraged by its performance, the company raised its adjusted earnings per share guidance for the full fiscal year. Donaldson now expects EPS between $3.64 and $3.70, compared to its previous estimate of $3.57 to $3.67. The updated midpoint of $3.67 sits above analysts’ consensus forecast of $3.60.
Donaldson reaffirmed its sales growth forecast for the fiscal year, maintaining expectations for a 1% to 3% increase.
The stock has climbed approximately 8% since the beginning of the year.