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Filter Maker Donaldson Co. 4Q Earnings Up 29 Pct.

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BLOOMINGTON, Minn. (AP) – Filter maker Donaldson Co. said Monday that its fourth-quarter profit jumped 29 percent on stronger industrial and engine products sales and a favorable impact from foreign currency translation.

The Bloomington, Minn., company also predicted record sales and earnings for fiscal year 2012.

“Over the past four weeks, there have been many reports of a slowdown in global growth rates and the increased possibility of another recession,” Chairman and CEO Bill Cook said in a statement. “However our current order trends remain healthy, and consequently, we continue to forecast that our sales will grow 7 to 15 percent in FY12.”

Donaldson reported net income of $65.8 million, or 84 cents per share for the three months ending July 31. That compares with $51.2 million, or 65 cents per share, a year earlier.

Revenue rose 21 percent to $625.5 million from $515.2 million a year ago.

Revenue and earnings per share were quarterly records, the company said.

The performance beat Wall Street’s expectations. Analysts polled by FactSet expected earnings of 79 cents per share on revenue of $622.4 million.

Donaldson said currency translation increased revenue by $40.3 million, or 7.8 percent. Engine product sales were up 26 percent from 2010, while Industrial product sales rose 15 percent, the company said.

For the full fiscal year, Donaldson said its net income rose 36 percent to $225.3 million, or $2.87 per share, from $166.2 million, or $2.10 per share, a year earlier.

For the 2012 fiscal year, it expects earnings per share between $3.15 and $3.45 and revenue of $2.45 billion to $2.6 billion, up 7 to 15 percent from the prior year. Analysts expect earnings in the new year of $3.23 per share on revenue of $2.52 billion.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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