Donaldson Company Q1 2017 net earnings $58 million
Reported earnings per share are now expected to be approximately 5 cents greater than adjusted earnings per share, reflecting the impact in first quarter 2017 from the Settlement.
Donaldson reaffirmed its prior full-year sales guidance for fiscal 2017. The company continues to expect total sales between a 2 percent decline and a 2 percent increase compared with 2016.
The company continues to expect full-year 2017 operating margin between 13.3 percent and 13.9 percent, compared with adjusted operating margin of 13.2 percent in fiscal 2016.
In its first-quarter 2017, net earnings were $58 million, or $0.43 per share, higher than $38.5 million, or $0.29 per share in 2016.
The latest quarter results included a benefit of approximately 5 cents per share related to the settlement of claims in connection with the acquisition of Northern Technical, L.L.C. Adjusted earnings per share were $0.38, compared to $0.34 in 2016.
First-quarter 2017 sales increased 2.8 percent to $553.0 million from $538.0 million in the prior year.
Excluding the benefit from currency translation, first quarter sales increased 2.5 percent from last year, reflecting increases in both the Industrial Products and Engine Products segments. ■
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