Donaldson Company, Inc. reported un-audited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported net earnings of $69.8 million or $0.46 per diluted share on net sales of $619.4 million compared to net earnings of $70.9 million or $0.46 per diluted share on net sales of $647.2 million for the last year. For the quarter, the company reported operating income of $98.6 million compared to $98.4 million, earnings before income taxes of $99.5 million compared to $99.99 million, net cash provided by operating activities of $108.2 million compared to $80.2 million, net expenditures on property and equipment of $17.7 million compared to $21.6 million, free cash flow of $90.5 million compared to $58.6 million and EBITDA of $117.4 million compared to $116.9 million for the last year. CapEx was $18 million For the nine months, the company reported net earnings of $174.8 million or $1.16 per diluted share on net sales of $1,804.4 million compared to net earnings of $193.3 million or $1.26 per diluted share on net sales of $1,836.4 million for the last year. The company reported operating income of $243.3 million compared to $263.5 million, earnings before income taxes of $247.0 million compared to $268.4 million, net cash provided by operating activities of $217.4 million compared to $182.4 million, net expenditures on property and equipment of $69.4 million compared to $57.99 million, free cash flow of $147.96 million compared to $124.4 million and EBITDA of $301.6 million compared to $320.4 million for the last year. Free cash flow was $91 million The company is projecting full-year sales to decrease 2 to 4% from last year's record $2.5 billion. Full-year operating margin forecast is 13.6 to 14.2%. Fiscal year 2013 tax rate is anticipated to be between 29 and 30%. The company forecast fiscal year 2013 EPS to be between $1.57 and $1.65. Cash generated by operating activities is projected to be between $260 and $280 million. Capital spending is estimated to be approximately $85 million. CapEx of $85 million is projected to be approximately 20% related to capacity expansion; 30% for the company's technology initiatives, which includes the company's Strategic Business Systems projects; another 25% is for tooling for new products; and 25% will be related to cost reduction activities through the company's continuous improvement initiatives. The company expects depreciation and amortization will be between $64 million and $66 million in fiscal 2013. The company expects interest expense in fiscal 2013 to be between $11 million and $13 million. The company forecasts full year tax rate to be between 29% and 30%. The company expects full year cash flow from operating activities to be $260 million to $280 million.

Donaldson Company, Inc., Q3 2013 Earnings Call, May 17, 2013

Donaldson Company, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended Jan. 31, 2012. For the quarter, the company reported net sales were $596,036,000 compared to $580,883,000 for the same period a year ago. Operating income was $71,192,000 compared to $74,768,000 for the same period a year ago. Earnings before income taxes were $70,849,000 compared to $76,419,000 for the same period a year ago. Net earnings were $50,813,000 or $0.34 per diluted share compared to $53,821,000 or $0.35 per diluted share for the same period a year ago. EBITDA was $90,604,000 as compared to $93,530,000 for the same period a year ago. Net cash provided by operating activities was $45,117,000 compared to $44,512,000 for the same period a year ago. Net capital expenditures were $30,349,000 compared to $17,858,000 for the same period a year ago. For the six months, the company reported net sales were $1,184,983,000 compared to $1,189,178,000 for the same period a year ago. Operating income was $144,729,000 compared to $165,095,000 for the same period a year ago. Earnings before income taxes were $147,527,000 compared to $168,436,000 for the same period a year ago. Net earnings were $104,926,000 or $0.70 per diluted share compared to $122,374,000 or $0.80 per diluted share for the same period a year ago. Net cash provided by operating activities was $109,180,000 compared to $102,198,000 for the same period a year ago. Net expenditures on property and equipment were $51,753,000 compared to $36,349,000 for the same period a year ago. EBITDA was $185,979,000 as compared to $203,492,000 for the same period a year ago. The company forecasting fiscal 2013 sales to be approximately equal to last year's $2.5 billion, and EPS forecast to be between $1.61 and $1.81 per share. Operating margin forecast is 13.95% to 14.7%, tax rate is anticipated to be between 28% and 30%. Cash generated by operating activities is projected to be between $240 and $270 million. Capital spending is estimated to be between $90 and $100 million. Interest expense is expected to be between $11 million and $13 million. Depreciation and amortization will be between $64 million and $68 million. For the full year, the company expects operating margin to be between 13.9% and 14.7%. The company forecasts full year tax rate to be between 28% and 30%, the midpoint of the range being in line with fiscal 2012 rate. The company expects operating margin to increase in the second half of fiscal year 2013 due to the combination of less customer holiday shutdowns compared to the first half of 2013, a better sales outlook in second half and the benefits from the cost containment and restructuring actions that have completed.