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DONALDSON COMPANY ANNOUNCES RECORD THIRD-QUARTER AND NINE-MONTH RESULTS

DONALDSON COMPANY ANNOUNCES RECORD THIRD-QUARTER AND NINE-MONTH RESULTS
 MINNEAPOLIS, May 21 /PRNewswire/ -- Donaldson Company, Inc. (NYSE: DCI) today reported record third-quarter and nine-month results for the period ended April 30, 1992. For the quarter, sales of $126.9 million were up 10 percent from prior year's sales of $115.3 million. Net earnings of $7.3 million, or 79 cents per share, were up 18 percent over prior-year earnings of $6.2 million, or 65 cents per share.
 For the nine-month period, sales of $353.8 million were up 3 percent over prior-year sales of $344.1 million. Net earnings of $18.4 million, or $1.97 per share, were up slightly compared with prior-year earnings of $18.4 million, or $1.90 per share.
 "Sales in the quarter were strong in our truck, gas turbine, filtration and high purity products markets," said William A. Hodder, chairman, president and chief executive officer. "Defense and aerospace sales were down from last year at the height of the Desert Storm activity but were still strong relative to the first half performance.
 "With the increased sales, gross margins improved slightly in the quarter to 26.5 percent from 26.0 percent in this year's second quarter. These margins, however, were still significantly below the 28.3 percent gross margins reported in the third quarter of last year.
 "The company's profitability improved due to operating expense controls, improvement in other non-operating income, and a lower effective income tax rate. Earnings per share were also favorably impacted by the company's stock repurchase program.
 "This week, the company completed the acquisition of FBO s.r.l., an Italian hydraulic filter manufacturer. FBO, with approximately $4.0 million in annual sales, provides the company with its initial European-based liquid filtration manufacturing capability."
 Total backlogs as of the third quarter of $130.0 million were comparable to the same period last year and the end of this year's second quarter. On a year-over-year basis, increases in dust collection and O.E.M. diesel engine backlogs offset declines in defense and aerospace and high purity products backlogs. Hard order backlogs -- goods scheduled for delivery within 90 days -- of $89.9 million were up 5 percent compared to the third quarter last year and flat compared to the end of this year's second quarter.
 Donaldson Company, Inc. is a worldwide manufacturer of filtration products. The company's product mix includes air and liquid filters and exhaust and emission control products for heavy duty mobile equipment; in-plant air cleaning systems; air intake systems and exhaust products for industrial gas turbines; and specialized filters for such diverse applications as computer disk drives, clean rooms, and personal respirators. Products are produced at nine U.S. plants, nine other plants around the world, and two joint ventures. The company's shares are traded on the New York Stock Exchange under the symbol DCI.
 DONALDSON COMPANY, INC.
 Consolidated Statements of Earnings
 For the periods ended April 30
 (Thousands of dollars except per share amounts)
 Three Months Nine Months
 Fiscal Fiscal Fiscal Fiscal
 1992 1991 1992 1991
 Net Sales $126,853 $115,317 $353,820 $344,061
 Cost of Sales 93,297 82,684 259,102 245,258
 Gross Margin 33,556 32,633 94,718 98,803
 Operating Expenses 22,355 21,577 66,431 64,309
 Other (Income) Expense (1,103) (407) (3,332) 452
 Interest Expense 670 873 1,998 2,864
 Earnings Before
 Income Taxes 11,634 10,590 29,621 31,178
 Income Taxes 4,301 4,354 11,226 12,820
 Net Earnings $7,333 $6,236 $18,395 $18,358
 Net Earnings Per Share $.79 $.65 $1.97 $1.90
 Weighted Average
 Number of Shares
 and Equivalents
 Outstanding 9,333,109 9,650,941 9,334,980 9,653,369
 -0- 5/21/92
 /CONTACT: John R. Schweers of Donaldson Company, 612-887-3014 or John Mackay of Padilla Speer Beardsley, 612-871-8877, for Donaldson/
 (DCI) CO: Donaldson Company ST: Minnesota IN: SU: ERN


DS -- MN006 -- 2669 05/21/92 09:12 EDT
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Date:May 21, 1992
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