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DONALDSON COMPANY ANNOUNCES RECORD THIRD-QUARTER RESULTS

 MINNEAPOLIS, May 24 /PRNewswire/ -- Donaldson Company, Inc. (NYSE: DCI), today reported record third-quarter and nine-month results for the period ended April 30, 1993. For the quarter, sales of $133.4 million were up 5 percent from prior year sales of $126.9 million. Net earnings of $7.7 million, or 55 cents per share, were up 5 percent from prior year earnings of $7.3 million, or 52 cents per share.
 For the nine-month period, sales of $384.1 million were up 9 percent compared to last year's sales of $353.8 million. Net earnings of $19.2 million, or $1.37 per share, were up 5 percent from last year's earnings of $18.4 million, or $1.31 per share.
 "The company is pleased to report record third quarter sales and earnings," said William A. Hodder, chairman, president, and chief executive officer. "The company has now reported five consecutive quarters of improved revenues and profitability.
 "Sales mix for the quarter was consistent with previous periods. Strong sales increases were reported for the transportation and aftermarket segments in engine products and the dust collection segment in industrial products. Those increases more than offset declines in the defense and high purity products segments.
 Gas turbine filtration sales were down in the quarter but the order flow was strong as backlogs increased more than 50 percent in the period. "Operating profit margins remained relatively flat for both the quarter and year-to-date periods as improvements in gross margins -- primarily in industrial products -- were offset by increased operating expenses -- primarily related to increased marketing expenses and diesel particulate trap warranty costs. Operating profit margins of 8.7 percent and 7.9 percent for the quarter and year-to-date period, respectively, were down 0.1 percentage points from the comparable periods last year.
 "Net earnings continue to be favorably impacted by lower effective income tax rates due to reduced profitability in Germany and Japan, the Company's highest relative tax rate entities."
 Total backlogs of $137.8 million were up 3 percent from the same period last year and 4 percent from the prior year end. A significant increase in overseas gas turbine filtration backlogs has more than offset a decline in defense product backlogs over the past year. Hard order backlogs -- goods scheduled for delivery within 90 days -- of $95.9 million were up 7 percent from both the same period last year and from the prior year end.
 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, aircraft and personal respirators. Products are produced at nine U.S. plants, ten 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
 1993 1992 1993 1992
 Net Sales $133,411 $126,853 $384,136 $353,820
 Cost of Sales 95,949 92,389 276,942 257,760
 Gross Margin 37,462 34,464 107,194 96,060
 Operating Expenses 25,800 23,263 76,939 67,773
 Other (Income) (893) (1,103) (2,029) (3,332)
 Interest Expense 596 670 2,188 1,998
 Earnings Before
 Income Taxes 11,959 11,634 30,096 29,621
 Income Taxes 4,275 4,301 10,895 11,226
 Net Earnings $7,684 $7,333 $19,201 $18,395
 Earnings Per Share $.55 $.52 $1.37 $1.31
 Average Shares
 Outstanding 13,937,263 13,999,664 13,965,055 14,002,470
 -0- 5/24/93
 /CONTACT: John Mackay of Padilla Speer Beardsley, 612-871-8877, or in New York, 212-752-8338, for Donaldson Company; or John R. Schweers of Donaldson Company, 612-887-3014/
 (DCI)


CO: Donaldson Company, Inc. ST: Minnesota IN: SU: ERN

DB -- MN011 -- 1721 05/24/93 12:42 EDT
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Publication:PR Newswire
Date:May 24, 1993
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