Bloomington-based Donaldson Co. beat first-quarter earnings expectations Thursday amid cost cuts and growing orders for engine products and replacement filters.

Despite negative currency exchange rates and restructuring expenses in Germany, first-quarter sales grew 2 percent to $599 million and earnings rose 14 percent to $62 million, or 41 cents a share. On average, the consensus estimate of Wall Street analysts was for earnings of 39 cents a share and revenues of $598.6 million.

Donaldson shares rose $1.73, or 4.4 percent, to $40.90 on Thursday.

CEO Bill Cook said in a statement that "We had a good start to our new fiscal year as we delivered record operating results on modest sales increase in our first quarter."

During the quarter, Donaldson's largest division, engine products, saw sales climb 5 percent to $389 million. The increase was due to higher demand of replacement filters for heavy-duty trucks, as well as for agriculture, construction and airplane machinery, mostly in North America and Europe. Engine equipment sales remain soft in Asia, officials said.

Separately, factory, utility and other industrial product sales fell 4 percent to $210 million during the quarter, mainly due to the decline of gas turbine shipments, which fell 27 percent.

Going forward, Donaldson reiterated its guidance for full year 2014. Officials still expect fiscal 2014 sales to grow 1 to 5 percent to a range of $2.45 billion and $2.55 billion. Full-year earnings are expected to fall between $1.65 and $1.85 per share. In fiscal 2013, ­Donaldson reported earnings of $1.66.

Dee DePass • 612-673-7725