Donaldson Co. Inc.'s fourth-quarter profit exceeded expectations, and the company raised its outlook for the new fiscal year.
The Bloomington-based maker of filtration systems said Wednesday it earned $73 million, or 51 cents a share, in the three months ended July 31. That's up slightly from $72.6 million in the year-ago period. Analysts had expected the company to report a profit of 47 cents a share.
Revenue was $668 million, up 6 percent from a year ago.
Executives said they expect that pace of growth to continue in the new fiscal year. After sales grew 2 percent for the just-finished year, Donaldson executives said they expect growth in the 4 to 8 percent range for the new one.
In the latest period, Donaldson said filter sales grew at double-digit rates in both its big segments, engine and industrial. Donaldson noted a 9 percent decline in gas turbine shipments.
The company's stock rose 2.5 percent.
Evan Ramstad
