Feb. 21--Donaldson Co. beat Wall Street fiscal second-quarter earnings estimates by 3 cents a share Friday but missed revenue expectations.
Donaldson stock dropped 4 percent in morning trading.
The Bloomington-based maker of filtration systems for factories, airplanes, trucks and other uses said its profit rose to a record $58.3 million, or 39 cents a share, in the quarter ended Jan. 31. That's up from $50.8 million, or 34 cents a share, in the same period a year ago.
Revenue was $581.6 million, down 2.5 percent and well short of the $597.9 millionWall Street had been expecting.
CEO Bill Cook said the company sees "stabilization" in many of its equipment markets.
"Our business is operating very well and our operations are positioned to deliver strong performances, as volumes are forecast to increase in the second half of our 2014 fiscal year," Cook said in a statement.
The company expects fiscal 2014 earnings to be between $1.65 and $1.85 per share, which is in line with Wall Street's estimate of $1.78. Full-year revenue is expected to range from $2.45 billion to $2.55 billion, an increase of 1 to 5 percent, which is also in line with analysts' estimate of $2.51 billion.
Steve Alexander -- 612-673-4553
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