UPDATE: Donaldson FQ2 Profit Surges 21%

Donaldson Co DCI posted a 21% rise in its fiscal second-quarter earnings. Donaldson now expects full-year earnings of $3.25 to $3.45 per share on sales growth of 7% to 12%, versus its earlier forecast for $3.25 to $3.50 per share on sales growth of 7% to 15%. Donaldson's quarterly profit surged to $53.8 million, or $0.70 per share, from a year-ago profit of $44.6 million, or $0.56 per share. Its net sales climbed 8.2% to $580.9 million. However, analysts were expecting earnings of $0.71 per share on revenue of $604 million. Donaldson's gross margin declined to 34.6% from 35.3%. Donaldson shares closed at $76.93 yesterday.