Donaldson Co., Inc. (NYSE: DCI) reported Q3 EPS of $0.46, $0.01 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $624 million versus the consensus estimate of $634.83 million.

"We are proud of our execution during the quarter while we remain aggressively focused on additional growth opportunities,” said Bill Cook, Donaldson’s CEO. “Our end market conditions remain mixed as demand for our replacement filters continues to improve in both our Engine and Industrial segments, while conditions for new first-fit systems in our OEM markets are recovering slower than we had anticipated. Our Engine Products’ sales increased 5 percent in local currency from last year, driven by increases in Engine Aftermarket and On-Road sales of 11 percent and 13 percent, respectively. However, our Industrial Products’ sales decreased 7 percent in local currency as a result of a 40 percent decline in our Gas Turbine shipments from last year’s record third quarter. As previously discussed, we had a surge in our gas turbine shipments last year, and the overall industry is now installing that new electrical generation capacity. Partially offsetting our Gas Turbine sales decrease were our Industrial Filtration Solutions and Special Applications businesses, which grew 8 percent and 4 percent, respectively. Internationally, excluding our Gas Turbine sales, our local currency sales were strong with Europe up 7 percent, Asia Pacific up 10 percent, and Latin America up 23 percent.”

Donaldson Co., Inc. sees FY2014 EPS of $1.69-$1.77, versus the consensus of $1.79.

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