Donaldson posts record Q1 sales $760.9M (+19.5% YoY), raises FY2022 guidance

DONALDSON Co INC

2022-Q1 EPS reported $0.61 revenue$760,900,000

Q1 EPS $0.61 (+26.1% YoY); net earnings $77.1M (+24.4%).
Raised FY2022 guidance: sales growth 8-12% (prev 5-10%), EPS $2.57-$2.73 (prev $2.50-$2.66).
Engine Products sales +20.9% driven by Off-Road +44.9%; Industrial +16.6% led by IFS +22.0%.
Gross margin declined to 33.8% from 35.0% due to inflation; expected down 0.5-1.0ppt for FY.
Share repurchases of $102.9M in Q1 (1.3% of shares); FY capex guidance reduced to $90-$110M.

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