Why Is Filtration Company Donaldson Stock Jumping Premarket Today?
Donaldson Company, Inc. Financial Performance:
- Reported third-quarter FY24 results with sales up 6.0% Y/Y to $927.9 million, beating consensus.
- Gross margin expanded to 35.6%, adjusted EPS rose 21.7% Y/Y to $0.92.
- Year-to-date dividends of $90.3 million and share repurchases worth $114.0 million.
- Raised EPS guidance for FY24 to $3.33-$3.39 from $3.24-$3.32, anticipating sales growth of 4%-6% Y/Y.
Segment Performance and Dividend Increase:
- Mobile Solutions sales surged 5.5% Y/Y, Industrial Solutions grew 2.9% Y/Y, and Life Sciences segment sales increased by 24.2% Y/Y.
- Board declared an 8.0% increase in cash dividend per share payable on June 28, 2024.
CEO Statement and Strategic Initiatives:
- Tod Carpenter emphasized delivering technology-led filtration products and services despite mixed market conditions.
- Commitment to returning value to shareholders through strategic initiatives and progress towards fiscal 2026 targets.
FY24 Outlook and Share Repurchase Plan:
- Donaldson raised EPS forecast and anticipates sales growth of 4%-6% Y/Y with mobile sales growth projected at 2%-4% for FY24.
- Plans to repurchase approximately 2% of its shares outstanding for the full year.
Investor Opportunities and Stock Performance:
- Investors can access the stock through VanEck Environmental Services ETF EVX and VanEck Green Infrastructure ETF RNEW.
- DCI shares were up 5.63% premarket at $76.00 at the last check on Tuesday.
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