RTTNews | Jun 2, 2021 07:12AM EDT

07:11 Wednesday, June 2, 2021 (RTTNews.com) - Shares of filtration systems maker Donaldson Company, Inc. (DCI) are up more than 4% in pre-market trade on Wednesday after the company reported upbeat third-quarter results. The company also increased its sales outlook for the full year.

It expects full-year sales to increase between 9% and 11% compared with prior guidance of between 5% and 8%. On average 7 analysts polled by Thomson Reuters expect the company to report sales growth of 6.7% for the year.

Also, the company sees full-year adjusted EPS to be in the range of $2.28 to $2.34. The consensus estimate stands at $2.21 per share.

Net earnings in the third quarter were $84.4 million or $0.66 per share compared with $63.4 million or $0.50 per share in the same quarter a year ago.

Net sales for the quarter increased 21.5% to $765 million from $629.7 million last year.

Analysts expected the company to earn $0.58 per share on revenue of $707.59 million for the quarter.

"Donaldson's third quarter sales were the highest quarterly sales in our 106-year history and reflected strength in the economy as seen in our Engine segment and the beginning of recovery in our Industrial segment," said Tod Carpenter, chairman, president and chief executive officer.

DCI closed Tuesday's trade at $62.43, up 1.36%. The stock is currently at $65.02.

Read the original article on RTTNews ( https://www.rttnews.com/3199279/stock-alert-donaldson-company-rises-4-in-pre-market-on-upbeat-results-improved-outlook.aspx)

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