09:55 AM EDT, 06/04/2024 (MT Newswires) -- Donaldson (DCI) lifted its full-year earnings outlook on Tuesday after the filtration product and solution provider's fiscal third-quarter results increased on a yearly basis, buoyed by gains across all of its segments.

Per-share earnings are now set to come in between $3.33 and $3.39 for fiscal 2024, up from the company's previous projections of $3.24 to $3.32. Two analysts polled by Capital IQ are expecting GAAP EPS of $3.30.

"Driven by third-quarter results and our expectations for strong performance in the fourth quarter, we are increasing our earnings outlook for the full year," Chief Executive Tod Carpenter said in a statement. The stock rose 2.% in Tuesday's trading session.

Sales are anticipated to grow by 4% to 6% for the year versus the prior guidance for a 3% to 7% rise. Foreign currency is now forecast to have a "negligible impact" on overall revenue, compared with the previous outlook for it to be a 1% tailwind. Prices are still estimated to have a positive impact of about 2%.

Mobile sales growth is now pegged at 2% to 4% versus prior expectations for 1% to 5%. Industrial sales are set to advance between 6% and 8%, up from the previous guidance indicating a 3% to 7% gain. Sales in the life sciences segment are anticipated to grow annually in the mid-teens, compared with the outlook issued in February for a 20% jump.

For the three months through April 30, adjusted EPS rose to $0.92 from $0.76 the year before, while five Capital IQ-polled analysts estimated $0.84. Sales improved 6% to $927.9 million, topping the $917.7 million consensus based on projections from the same number of analysts.

Revenue in the mobile solutions division increased 5.5% to $585.2 million due to higher volumes and prices, despite declines in off-road and on-road sales. The industrial solutions segment rose 2.9% to $269.1 million, led by growth in aerospace and defense and industrial filtration solutions. Life sciences sales surged 24% to $73.6 million.

"Despite mixed end-market conditions, we maintained focus on our customers and delivered our technology-led filtration products and services across our diversified portfolio of businesses," according to Carpenter. "We remain committed to returning value to our shareholders through the execution of our longer-term strategic initiatives and continued progress towards our fiscal 2026 Investor Day targets."

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