MINNEAPOLIS – Donaldson Company, a global leader in technology-led filtration products and solutions and a major user of nonwoven fabrics, reported sales of US$3.43 billion and net earnings of $358.8 million for its financial year to July 31st 2023.

This compares to sales of $3.3 billion and net earnings of $332.8 million in the previous year.

Sales for the company’s Mobile Solutions segment grew by 2.3% for the year, but fell by 4.8% in the fourth quarter. Aftermarket sales are currently being impacted by OEM customers continuing to normalise their inventories in response to improving global supply chain conditions.

The company’s Industrial Solutions business increased sales by 12.6% for the year due to strong global demand and price realisation across the company’s Industrial Filtration Solutions business, with robust dust collection sales.

Life Sciences sales increased by 3.8% for the year, but fell by 11.9% in the fourth quarter due to softness in the disk drive market and customer inventory normalisation.

“Fiscal 2023 was a milestone year as Donaldson delivered record sales and earnings, while also improving margins and investing for future growth,” said Tod Carpenter, chairman, president and CEO. “We remain focused on executing our balanced growth strategy, strengthening our leadership in legacy markets and expanding across new markets as we provide technology-led filtration solutions for our customers. While we look to fiscal 2024 as a year of ongoing investments critical to achieving our long-term financial targets, we are also committed to continuing our best-in-class execution, ongoing R&D initiatives, and the scaling of our acquisitions. As such, we are forecasting another year of record sales and record earnings and operating margin.”