17 May 13. Donaldson Company, Inc. (DCI) announced its financial results for its fiscal 2013 third quarter. The Bloomington-based maker of filtration systems for factories, airplanes, trucks and other uses saw revenue and earnings fall a respective 4 and 2 percent during the quarter. Not convinced that the worst is over, officials said they also expect full-year 2013 sales to drop 2 to 4 percent from last year’s record $2.5bn. Specifically the company was hurt when sales from its largest division — truck, diesel and other engine products — slowed, especially in Europe and Japan. The impact of foreign currency translation decreased sales by $10.0m, or 1.6 percent, during the quarter and decreased sales by $28.6m, or 1.6 percent, year-to-date. The impact of foreign currency translation decreased reported net earnings by $0.7m, or 1.0 percent, during the quarter and decreased reported net earnings by $1.9m, or 1.0 percent, year-to-date. Gross margin was 35.8 percent for the quarter and 34.3 percent year-to-date, compared to prior year margins of 35.3 percent and 35.1 percent, respectively. The improvement in the quarter is primarily attributable to a higher percentage of our sales coming from replacement filters and the benefits from our Continuous Improvement initiatives, offset by a mix impact due to large Gas Turbine project shipments and some impact from lower fixed cost absorption. Restructuring expenses included in gross margin were $0. m in the quarter and $1.3m year-to-date. Operating expenses for the quarter were $122.9 m, down 5.3 percent from last year’s $129.8m. As a percent of sales, operating expenses were 19.8 percent compared to last year’s 20.1 percent. Operating expenses year-to-date were $375.5m, or 20.8 percent of sales, compared to $380.4m, or 20.7 percent of sales, last year. Restructuring expenses included in operating expenses were $0.5m in the quarter and $1.5m year-to-date. Our ongoing cost containment actions helped to offset the restructuring expenses, higher pension expenses, and the incremental expenses related to our Strategic Business Systems project. (Source: Yahoo!/StarTribune Business/BUSINESS WIRE)
21 May 13. BMT Group Ltd (BMT), the international design, engineering and risk management consultancy, has announced another strong financial performance for the year to 30 September 2012. By focusing on markets where it can deliver high-value customer solutions, revenues from BMT’s continuing businesses rose 22% to £156m and underlying operating profits increased to £13.7m, a proportion of which has been distributed to the staff through the company’s profit share schemes. Comprising 23 operating companies, involved in activity across five continents, the BMT group continues to concentrate on its core maritime-focussed offering in the organisation’s three sectors of defence, energy & environment and transport. Highlights of the year include the acquisition of Oceanica Consulting Pty Ltd, a specialist coastal and marine environmental consulting company based in Australia; a successful contract win to provide specialist dredging consultancy services to Rio Tinto in Western Australia; the delivery of weather forecasting services in the Java Sea; and the UK Ministry of Defence’s LETacCIS (Land Environment Tactical Communication and Information Systems) contract which saw BMT lead its partners in support of the early phases of this acquisition programme.
22 May 13. Boeing Co’s defense division (BA.N) expects to continue growing its research and development spending and operating margins in coming years, regardless of what happens with top line revenues, the head of Boeing Defense Space and Security said on Wednesday.
“We’ll fight our way through this environment,” Dennis Muilenburg told the company’s investor conference.
He said the company’s programs were well aligned with the Pentagon’s priorities and sales should be flat, despite an expected decline in overall U.S. defense spending. Combined w