MINNEAPOLIS – Filtration specialist Donaldson – a major user of nonwoven filter media – achieved sales of over $3.3 billion, up 15.9% in its financial year to the end of July 2022, with earnings of $332.8 million, compared to $286.9 million in the previous year, up 16%.

In the fourth quarter of fiscal 2022, in response to the conflict in Ukraine, the company recorded $3.4 million of charges related to write-offs of remaining outstanding receivables and customer-specific inventory, as well as restructuring charges related to the closing of its sales office in Russia. Previously, Donaldson announced additional actions taken, including complying with all sanctions and ceasing direct product shipments into Russia and Belarus.

“In fiscal 2022, Donaldson increased sales, delivered record profits despite the challenging operating environment and returned $281 million to our shareholders through dividends and share repurchases,” said Tod Carpenter, chairman, president and CEO. “While focusing on near-term execution, we also strengthened our position for long-term growth through strategic investments including acquisitions, particularly in life sciences, research and development and capacity expansion.

“Our demonstrated agility through recent macro-economic and geopolitical uncertainty gives me confidence heading into fiscal 2023. Looking forward, we anticipate continued high levels of demand, pricing carry-over tailwinds and the stabilisation of some inflationary pressures to more than offset currency translation headwinds and overhanging supply chain challenges. Based on these dynamics, we are forecasting another year of record sales and earnings as we build on our long history of delivering value to customers and shareholders.”