June 2009 -- The global recession hit Donaldson Co. "quickly and hard" in the second quarter of fiscal year 2009, with sales dropping to $460.6 million from $511.8 million in the second quarter of fiscal year 2008. Net income was $33.8 million, compared with $34.1 million the year before.
"The drop in our sales volume was widespread, particularly in our Engine Products segment," said Bill Cook, chairman, president and CEO. "We did see continued strong sales in our aerospace and defense, retrofit emissions and gas turbine businesses, which helped to offset the weaknesses in our other end markets. Conditions were also generally weak internationally, as local currency sales decreased 14% in Asia and 7% in Europe, while sales in the Americas were flat compared to last year."
The company has trimmed approximately 1,850 temporary, contract and regular employees since the beginning of fiscal year 2009 and incurred $4.3 million of restructuring costs during the current quarter.
