Exhibit 99.1

FOR IMMEDIATE RELEASE:	FOR FURTHER INFORMATION:
Thursday, November 21, 2013	Rich Sheffer     (952) 887-3753

DONALDSON REPORTS FIRST QUARTER RESULTS

MINNEAPOLIS (November 21, 2013) — Donaldson Company, Inc. (NYSE: DCI) announced its financial results for its fiscal 2014 first quarter. Summarized financial results are as follows (dollars in millions, except per share data):

	Three Months Ended October 31
	2013		2012		Change
Net sales	$	599	$	589		2	%
Operating income		92		74		25	%
Net earnings		62		54		14	%
Diluted EPS	$	0.41	$	0.36		14	%

“We had a good start to our new fiscal year as we delivered record operating results on a modest sales increase in our first quarter,” said Bill Cook, Donaldson’s CEO. “We believe that many of our first-fit equipment end markets have stabilized, while demand for our replacement filters continues to grow. Our Engine Products’ sales increased 7 percent in local currency from last year, driven by our Engine Aftermarket and Aerospace and Defense businesses, which were up 9 and 20 percent, respectively. Our Industrial Products’ sales decreased 4 percent in local currency. Consistent with our earlier guidance, Gas Turbine shipments decreased 27 percent but were partially offset by our Industrial Filtration Solutions and Special Applications businesses, which were up 2 and 5 percent, respectively. Geographically, excluding our Gas Turbine sales, our Company’s local currency sales growth was widespread across all of our major regions.”

“Both our operating income of $92 million and operating margin of 15.3 percent were first quarter records. Over the last year, we have worked to align our manufacturing and operating expenses with current Customer demand while generating savings from our ongoing Continuous Improvement initiatives.”

“Our updated outlook for FY14 is consistent with our original outlook from August. Overall, we are expecting our full year sales to increase between $25 and $100 million in FY14. We will maintain our focus on operational excellence through our Continuous Improvement initiatives. We continue to invest in our Strategic Business Systems project. The combination of our sales and operational performance should deliver FY14 EPS of between $1.65 and $1.85 per share.”

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Donaldson Company, Inc.
November 21, 2013
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Financial Statement Discussion

The impact of foreign currency translation decreased sales by $6.8 million, or 1.2 percent, during the first quarter. The impact of foreign currency translation decreased reported net earnings by $0.5 million, or 0.8 percent.

Restructuring expenses in the quarter were $1.7 million of which $0.6 million was included in gross margin, $0.2 million in operating expense, and $0.9 million in other expense. These expenses were primarily related to two initiatives: a facility downsizing and a facility sale – both in Germany.

Gross margin was 35.8 percent, compared to 33.7 percent in last year’s first quarter. The year-over-year increase is primarily attributable to improved fixed cost absorption due to an increase in our production volumes and the positive mix impacts from higher aftermarket sales. We also benefitted from our ongoing Continuous Improvement initiatives.

Operating expenses for the quarter were $122.6 million, down 1.7 percent from last year’s $124.8 million. As a percent of sales, operating expenses were 20.5 percent compared to last year’s 21.2 percent. Our ongoing cost containment actions and operating leverage offset higher expenses from incentive compensation and our Strategic Business Systems project.

Our effective tax rate for the quarter was 32.2 percent, compared to a prior year rate of 29.4 percent. The current quarter included $2.1 million of tax expense primarily related to an intercompany dividend.

As part of our ongoing share repurchase program we repurchased 339,000 shares, or 0.2 percent of our diluted outstanding shares, for $12.1 million during the quarter.

FY14 Outlook

• We project our Company’s sales to be between $2.45 and $2.55 billion, or an increase of 1 to 5 percent. Our forecast is based on the Euro at US$1.36 and 98 Yen to the US$.

• Our full-year operating margin forecast is 14.2 to 15.0 percent. Included in this forecast is approximately $30 million in operating expense increases for both incentive compensation and our Strategic Business Systems project.

• Our FY14 tax rate is anticipated to be between 29 and 31 percent.

• We forecast our full year FY14 EPS to be between $1.65 and $1.85.

• Cash generated by operating activities is projected to be between $320 and $350 million. Our capital spending is estimated to be approximately $90 million.

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Donaldson Company, Inc.
November 21, 2013
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Engine Products: We forecast FY14 sales to increase 3 to 9 percent, including the impact of foreign currency.

• Our On-Road OEM Customers are planning to build more heavy- and medium-duty trucks in FY14. Demand from our Off-Road OEM Customers is anticipated to be mixed: build rates of agriculture equipment are forecasted to remain steady, build rates of construction equipment are expected to slowly improve in North America and Europe but remain soft in Asia, and the build rates of new mining equipment are expected to remain at current low levels.

• We are anticipating improving growth for our Engine Aftermarket business. Utilization rates for off-road equipment and on-road heavy truck fleets in the field are expected to improve. We should also benefit from our continued expansion into emerging economies, the increasing number of first-fit systems installed in the field with our innovative proprietary filters, and through expansion of our product portfolio.

• We forecast steady sales for our Aerospace and Defense business compared to last year as the continued slowdown in U.S. military activity should be offset by growth from our commercial aerospace sales.

Industrial Products: We forecast sales to be consistent with FY13, including the impact of foreign currency.

• Our Industrial Filtration Solutions’ sales are projected to increase 5 to 11 percent. We assume general manufacturing activity and investments will increase moderately in the Americas and Asia, while activity in Europe has stabilized with a gradual improvement expected during the second half of our fiscal year.

• We anticipate our Gas Turbine sales will decrease 18 to 24 percent from our record sales in FY13 due to the slowdown in large turbine power generation projects by our Customers this year.

• Special Applications’ sales are forecasted to increase 3 to 9 percent due to improved market demand for our semiconductor and venting products.

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Donaldson Company, Inc.
November 21, 2013
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About Donaldson Company

Donaldson is a leading worldwide provider of filtration systems that improve people’s lives, enhance our Customers’ equipment performance, and protect our environment. We are a technology-driven Company committed to satisfying our Customers’ needs for filtration solutions through innovative research and development, application expertise, and global presence. Our approximately 12,400 employees contribute to the Company’s success by supporting our Customers at our more than 140 sales, manufacturing, and distribution locations around the world.

Donaldson is a member of the S&P MidCap 400 and Russell 1000 indices, and our shares trade on the NYSE under the symbol DCI. Additional information is available at www.donaldson.com.

SAFE HARBOR STATEMENT UNDER THE SECURITIES REFORM ACT OF 1995

The Company desires to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”) and is making this cautionary statement in connection with such safe harbor legislation. This announcement contains forward-looking statements, including, without limitation, forecasts, plans, trends, and projections relating to our business and financial performance and global economic conditions, which involve uncertainties that could materially impact results. All statements other than statements of historical fact are forward-looking statements. These statements do not guarantee future performance.

The Company wishes to caution investors that any forward-looking statements are subject to uncertainties and other risk factors that could cause actual results to differ materially from such statements, including but not limited to risks associated with: world economic factors and the ongoing global economic uncertainty, the reduced demand for hard disk drive products with the increased use of flash memory, the potential for some Customers to increase their reliance on their own filtration capabilities, currency fluctuations, commodity prices, political factors, the Company’s international operations, highly competitive markets, governmental laws and regulations, including the impact of the various economic stimulus and financial reform measures, the implementation of our new information technology systems, failure or breach of information technology and trade secret security, potential global events resulting in market instability including financial bailouts and defaults of sovereign nations, military and terrorist activities, health outbreaks, natural disasters, and all of the other risk factors included in our Annual and Quarterly Reports. We undertake no obligation to publicly update or revise any forward-looking statements.

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Donaldson Company, Inc.

November 21, 2013

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CONDENSED STATEMENTS OF CONSOLIDATED EARNINGS

DONALDSON COMPANY, INC. AND SUBSIDIARIES

(Thousands of dollars, except share and per share amounts)

(Unaudited)

	Three Months Ended October 31
	2013			2012
Net sales	$	599,384		$	588,947
Cost of sales		384,990			390,654
Gross profit		214,394			198,293
Operating expenses		122,647			124,756
Operating income		91,747			73,537
Other income, net		(1,654	)		(5,812	)
Interest expense		2,614			2,671
Earnings before income taxes		90,787			76,678
Income taxes		29,195			22,565
Net earnings	$	61,592		$	54,113
Weighted average shares Outstanding		147,323,138			149,149,429
Diluted shares outstanding		149,360,875			151,524,125
Net earnings per share	$	0.42		$	0.36
Net earnings per share assuming dilution	$	0.41		$	0.36
Dividends paid per share	$	0.130		$	0.090

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Donaldson Company, Inc.

November 21, 2013

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DONALDSON COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Thousands of dollars)

(Unaudited)

	October 31 2013		July 31 2013
ASSETS
Cash, cash equivalents, and short-term investments	$	383,429	$	323,888
Accounts receivable, net		420,883		430,766
Inventories, net		242,918		234,820
Prepaids and other current assets		73,696		66,188
Total current assets		1,120,926		1,055,662
Other assets and deferred taxes		271,328		268,614
Property, plant, and equipment, net		427,671		419,280
Total assets	$	1,819,925	$	1,743,556
LIABILITIES AND SHAREHOLDERS’ EQUITY
Trade accounts payable	$	182,555	$	186,460
Employee compensation and other liabilities		186,420		182,121
Short-term borrowings		5,084		9,190
Current maturity long-term debt		98,088		98,664
Total current liabilities		472,147		476,435
Long-term debt		102,500		102,774
Other long-term liabilities		81,934		79,160
Total liabilities		656,581		658,369
Equity		1,163,344		1,085,187
Total liabilities and equity	$	1,819,925	$	1,743,556

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Donaldson Company, Inc.

November 21, 2013

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DONALDSON COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Thousands of dollars)

(Unaudited)

	Three Months Ended October 31
	2013			2012
OPERATING ACTIVITIES
Net earnings	$	61,592		$	54,113
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		16,267			16,026
Changes in operating assets and liabilities		20,481			1,910
Tax benefit of equity plans		(3,408	)		(5,527	)
Stock compensation plan expense		1,936			1,476
Loss on sale of businesses		905			—
Other, net		1,146			(3,935	)
Net cash provided by operating activities		98,919			64,063
INVESTING ACTIVITIES
Net expenditures on property and equipment		(20,530	)		(21,404	)
Net change in short-term investments		(33,402	)		12,868
Net cash used in investing activities		(53,932	)		(8,536	)
FINANCING ACTIVITIES
Purchase of treasury stock		(12,132	)		(50,731	)
Net change in debt and short-term borrowings		(4,141	)		(28,703	)
Dividends paid		(19,000	)		(13,292	)
Tax benefit of equity plans		3,408			5,527
Exercise of stock options		7,460			5,576
Net cash used in financing activities		(24,405	)		(81,623	)
Effect of exchange rate changes on cash		2,810			5,077
Increase/(Decrease) in cash and cash equivalents		23,392			(21,019	)
Cash and cash equivalents – beginning of year		224,138			225,789
Cash and cash equivalents – end of period	$	247,530		$	204,770

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Donaldson Company, Inc.
November 21, 2013
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SEGMENT DETAIL

(Thousands of dollars)

(Unaudited)

	Engine Products		Industrial Products		Corporate & Unallocated			Total Company
3 Months Ended October 31, 2013:
Net sales	$	389,116	$	210,268		—		$	599,384
Earnings before income taxes		62,073		31,143		(2,429	)		90,787
3 Months Ended October 31, 2012:
Net sales	$	370,660	$	218,287		—		$	588,947
Earnings before income taxes		47,424		32,562		(3,308	)		76,678

NET SALES BY PRODUCT

(Thousands of dollars)

(Unaudited)

	Three Months Ended
	October 31
	2013		2012
Engine Products segment:
Off-Road Products	$	89,213	$	90,997
On-Road Products		32,489		34,756
Aftermarket Products		238,872		221,293
Aerospace and Defense Products		28,542		23,614
Total Engine Products segment	$	389,116	$	370,660
Industrial Products segment:
Industrial Filtration Solutions Products	$	131,431	$	128,576
Gas Turbine Products		34,640		47,243
Special Applications Products		44,197		42,468
Total Industrial Products segment	$	210,268	$	218,287
Total Company	$	599,384	$	588,947

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Donaldson Company, Inc.
November 21, 2013
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Thousands of dollars, except per share amounts)

(Unaudited)

	Three Months Ended
	October 31
	2013			2012
Net cash provided by operating activities	$	98,919		$	64,063
Net capital expenditures		(20,530	)		(21,404	)
Free cash flow	$	78,389		$	42,659
Net earnings	$	61,592		$	54,113
Income taxes		29,195			22,565
Interest expense, net		2,157			1,754
Depreciation and amortization		16,267			16,026
EBITDA	$	109,211		$	94,458
Prior year net sales	$	588,947		$	608,295
Change in net sales, excluding foreign currency translation		17,225			(2,489	)
Foreign currency translation		(6,788	)		(16,859	)
Current year net sales	$	599,384		$	588,947
Prior year net earnings	$	54,113		$	68,553
Change in net earnings, excluding foreign currency translation		7,933			(13,119	)
Foreign currency translation		(454	)		(1,321	)
Current year net earnings	$	61,592		$	54,113
Net earnings	$	61,592		$	54,113
Restructuring charges, net of tax		1,443			—
Net earnings, excluding special items	$	63,035		$	54,113
Net earnings per share assuming dilution	$	0.41		$	0.36
Restructuring charges per share, net of tax		0.01			—
Net earnings per share assuming dilution, excluding special items	$	0.42		$	0.36

Although free cash flow, EBITDA, net sales excluding foreign currency translation, and net earnings excluding foreign currency translation are not measures of financial performance under GAAP, the Company believes they are useful in understanding its financial results. Free cash flow is a commonly used measure of a company’s ability to generate cash in excess of its operating needs. EBITDA is a commonly used measure of operating earnings less non-cash expenses. Both net sales and net earnings excluding foreign currency translation provide a comparable measure for understanding the operating results of the company’s foreign entities excluding the impact of foreign exchange. A shortcoming of these financial measures is that they do not reflect the company’s actual results under GAAP. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

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