Donaldson Company Announces 10.5 Percent Dividend Increase and New Share Repurchase Program for about 10 Percent of Outstanding Shares

MINNEAPOLIS–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24DCI&src=ctag” target=”_blank”gt;$DCIlt;/agt; lt;a href=”https://twitter.com/hashtag/earnings?src=hash” target=”_blank”gt;#earningslt;/agt;–Donaldson Company, Inc. (NYSE: DCI) today announced that its Board of
Directors approved an increase to its quarterly cash dividend and
authorized a new share repurchase program.

Donaldson’s Board of Directors declared a regular cash dividend of 21.0
cents per share, an increase of 10.5 percent from the prior quarterly
cash dividend of 19.0 cents per share. The dividend is payable June 28,
2019, to shareholders of record on June 13, 2019. The Company has paid a
cash dividend every quarter for 63 years and increased the dividend
annually for more than 20 years.

Additionally, Donaldson’s Board of Directors authorized the repurchase
of up to 13 million shares of its common stock, or approximately 10
percent of its outstanding shares. The new repurchase authorization
replaces the existing authority that was approved in May 2015. To date,
the Company has repurchased 11.6 million shares under the prior
authorization of 14.0 million shares.

“For decades we have maintained a consistent approach to capital
deployment, which starts with investing for profitable growth and then
returning excess cash to shareholders through dividends and share
repurchase,” said Tod Carpenter, chairman, president and chief executive
officer. “We believe the 10.5 percent dividend increase and new share
repurchase authorization, which come at a time where we are making
elevated levels of investment in our strategic growth priorities,
demonstrate our commitment to these priorities and reflect our
confidence in our ability to create long-term value for our
shareholders.”

About Donaldson Company

Founded in 1915, Donaldson Company is a global leader in the filtration
industry with sales, manufacturing and distribution locations around the
world. Donaldson’s innovative technologies are designed to solve complex
filtration challenges and enhance customers’ equipment performance. For
more information, visit www.Donaldson.com.

Miscellaneous

Statements in this release regarding future events and expectations,
such as forecasts, plans, trends and projections relating to the
Company’s business and financial performance, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, and are identified by words or phrases such as “will
likely result,” “are expected to,” “will continue,” “will allow,”
“estimate,” “project,” “believe,” “expect,” “anticipate,” “forecast,”
“plan,” and similar expressions. These forward-looking statements speak
only as of the date such statements are made and are subject to risks
and uncertainties that could cause the Company’s results to differ
materially from these statements. These factors include, but are not
limited to, economic and industrial market conditions worldwide; the
Company’s ability to maintain certain competitive advantages; threats
from disruptive innovation; pricing pressures; the Company’s ability to
protect and enforce its intellectual property rights; the difficulties
in operating globally; customer concentration in certain cyclical
industries; unavailable raw materials or material cost inflation;
inability of operations to meet customer demand; difficulties with
information technology systems and security; foreign currency
fluctuations; governmental laws and regulations; changes in tax laws and
regulations and results of examinations; the Company’s ability to
attract and retain qualified personnel; changes in capital and credit
markets; execution of the Company’s acquisition strategy; the
possibility of intangible asset impairment; the Company’s ability to
manage productivity improvements; unexpected events and the disruption
on operations; the Company’s ability to maintain an effective system of
internal control over financial reporting. These and other risks and
uncertainties are described in Item 1A of the Company’s Annual Report on
Form 10-K for the year ended July 31, 2018. The Company makes these
statements as of the date of this disclosure and undertakes no
obligation to update them unless otherwise required by law.

Contacts

Brad Pogalz (952) 887-3753

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