MINNEAPOLIS, Minn. — Donaldson Company reported 17.4 increase in net earnings in the recent quarter, this was despite a 0.5 per cent decrease in revenue.

The first quarter revenue of $288.4 million for the period ending Oct. 31, was down from the $289.9 million the previous year. Net earnings were up $19.7 million from $16.8 million last year.

The company’s financials spelled record diluted earnings per share, at 43 cents up from 37 cents in the prior year.

“Our first-quarter results get us off to a good start in fiscal 2002,” comments Bill Van Dyke, company chairman, president and chief executive officer.

“Our gas turbine filter business turned in another strong performance, and we saw a modest growth in our disk drive filter business despite a difficult market. These performances offset the weakness in industrial capital spending, while sales to the original equipment manufacturers in our diesel engine-related business ran about even with this time last year.”

Van Dyke says the company’s operations have continued to focus on aggressive cost management in the face of difficult economic conditions.