Exhibit 13

Five-Year Comparison of Results
Donaldson Company, Inc. and Subsidiaries
(Millions of dollars, except per share amounts)

	2004			2003			2002			2001			2000
Operating Results
Net sales	$	1,415.0		$	1,218.3		$	1,126.0		$	1,137.0		$	1,092.3
Gross margin	$	450.4		$	391.2		$	349.5		$	341.7		$	327.5
Gross margin percentage		31.8	%		32.1	%		31.0	%		30.1	%		30.0	%
Operating income	$	141.6		$	131.8		$	123.8		$	112.1		$	105.6
Operating income percentage		10.0	%		10.8	%		11.0	%		9.9	%		9.7	%
Interest expense	$	5.0		$	5.9		$	6.5		$	11.6		$	9.9
Earnings before income taxes	$	141.8		$	130.6		$	119.0		$	104.9		$	100.3
Income taxes	$	35.5		$	35.3		$	32.1		$	29.4		$	30.1
Effective income tax rate		25.0	%		27.0	%		27.0	%		28.0	%		30.0	%
Net earnings	$	106.3		$	95.3		$	86.9		$	75.5		$	70.2
Return on sales		7.5	%		7.8	%		7.7	%		6.6	%		6.4	%
Return on average shareholders’ equity		21.3	%		23.0	%		24.8	%		25.2	%		25.9	%
Return on investment		18.1	%		18.3	%		19.2	%		19.1	%		19.4	%
Financial Position
Total assets	$	1,001.6		$	882.0		$	850.1		$	706.8		$	677.5
Current assets	$	557.4		$	454.7		$	456.5		$	407.2		$	383.3
Current liabilities	$	275.5		$	214.1		$	273.3		$	217.3		$	243.6
Working capital	$	281.9		$	240.6		$	183.2		$	189.9		$	139.8
Current ratio		2.0			2.1			1.7			1.9			1.6
Current debt	$	54.1		$	14.8		$	60.9		$	59.4		$	85.3
Long-term debt	$	70.9		$	105.2		$	104.6		$	99.3		$	92.6
Total debt	$	124.9		$	120.0		$	165.4		$	158.7		$	178.0
Shareholders’ equity	$	549.3		$	447.4		$	382.6		$	319.1		$	280.2
Long-term capitalization ratio		11.4	%		19.0	%		21.5	%		23.7	%		24.9	%
Property, plant and equipment, net	$	261.5		$	255.4		$	240.9		$	207.7		$	204.5
Net expenditures on property, plant and equipment	$	43.0		$	33.3		$	40.5		$	38.9		$	36.4
Depreciation and amortization	$	41.6		$	37.6		$	31.8		$	38.6		$	34.3
Shareholder Information
Net earnings per share – assuming dilution	$	1.18		$	1.05		$	0.95		$	0.83		$	0.76
Dividends paid per share	$	0.205		$	0.175		$	0.155		$	0.148		$	0.135
Shareholders’ equity per share	$	6.38		$	5.16		$	4.36		$	3.59		$	3.14
Shares outstanding (000s)		86,112			86,679			87,769			88,766			89,315
Common stock price range, per share
High	$	30.75		$	24.59		$	22.50		$	16.53		$	12.41
Low	$	23.50		$	14.96		$	13.47		$	9.57		$	9.57