Despite selling into some pretty cyclical markets like large trucks, heavy machinery, and power generation, Donaldson (NYSE:DCI) has a surprisingly solid track record of financial performance. So solid, in fact, that if the data in front of me is correct, it has posted year-on-year operating income growth going back at least 10 years (editor's note: The streak is 13 years).

Now, while investors can certainly check the box for earnings consistency, it remains to be seen whether there's still value left in Donaldson, a filtration specialist.

Fiscal first-quarter results look like more par for the course. Sales were up 8%, margins expanded a bit, and net income grew at a rate in the high teens. I happen to be quite impressed with that gross margin performance: The company balanced the high raw material costs that have hurt many other companies with effective cost-cutting efforts and price hikes.

Looking at the performance in closer detail, we see that Donaldson's engine product sales were up 10% while industrial products were up 6%. While the company experienced solid growth from strong new-build activity in the American truck market, weakness in diesel emission equipment sales to Japan hurt overall truck product sales. Off-road and aftermarket segments both delivered double-digit growth, though, because demand has stayed strong.

For those Fools who keep a sharp eye on return on invested capital, Donaldson continues to deliver exceptional results. Though I've said it before, it merits repeating: Companies that do more with their capital are far more likely to reward their shareholders over the long haul.

Of course, there's another part to that process, and that's valuation. Unfortunately, filtration is still a popular place, and companies like Pall (NYSE:PLL), Donaldson, CLARCOR (NYSE:CLC), and Millipore (NYSE:MIL) don't trade cheap. That's a sticking point for me because as much as I like Donaldson, paying too much for a good company isn't any more Foolish than buying cheap shares of a poorly run outfit.

Still, there's room to run for Donaldson, so I can understand if some investors want to look past the valuations and invest anyway. There are plenty of high-quality plays on the truck market (like Paccar (NASDAQ:PCAR) or Cummins (NYSE:CMI)), but a diversified company with a track record of dependable performance certainly has its own unique charms.

For more motivating Takes:

Paccar is a Motley Fool Stock Advisor recommendation.

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).