This paper deals with the distribution of fluid temperatures in a direct contact heat exchanger. The exchanger is considered as a column with two immiscibie fluids in countercurrent flow. None of the fluids undergoes a phase change so that only sensible heat is transferred. Equations for the mean temperatures of the fluids are derived analytically by integration of the one-dimensional energy equations. The influences of decisive parameters on the temperature distributions along the column are examined. Comparisons with experiments show a satisfactory agreement between calculated and measured fluid temperatures.