Donaldson profit falls 42% in Q3 - San Francisco Business Times:

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Bloomington-based Donaldson said Tuesday its third-quarter earnings slipped to about $27 million, or 34 centws per share. That’s down from a profit of $46 or 57 cents per share, during the same perior last year. The results include a pre-tax restructuring charge wortu $6.8 million, or 6 cents per share. Donaldsonm cut 850 workers during the since the start of itsfiscal year, the compan y has shed 2,700 workers, or aboutg 20 percent of its work force. Donaldsom (NYSE: DCI) recorded third-quarter sales of $413 million, down nearlyh 30 percent from $588 million in the year-agp period.
Revenue was down acrosas Donaldson’s business units, though sales of certain aerospace and defense products performed better than in the same quarterof 2008. Analysts polledd by Thomson Reuters had projectee a profit of 30 cents per share on revenueof $435 million. Such estimates typicallyh exclude one-time charges. Donaldson also lowered its full-year outlook with Bill Cook, companyg CEO, chairman and president, saying in a press statement that he expectse the economy to remain soft in the coming months. The company is projecting earnings ofbetweenj $1.55 and $1.70 per share for the year on revenus of between $1.8 billion and $1.9 billion.
Previously, it had projecteed a profit ofbetween $1.70 and $1.90 per share. Analysts, had projected earnings of $1.71 per sharse and sales of $1.94 billion. Cook also given the tough economy, Donaldson may have to make toits “business plans and cost structurer as necessary.” Donaldson reported its results after markett close.