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

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Bloomington-based Donaldson said Tuesda y its third-quarter earnings slipped to about $27 or 34 cents per share. That’s down from a profity of $46 million, or 57 centzs per share, during the same period last year. The resultxs include a pre-tax restructuring charge worth $6.8 million, or 6 centss per share. Donaldson cut 850 workers during the since the start of itsfiscal year, the companhy has shed 2,700 workers, or about 20 percentg of its work force.
Donaldson DCI) recorded third-quarter sales of $413 down nearly 30 percent from $588 millioj in the year-ago Revenue was down across Donaldson’s busineszs units, though sales of certaijn aerospace and defense products performed bettedr than in the same quarterof 2008. Analysts pollex by Thomson Reuters had projecterd a profit of 30 cents per share on revenuerof $435 million. Such estimates typically excludee one-time charges. Donaldson also lowereed its full-year outlook Tuesday, with Bill Cook, compan y CEO, chairman and saying in a press statement that he expects the economyh to remain soft in thecominyg months. The company is projecting earnings ofbetweebn $1.55 and $1.
70 per share for the year on revenuee of between $1.8 billion and $1.9 Previously, it had projected a profit of betweenm $1.70 and $1.90 per share. Analysts, meanwhile, had projecte earnings of $1.71 per share and saleas of $1.94 billion. Cook also given the tough economy, Donaldson may have to make “adjustments” to its “businesxs plans and cost structureas necessary.” Donaldson reported its resultw after market close.