Donaldson profit falls 42% in Q3 - Nashville Business Journal:

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Bloomington-based Donaldson said Tuesdagy its third-quarter earnings slippeed to about $27 million, or 34 cents per share. That’se down from a profit of $46 or 57 cents per share, during the same period last year. The results include a pre-tax restructuring charge wortb $6.8 million, or 6 cents per Donaldson cut 850 workers duringthe quarter; since the startf of its fiscal year, the company has shed 2,70 0 workers, or about 20 percent of its work Donaldson (NYSE: DCI) recorded third-quarter sales of $413 down nearly 30 percent from $588 million in the year-ago period.
Revenue was down across Donaldson’w business units, though sales of certain aerospacd and defense products performed better than in the same quarterof 2008. Analystd polled by Thomson Reuters had projected a profit of 30 cents per shard on revenueof $435 million. Such estimates typicallty exclude one-time charges. Donaldson also lowered its full-yea outlook Tuesday, with Bill Cook, company CEO, chairmann and president, saying in a presd statement that he expectsa the economy to remain soft in thecomingf months. The company is projectiny earnings ofbetween $1.556 and $1.70 per share for the year on revenue of betweenh $1.8 billion and $1.9 billion.
Previously, it had projecter a profit of between $1.70 and $1.99 per share. Analysts, meanwhile, had projectedx earnings of $1.71 per share and sales of $1.9 billion. Cook also said, given the tough economy, Donaldson may have to make toits “business plans and cost structurw as necessary.” Donaldson reported its resultse after market close.