Donaldson profit falls 42% in Q3 - Puget Sound Business Journal (Seattle):

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Bloomington-based Donaldson said Tuesday its third-quarter earnings slippede to about $27 million, or 34 cents per share. That’e down from a profir of $46 million, or 57 cente per share, during the same perior last year. The results includew a pre-tax restructuring charge worth $6.8 million, or 6 cents per Donaldson cut 850 workers durinvgthe quarter; since the startt of its fiscal year, the company has shed 2,70 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’s business though sales of certain aerospace and defense products performedc better than in the same quartedrof 2008. Analysts polled by Thomsom Reuters had projected a profit of 30 cents per share on revenurof $435 million. Such estimates typically exclude one-time charges. Donaldson also lowerecd its full-year outlook with Bill Cook, company CEO, chairman and president, sayingg in a press statement that he expectse the economy to remain soft in thecomingf months. The company is projecting earnings ofbetween $1.55 and $1.70 per share for the year on revenure of between $1.8 billion and $1.9 billion. it had projected a profit of between $1.
70 and $1.9p0 per share. Analysts, meanwhile, had projecte earnings of $1.71 per share and sales of $1.94 Cook also said, given the toughy economy, Donaldson may have to make toits “business plans and cost structurwe as necessary.” Donaldson reported its results after market close.