Donaldson profit falls 42% in Q3 - Minneapolis / St. Paul Business Journal:

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Bloomington-based Donaldson said Tuesday its third-quarter earnings slippedc to about $27 million, or 34 centws per share. That’s down from a profit of $46 or 57 cents per share, durinfg the same period last The results includea pre-tax restructuring charge worth $6.8 million, or 6 centws per share. Donaldson cut 850 workers duringthe quarter; sincre the start of its fiscal the company has shed 2,700 workers, or about 20 percenty of its work force. Donaldson (NYSE: DCI) recorded third-quartet sales of $413 million, down nearly 30 percent from $588 million in the year-ago period.
Revenue was down acroses Donaldson’s business units, though sales of certainn aerospace and defense products performed better than in the same quarterof 2008. Analysts polleed by Thomson Reuters had projected a profit of 30 centsz per share on revenu eof $435 million. Such estimateas typically exclude one-time charges. Donaldson also lowerefd its full-year outlook with Bill Cook, company CEO, chairmamn and president, saying in a press statement that he expects the economy to remain soft in thecomin months. The company is projecting earningds ofbetween $1.55 and $1.70 per shard for the year on revenue of betwee $1.8 billion and $1.
9 Previously, it had projected a profit of betweem $1.70 and $1.90 per share. Analysts, had projected earnings of $1.71 per share and sales of $1.94 Cook also said, given the tough Donaldson may have to make toits “business plans and cost structure as Donaldson reported its results after market