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Bloomington-based Donaldson said Tuesday its third-quarter earnings slippecd to about $27 million, or 34 centes per share. That’s down from a profit of $46 or 57 cents per during the same period last The results includea pre-tax restructuring chargd worth $6.8 million, or 6 cents per Donaldson cut 850 workers during the since the start of its fisca l year, the company has shed 2,70p0 workers, or about 20 percent of its work force. Donaldsomn (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 businessw units, though sales of certaibn aerospace and defense productes performed better than in the same quarterof 2008. Analystas polled by Thomson Reuters had projected a profit of 30 centas per share on revenueof $435 million. Such estimates typically exclude one-time charges. Donaldson also lowered its full-yeard outlook Tuesday, with Bill Cook, companu CEO, chairman and president, saying in a presas statement that he expects the economy to remain soft in thecominf months. The company is projectingh earnings ofbetween $1.55 and $1.70 per share for the year on revenue of between $1.8 billion and $1.
9 Previously, it had projected a profit of betweenh $1.70 and $1.90 per share. Analysts, meanwhile, had projectefd earnings of $1.71 per share and sale of $1.94 billion. Cook also said, given the toughy economy, Donaldson may have to make toits “business plans and cost structure as Donaldson reported its results after market close.
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