Donaldson Says Its 4Q Profit Fell 51.5 Pct

MINNEAPOLIS (AP) — Donaldson Co. Inc., which makes filtration systems, reported Tuesday that its fiscal fourth-quarter profit fell 51.5 percent to $23.6 million as sales plunged 30.6 percent, but it beat analyst estimates.

Donaldson's earnings for the three months ended July 31 amounted to 30 cents a share, compared with profit of $48.6 million, or 60 cents a share, a year earlier.

Excluding the impact of certain restructuring expenses, it earned 35 cents per share.

Revenue in the quarter fell to $421.3 million from $607.4 million a year earlier.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting earnings of 30 cents a share on revenue of $407.5 million.

The company projects fiscal 2010 sales between $1.65 billion and $1.75 billion. It expects full-year 2010 earnings per share between $1.32 and $1.52, including estimated restructuring costs of $12 million to $17 million.

Excluding those charges, it forecasts full-year 2010 earnings per share between $1.44 and $1.64.

Analysts were expecting full-year 2010 earnings of $1.65 a share on revenue of $1.8 billion.