MINNEAPOLIS (AP) -- Donaldson, which makes filtration systems, posted a 2 percent decline in third-quarter net income as original equipment manufacturers trimmed production .
The Minneapolis company said that it doesn't expect sales to climb in capital equipment-related end market for at least the next quarter because it has yet to see any strong signs of a recovery. It lowered its full-year earnings and revenue forecasts.
For the three months ended April 30, Donaldson Co. earned $69.8 million, or 46 cents per share. That's down from $70.9 million, or 46 cents per share, a year earlier.
Analysts, on average, forecast earnings of 48 cents per share, according to a FactSet survey.
Revenue dropped 4 percent to $619.4 million from $647.2 million as sales declined in its engine products and industrial products segments.
Wall Street predicted $658.3 million in revenue.
Donaldson now anticipates full-year earnings of $1.57 to $1.65 per share on revenue in a range of $2.4 billion to $2.45 billion. The company's prior guidance called for earnings between $1.61 and $1.81 per share and revenue to be about flat with 2012's $2.5 billion.
Analysts expect earnings of $1.70 per share on revenue of $2.51 billion.