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Third quarter profit was $32.8 million, compared with $152.6 million in the third quarter 2008.
The manufacturer expects "we may be approaching the bottom of the cycle." But it still sees uncertainty in the global economy and has not yet seen evidence of an upturn.
Control Products & Solutions third quarter sales were $611.3 million, a decrease of 28% from the third quarter 2008. Currency translation contributed 5 percentage points to the decline, partially offset by about 1 percentage point of growth from acquisitions.
Segment operating earnings were $43 million in the third quarter of fiscal 2009 compared to $103.6 million in the third quarter 2008.