UPDATE 1-Donaldson Q4 profit tops Wall Street view

(Recasts; adds details, share movement)

Sept 2 (Reuters) - Air and liquid filtration maker Donaldson Co Inc (DCI.N) reported a quarterly profit that beat market expectations by a cent helped by growth in its engine and industrial products segments, but forecast fiscal 2009 earnings below Wall Street estimates.

For the fourth quarter ended July 31, net income was $48.6 million, or 60 cents a share, compared with $43.3 million, or 53 cents a share, a year ago.

Analysts were expecting earnings of 61 cents a share, before special items, according to Reuters Estimates. Revenue rose 16 percent to $607.4 million, above analysts' average estimate of $603.5 million.

Engine Products sales were up 13 percent, while revenue from the Industrial Products segment rose 20 percent.

For fiscal 2009, the company sees earnings of $2.30 to $2.40 a share. It expects sales to be up 9 percent to 11 percent. In 2008, it reported revenue of $2.23 billion.

Analysts were expecting earnings of $2.44 a share, before items, on revenue of $2.44 billion.

Donaldson, which expects raw material costs to continue to increase, said it will cut costs internally and increase prices in some markets.

Shares of the Minneapolis-based company fell more than 1 percent in trading after the bell. They closed at $42.94 Tuesday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Vinu Pilakkott)