UPDATE 1-Clarcor Q3 profit falls, cuts 2009 view; shares down

* Q3 EPS $0.42 vs $0.50 yr-ago

* Q3 rev $230.3 mln vs $276.3 mln yr-ago

* Sees 2009 EPS $1.30-$1.40 vs prior view $1.40-$1.60

* Shares down 4 pct

Sept 16 (Reuters) - Filtration products maker Clarcor Inc (CLC.N) posted an 18 percent drop in quarterly profit, hurt by demand that continued to trend lower, and cut its full-year earnings forecast.

"Demand in most markets was still lower than in early 2008, and certainly 2007," Chief Executive Norm Johnson said. "We are not expecting any significant improvement in the U.S. or world economies for the rest of this year."

For the third quarter ended Aug. 29, the company reported a profit of $21.3 million, or 42 cents per share, compared with $25.8 million, or 50 cents per share, a year ago.

Revenue fell 17 percent to $230.3 million.

Analysts on average expected the company to earn 43 cents a share, before items, on revenue of $246.4 million, according to Reuters Estimates.

Clarcor, which also makes consumer and industrial packaging products, lowered its 2009 earnings outlook to between $1.30 and $1.40 a share. It had previously forecast $1.40 to $1.60.

Analysts were expecting $1.44 a share.

Shares of the company fell to $31.60 after the bell. They closed at $32.98 Wednesday on the New York Stock Exchange. (Reporting by Eric Yep in Bangalore; Editing by Deepak Kannan)