* Q3 adj EPS $0.65 vs est $0.59
* Q3 revenue up 21 pct, beats Street
May 24 (Reuters) - Air and liquid filtration maker Donaldson Co Inc (DCI.N) posted third-quarter results that raced past Wall Street estimates, helped by cost-reduction initiatives.
For the third quarter ended April 30, the company reported net income of $49.5 million, or 62 cents a share, compared with $26.6 million, or 34 cents a share, a year ago.
On an adjusted basis, the company earned 65 cents a share.
Revenue rose 21 percent to $497.6 million.
Improving global economic conditions, new product introductions and emerging-market growth led to the rise in sales.
Analysts on average were expecting the company to earn 59 cents a share, before special items, on revenue of $475.3 million, according to Thomson Reuters I/B/E/S.
The company also kept it full-year 2010 earnings forecast of $2.10 to $2.20 a share, excluding items, on sales of $1.83 billion to $1.86 billion. [ID:nSGE64H0LU]
Analysts on average were expecting earnings of $2.03 a share, on revenue of $1.83 billion for 2010. [ID:nASA00ECF]
Shares of the company closed at $42.17 Monday on the New York Stock Exchange. (Reporting by Fareha Khan in Bangalore; Editing by Unnikrishnan Nair)