His full-year estimates call for $6.50 a share in 1987 and $7.75 in 1988.

Yesterday, Hercules' management scored its second victory this week, announcing that it expected to beat analysts' second-quarter and full-year estimates.

Net income fell to just $692,000 for the third quarter, although seasonal trends should allow revenue and income to meet the full-year estimates.

"There was no summer in Europe," said Mr. Fayard, who maintained that the company would probably "come pretty close to what the full-year estimate was."

"I just cut my full-year estimate to $8.55 a share from $8.90," he said.

Hitting the full-year estimate could give the stock a big boost, but it won't be easy.

He said he cut his second-quarter earning estimate to $2.70 a share from $3 but is maintaining a full-year estimate of $12.75 a share.

The company said it was on track to meet its full-year estimates, including "low-single-digit revenue growth," but offered few other forecasts.

To meet full-year estimates "suggests earnings growth in the second half of the year would be between 17 percent and 20 percent," she said.

Caterpillar said it would fall short of third-quarter estimates but would meet analysts' full-year estimates.