Printing company R.R. Donnelley & Sons Co. said Tuesday its third-quarter profits rose 61 percent, benefiting from higher sales and a lower tax rate.

Earnings exceeded Wall Street’s expectations but the company said full-year operating profits will be slightly below analysts’ estimates.

“We are pleased with our third-quarter results,” said a statement from chief executive officer Mark Angelson. “Sales leverage coupled with strong cost control expanded margins in the quarter. Our publishing and retail services segment delivered strong operating margin expansion and solid revenue growth.”

The results came six days after Donnelley announced an agreement to buy printing rival Banta Corp. for $1.3 billion.

Net income rose to $164.7 million, or 75 cents per share, from $102.1 million, or 47 cents per share, a year ago. Excluding restructuring charges, the company posted earnings from continuing operations of $146.2 million, or 67 cents per share, in the latest quarter.

On average, analysts surveyed by Thomson Financial were looking for a profit of 66 cents per share.

Sales grew 6 percent to $2.31 billion from $2.18 billion last year, driven by new customers and increased volume with existing customers, favorable foreign exchange comparisons and acquisitions, which were offset in part by continued price pressure.

Donnelley, which employs 1,400 people at its book division plant in Crawfordsville, projects a 2006 operating profit of $2.45 to $2.50 per share, trending toward the high end of the range.

That is below analysts’ consensus estimate of $2.52 per share.

On volume of 1.2 million shares, stock in the company fell 62 cents Tuesday to close at $35.16 a share on the New York Stock Exchange.