Baldor Electric Co. reported declines in first quarter revenue and net income, but the report was better than what Wall Street was expecting.
The Fort Smith-based global manufacturing and distribution reported Wednesday afternoon that its first quarter net income was $15.1 million, down 58.6% from the same quarter of 2009. However, the 32 cents per share earnings was better than the average estimate of 11 analysts compiled by Thomson Financial.
First-quarter revenue for Baldor was $397.5 million, down 1% from the $402.5 million in the first quarter of 2009.
Baldor is looked to as a bellwether for the manufacturing sector and the company, known for its conservative budgeting and market commentary, says it expects to see an 8%-12% increase in revenue in the second quarter.
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