Baldor Down 41 Percent

Baldor Electric Co. of Fort Smith said late Monday first quarter net earnings fell 41 percent because of a decline in orders.

The electric motor maker reported first quarter net sales of $150.2 million, which were down 5 percent from $158 million for the same period of 2000. Net earnings for the quarter that ended March 31 were $7.1 million, down 41.4 percent from $12.2 million in the first quarter of 2000.

Diluted earnings per share were 21 cents per share for the quarter, down 40 percent from the company record of 35 cents per share in 2000.

“Our near-term expectations continue to be guarded,” Baldor Chief Executive John McFarland said.

The release of quarterly figures follows a March 12 price increase. Rising material costs made Baldor raise its prices for the first time in five years.

Baldor designs and manufactures electric motors and drives with 4,066 employees in 22 locations.

Shares of Baldor (NYSE: BEZ) were trading at $21.01 today after closing at $21.53 on Monday.