Baldor Annual Report Confirms Declined Sales

In an annual report filed with the SEC March 15, Baldor Electric Co. announced decreased annual sales of $557.5 million, down 10 percent from record sales of $621.2 million in 2000. Net earnings for the year were $22.4 million, declining 52 percent from record earnings of $46.3 million in 2000.

Per diluted share, net earnings were 65 cents, down from $1.34 in 2000.

For the fourth quarter, net sales sunk 18.6 percent to $122.5 million from first quarter sales of $150 million.

In the filing, Baldor pointed to difficult economic conditions and corresponding declines in customer orders as causing the decreased sales and earnings in 2001.