Baldor Electric announces quarterly dividend
by November 11, 2008 2:57 pm 59 views
Fort Smith-based Baldor Electric Co. continues with its history of dividend payments by announcing Tuesday a quarterly cash dividend of 17 cents per share. The payments are scheduled for Jan. 6, for shareholders of record on Dec. 16.
Baldor posted in late October impressive third quarter financial results despite tough economic conditions and the debt load and potential integration diversions of the company’s acquisition of Dodge-Reliance. The $1.8 billion purchase of Dodge-Reliance, announced in early 2007, effectively doubled the size of Baldor.
Baldor’s third-quarter net income was $25.8 million, up from $24.6 million in the same quarter of 2007. Revenue in the quarter improved to $506.2 million from $480.6 million in the same quarter of 2007.
However, Baldor officials have warned of near-term “challenges” related to higher raw materials costs and a slowing global economy.
Baldor shares (NYSE: BEZ) were trading at $16.05 — down 21 cents — near the market close. During the past 52 weeks, the share price has ranged from a $39.90 high to a $14.81 low.