Baldor Sales Swing Low
by July 23, 2001 12:00 am 66 views
On July 16, Baldor Electric Co. reported net sales of $146.7 million, down 10 percent from $163.2 million in 2000. Net earnings for the quarter totaled $6.4 million, down 49 percent from $12.5 million in the second quarter of 2000.
Earnings per share dropped to 19 cents, down 47 percent from last year’s second quarter record-high of 39 cents per share.
For the first half of the year, Baldor reported net sales of $296.8 million, down 8 percent from $321.2 million for the first half of 2000. Net earnings fell 45 percent from $24.8 million in 2000 to $13.6 million this year. Earnings per share for the first six months topped at 39 cents, down 45 percent from 71 cents.
Baldor President and CEO John McFarland blamed the slowed earnings on a first-quarter decline in orders.