Baldor Earnings Drop 53 Percent
by October 29, 2001 12:00 am 72 views
Baldor Electric Co. announced third quarter sales of $138.13 million, down 11 percent from $155.38 million from the comparable quarter of 2000. For the nine months ended Sept. 29, Baldor reported sales of $434.95 million, down 9 percent from $476.59 last year.
Net earnings for the quarter totaled $5.42 million, down 53 percent from $11.49 million earned in the third quarter of 2000. Diluted earnings per share for the quarter suffered a 52 percent loss from 33 cents per share last year to 16 cents per share this year. Dividends of 13 cents per share remained the same between the two comparable quarters.
In a press release John McFarland, Baldor’s president and CEO, said second quarter sales woes affected the third quarter figures negatively. He also noted that Baldor has seen no change in order rates since the Sept. 11 attacks on the World Trade Center in New York and the Pentagon in Washington, D.C.