Baldor Electric Company Announces First Quarter 2009 Results
FORT SMITH, Ark., April 29 -- Baldor Electric Company markets, designs and manufactures industrial electric motors, mechanical power transmission products, drives and generators. Today, Baldor announced unaudited results for first quarter 2009.
John McFarland, Chairman and CEO, commented on the Company's results. "For the first quarter of 2009, we had sales of $402.5 million, a 14% decline from one year ago. Net earnings for the quarter, excluding a one-time gain from the modification of our debt agreement, were $14.8 million, a 42% decline, and diluted earnings per share, excluding the one-time gain, were $0.32, a 43% decline. In December, we announced a plan to reduce 2009 costs by $80 million, and through the first quarter, we are on track to exceed this goal. We can see our progress in the improved operating margin of 11.2% in the quarter compared to 10.8% in fourth quarter 2008 when sales were nearly $72 million higher. We expect the planned cost savings to build as the year progresses."