Posted April 29, 2010
Baldor Electric's sales down 1 percent
Baldor Electric Company reported sales for first quarter 2010 were $397.5 million, a 1% decline from first quarter 2009 sales of $402.5 million.
Net income was $15.1 million, or 32 cents per share, compared to $14.8 million and 32 cents per share last year.
"Business improved throughout the quarter with incoming orders exceeding shipments by $25 million. While January and February sales were below last year's levels, March sales were up more than 8%. We believe incoming orders will continue to improve and expect second quarter 2010 sales to be 8-12% higher than second quarter 2009," said John McFarland, chairman and CEO.
Compared to first quarter 2009, sales to domestic distributors increased 5% and sales to domestic OEMs declined 2%.
