Baldor Electric Co. (BEZ) reported net income of $3.0 million or $0.06 per share for the fourth quarter, compared to $18.6 million or $0.40 per share in the year-ago quarter.
Excluding income taxes on a foreign subsidiary dividend, net earnings were $0.13 per share, down from $0.40 per share in the previous year quarter.
Net sales for the quarter decreased 25% to $356.4 million from $474.0 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share on revenue of $362.25 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company expects an increase in sales and earnings in 2010.
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