UPDATE 2-Baldor Electric Q3 earnings misses analysts' view
(Recasts, adds details, analyst comment)
By Bhaswati Mukhopadhyay
BANGALORE Oct 25 (Reuters) - Baldor Electric Co BEZ.N posted third-quarter earnings, which missed analysts' estimates by a cent, as sales from drives and generators fell, and forecast fourth-quarter sales to be lower sequentially due to holidays.
The company, which makes industrial electric motors, power transmission products, drives and generators, reported net income of $24.6 million, or 53 cents a share, compared with $12.2 million, or 37 cents a share, a year ago.
Revenue rose 126 percent to $480.6 million.
Analysts on average were expecting the company to earn 54 cents a share, before items, according to Reuters Estimates.
Growth in the domestic market, which contributes about 80 percent of the company's revenue, slowed a bit from the second quarter due to a weak U.S. economy, Stephen Sanders, an analyst with Stephens Inc, said by phone.
Drives sales, which accounts for 7 percent of revenue, fell 11 percent and generator sales, which forms 3 percent of revenue, were down 6 percent for the quarter.
The Fort Smith, Arkansas-based company, which acquired Reliance Electric Co from Rockwell Automation Inc (ROK.N: Cotización) in January, said orders and shipments were flat during August. Continuación...