UPDATE 1-Baldor Q2 beats Wall Street, sees strong Q3 rev
* Q2 EPS $0.48 vs est $0.44
* Q2 sales up 14 pct to $439.5 mln
* Sees Q3 rev $440 mln-$450 mln, above Street
July 29 (Reuters) - Baldor Electric Co BEZ.N posted quarterly results that beat Wall Street estimates, helped by a rise in motor and electric drive sales, and forecast strong revenue growth for the third quarter.
The manufacturer of electric motors and power transmission products sees third-quarter revenue in the range of $440 million and $450 million, an increase of 16 percent to 18 percent over the same period last year.
Analysts on average were expecting the company to post revenue of $435.80 million in the third quarter, according to Thomson Reuters I/B/E/S.
For the second quarter, the company's net income was $22.8 million, or 48 cents a share, compared with $7.8 million, or 17 cents a share, a year ago.
Sales were up 14 percent to $439.5 million.
Analysts, however,were expecting Baldor to earn 44 cents a share, on revenue of $433.27 million.
Baldor said sales of its Super-E motors rose 25 percent and reported overall growth of 12 percent in the motors segment.
Electronic drive sales rose 32 percent, the industrial equipment maker said.
"Compared to the same quarter last year, incoming orders increased by a double-digit amount each month of the quarter, with May having the strongest increase. July's incoming orders have continued to grow at a double-digit rate," Chief Executive John McFarland said in a statement.
Shares of the Fort Smith, Arkansas-based company closed at $39.35 after the bell on Thursday on the New York Stock Exchange. (Reporting by Siddharth Cavale in Bangalore; Editing by Unnikrishnan Nair)
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Confrontation in Ukraine as diplomacy stalls |
- Front companies, embassies mask North Korean weapons trade - U.N
- Freescale loss in Malaysia tragedy leads to travel policy questions