Baldor Electric Co. (Fort Smith, AK) announced sales and earnings for the fourth quarter of 2000 and record sales and earnings for fiscal year 2000. Baldor reported sales of $621.2 million, up six percent from fiscal 1999. Earnings were a record $46.3 million, also up six percent over 1999. Earnings per share were up thirteen percent from the preceding year, at $1.34 per share. The company claims that operating and gross margins were record for the ninth straight year.
For the fourth quarter, sales were a record $144.7 million, up three percent over the fourth quarter of 1999. Earnings in the fourth quarter were $10.0 million, down eight percent from the same quarter in 1999. Fourth quarter earnings per share were $0.29, versus $0.30 in 1999.
During the fourth quarter, Baldor completed the expansion of their facility in Ozark, AK. In the first quarter of 2001, production of certain motors currently produced in Columbus, MS will be moved to the Ozark plant. Also during the fourth quarter, the company made progress on the consolidation of their German and UK manufacturing facilities to Bristol, England. Baldor reports that the consolidation should be completed in the first quarter of 2001.
