FORT SMITH, Ark.
Baldor Electric Co. reported Wednesday that its first-quarter revenue and profit fell.
The electric motor and products company said it earned $15 million, or 32 cents per share, for the quarter, compared with $36.4 million, or 79 cents per share in the same quarter last year.
Excluding a one-time charge for debt modification in last year's first quarter, this year's profit per share was the same as last year's.
Revenue fell 1 percent to $397.5 million.
Analysts polled by Thomson Reuters anticipated the company would earn 28 cents per share on revenue of $391.4 million.
The company said its monthly sales improved from the previous quarter and it sees signs business is improving. It forecast its second-quarter revenue at $415 to $430 million. Analysts expect it to bring in $408 million.
Shares of Baldor rose 64 cents to close at $39.78 and fell 19 cents in after-hours trading.