Posted February 12, 2010
Gardner Denver's sales fall 14%
Compressor and pump manufacturer Gardner Denver reported Q4 revenues decreased 14% to $450.8 million. Net income was $37.2 million, or 71 cents per share.
For the year, revenues decreased 12% to $1.8 billion and the company generated an operating loss of $113.7 million and a net loss of $165.2 million, or $3.18 on a per share basis.
Compared to the third quarter of 2009, orders for Industrial Products remained relatively level. The company noted continuing improvements in orders for products used in OEM applications, such as blowers, and in demand for some aftermarket parts and services, particularly in Europe.
"As a result of our expectation for a slow economic recovery, we anticipate demand for industrial products to improve only slightly in 2010 and we continue to remain cautious in our outlook," said Barry L. Pennypacker, president and CEO.
