Gardner Denver Posts Solid Earnings (GDI)
Gardner Denver Inc. (GDI) reports Q3 earnings of $0.88 versus consensus of $0.73. Gardner Denver Inc. reports revenues of $493.4 million versus consensus of $452.59 million.
GDI is projecting the fourth quarter 2010 DEPS to be in a range of $0.94 to $0.99, with the full-year 2010 DEPS to be in a range of $3.14 to $3.19.
"The third quarter 2010 financial results reflect the best end-market demand and operational performance for Gardner Denver since the third quarter of 2008," said Barry L. Pennypacker, Gardner Denver's President and Chief Executive Officer. "In addition to some general improvement in demand for our Industrial Products in North America, in the third quarter we benefited from significantly higher orders for these products in Asia Pacific, compared to the same period in 2009, primarily due to investments in infrastructure projects.”
“In the third quarter, Engineered Products also received orders for infrastructure investments, such as an order for loading arms destined for the Middle East (approximately $14 million) and an order for engineered packages for Brazil (approximately $9 million). Both of these orders are expected to ship mid-2011, so our view into next year is gradually improving. The Company also benefited from investments in shale development in North America, resulting in strong demand and increased backlog for drilling and well servicing pumps, which provides somewhat improved clarity into early 2011.”
Shares of GDI are bid higher in the after-hours.
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