GARDNER DENVER INC (GDI) 45.75 $0.06 (0.13%) 11:44PM (15 mins delay)

Manufacturer Earnings Roundup: GDI, LEG, WHR

Oct 23, 2009 - 1:05 PM EDT

Gardner Denver (GDI), a manufacturer of compressors, pumps and blowers, earned 37 cents per share for the third quarter. Excluding special items, earnings would have been 61 cents. Results were helped by lower costs from restructuring initiatives, with seven facilities closing, and layoffs of approximately 1,600 workers. Looking ahead, the company projected fourth quarter earnings of between 61 and 65 cents per share. On Friday morning, shares advanced about 8%. Diversified manufacturer Leggett & Platt (LEG) reported third quarter earnings from continuing operations of 34 cents per share. That marked an increase from earnings of 29 cents in the same quarter last year, even as sales plunged 28% year over year. Results were helped by cost reduction initiatives and a reduced share count after the company sold off 420 million dollars worth of its operations and used 300 million of the proceeds to repurchase shares of stock. The company also bumped up its dividend by a penny, to a quarterly rate of 26 cents, for an annualized yield of over 5%. On Friday, shares rose more than 8%. And home appliance manufacturer Whirlpool (WHR) posted a third quarter profit of a dollar 15 per share, beating analyst estimates. That compared to earnings of 2 dollars and 15 cents in the same quarter last year. Net sales declined 8%, but operating profit was up 8%, helped by cost reduction initiatives. Whirlpool raised its full year earnings forecast to 4 dollars and 25 cents, which is 25 cents higher than the upper end of the prior guidance range. Shares were trading more than 5 and a half percent higher. For MarketNewsVideo.com, I'm Sayoko Murase.

Source: Market News Video (Oct 23, 2009 - 1:05 PM EDT)