WAYNE, Pa. (AP) — Gardner Denver Inc.'s first-quarter net income fell 17 percent, pulled down by restructuring charges and lower petroleum and industrial pump shipments.
The company on Friday reported net income after paying preferred dividends of $45.7 million, or 93 cents per share, down from $54.8 million, or $1.08 per share, in the same quarter of 2012.
Excluding restructuring costs and other one-time items, the company said it posted an adjusted profit of $1.06 per share.
Revenue fell 15 percent to $513.5 million from $604.4 million.
The profit fell a penny short of Wall Street expectations, while the revenue also was lower than predicted. Analysts, on average, expected a profit of $1.07 per share on $535 million in revenue, according to FactSet.
Revenue at the company's engineered products business fell 24 percent to $211.7 million, mainly as a result of an expected drop in petroleum and industrial pump shipments. Revenue at the company's industrial products group fell 7 percent to $301.9 million.
Gardner Denver said that despite a continued slow global growth environment, the company is positioned for stronger performance in the second half of the year. It backed its previous full-year adjusted profit guidance of $5 to $5.20 per share, while analysts, expect earnings of $5.27 per share.
The company also projected an adjusted second-quarter profit of $1.10 to $1.20 per share, below average Wall Street predictions of $1.25 per share.
Gardner Denver shares rose 8 cents to $75.03 in morning trading.