Gardner Denver, Inc. Reports 2001 Earnings Per Share of $1.40: Revenues Grow 11% and EPS Increases 16% Over Prior Year
QUINCY, Ill., Feb. 13 /PRNewswire-FirstCall/ -- Gardner Denver, Inc. (NYSE: GDI), a leading manufacturer of compressors and blowers for industrial applications and pumps for the petroleum and industrial markets, announced that revenues were $419.8 million for the year ended December 31, 2001.
Diluted earnings per share were $1.40 for the year and $0.33 for the fourth
quarter of 2001. Ross J. Centanni, Chairman, President and CEO said, "Given
the very challenging market conditions that have existed over the latter part
of the year, especially since September 11, we are pleased with our results.
Our profitability has held up better than that of many industrial companies in
this difficult environment, and cash flow from operations continues to grow."
The Company also announced a change in its segment reporting. The
Petroleum Products segment has been renamed the Pump Products segment. The
name was changed because the Company's water jetting operations are now
included in this segment, expanding its scope beyond petroleum related
products. The water jetting operations were previously included in the
Company's Compressed Air Products segment. Gardner Denver had previously
announced the formation of a Pump Division, comprised of its petroleum pump
and water jetting operations. The new segment reporting is effective with the
disclosures included in this release. Certain prior period amounts have been
restated to conform with the current presentation.
Source: Gardner Denver, Inc.