announced higher-than-expected earnings for the fourth quarter Wednesday.
The Woodcliff Lake, N.J.-based industrial equipment and component manufacturer said net income was $162.3 million, or $1 a share, an improvement on the 94-cents-a-share consensus of 12 analysts polled by
First Call/Thomson Financial
. It also was higher than the 93 cents a share earned in the same period a year earlier.
However, the company said it expects first-quarter operating earnings will be 60 to 65 cents a share in 2001, down from 80 cents a share in the year-earlier period because of dilution from an acquisition. The company now sees full-year 2001 earnings in the range of $3.75 to $3.85. Analysts surveyed by First Call/Thomson Financial were expecting earnings per share of 85 cents in the first quarter and $4.01 for the full year.