Richard Eastman, Robert W. Baird & Company

Danaher Corporation (DHR) - Richard Eastman at Robert W. Baird & Company

(Dow Jones) Industrial conglomerates became casualties of their own success when better than expected quarterly results this week left investors looking for bigger profit forecasts for 2010 Shares for Danaher Corp (DHR), Tyco International Corp (TYC) and other diversified manufacturers were subjected to sell offs when the companies' either maintained annual guidance or issued first quarter outlooks that were below Wall Street analysts' estimates "Because they didn't take up their guidance, it probably put them in the penalty box," said Richard Eastman, an analyst for Robert W Baird & Co Eastman said he's not surprised executives are being conservative with their forecasts amid worries Copyright 2009 Dow Jones & Company, Inc All Rights Reserved This copy is for your personal, non commercial use only Distribution and use of this material are governed by our Subscriber Agreement and by copyright law 

Tyco International Ltd. (TYC) - Richard Eastman at Robert W. Baird & Company

(Dow Jones) Industrial conglomerates became casualties of their own success when better than expected quarterly results this week left investors looking for bigger profit forecasts for 2010 Shares for Danaher Corp (DHR), Tyco International Corp (TYC) and other diversified manufacturers were subjected to sell offs when the companies' either maintained annual guidance or issued first quarter outlooks that were below Wall Street analysts' estimates "Because they didn't take up their guidance, it probably put them in the penalty box," said Richard Eastman, an analyst for Robert W Baird & Co Eastman said he's not surprised executives are being conservative with their forecasts amid worries Copyright 2009 Dow Jones & Company, Inc All Rights Reserved This copy is for your personal, non commercial use only Distribution and use of this material are governed by our Subscriber Agreement and by copyright law 

Rockwell Automation, Inc. (ROK) - Richard Eastman at Robert W. Baird & Company

But investors kept a sharp eye on revenue, sending Rockwell shares up as the company reported that sales of its highly profitable computer control systems were better than expected and selling off Caterpillar after its revenue lagged consensus and it set a 2010 profit target below analysts forecasts "Some of the cost benefit is definitely flowing into the numbers," said Richard Eastman, senior analyst at Robert W Baird & Co, who follows Rockwell "But you also have to credit sales, sales are running a bit ahead of expectations" United Technologies Corp and Tyco Electronics Ltd also reported profit that topped consensus 

AMETEK, Inc. (AME) - Richard Eastman at Robert W. Baird & Company

* Net sales fall 16 pct * Expects its markets to show modest growth during 2010 * Shares fall 3 pct (Adds Q1 outlook, analyst comments, updates share movement) By Bhaswati Mukhopadhyay BANGALORE, Jan 26 (Reuters) , Ametek Inc ( AMEN ) posted quarterly results that beat market estimates, helped by higher order rates, but the electronic instruments maker forecast a weak first quarter Analysts said there are concerns about Ametek's mix of business being a bit challenging The more profitable businesses of the company such as aerospace and process instruments will be slower to recover, said analyst Richard Eastman of Robert W Baird 

Polypore International Inc (PPO) - Richard Eastman at Robert W. Baird & Company

— Shares of Polypore International Inc fell Tuesday as an analyst cut his rating, saying the manufacturer of membranes used in batteries for cars and consumer products reached his price target. Analyst Richard C. Eastman of Robert W. Baird & Co. Inc downgraded shares of the Charlotte, N.C., business to "Neutral" from "Outperform," saying shares had reached his $14 price target. "We see risk/reward as balanced," Eastman said in a client note. Eastman said Poloypore's position as a key supplier of lithium battery separators and other filtration devices remains attractive. 

Badger Meter, Inc. (BMI) - Richard Eastman at Robert W. Baird & Company

"Fortunately, we have a very senior work force in (Brown Deer) and I believe we will be able to do a lot of that through attrition and not layoffs," he said. Richard Eastman, an analyst at Robert W. Baird & Co. Inc., Milwaukee, who follows Badger Meter, said he doesn't believe Badger Meter has developed a concrete plan that shifts jobs to Mexico from Brown Deer. "I don't know that there is some hard number at this point," Eastman said. Badger Meter is likely to add jobs in Mexico as the company grows and the need for additional capacity arises, and as demand for plastic water meters grows, Eastman said. Meeusen said he has encouraged the company's younger workers for the past two years to get more training that would allow them to move into higher skill jobs. 

Rockwell Automation, Inc. (ROK) - Richard Eastman at Robert W. Baird & Company

Reflecting what CEO Keith D. Nosbusch called the severity of the global economic recession, reported Wednesday that fiscal second quarter earnings fell 72%. Nonetheless, Rockwell shares climbed 10.5%, closing at $33.06, a jump of $3.15. Some investors speculated the company may be headed toward recovery in 2010. "The read through of the quarter is that Rockwell Automation is bottoming here with this fiscal year," Robert W. Baird & Co. Inc analyst Richard Eastman said. "That's equivalent to saying next year we begin to see some recovery." 

AMETEK, Inc. (AME) - Richard Eastman at Robert W. Baird & Company

"The management is being conservative, but that is reasonable in this environment," analyst Antonio Antezano of Macquarie Research said. Ametek has cut about 1,000 jobs since the beginning of the year and said it expects to generate $20 million in incremental savings in the year from such cost cutting activities. "They are going to take some incremental steps as volumes are off significantly, but there is not a lot of excess cost to be taken out," analyst Richard Eastman of Robert W. Baird said. The company is on the defensive, he added. As a result of the global economic downturn, 2009 revenue is expected to fall about 10 percent, Chief Executive Frank Hermance said in a statement. 

Agilent Technologies, Inc. (A) - Richard Eastman at Robert W. Baird & Company

All three companies, as well as Agilent, are based in Santa Clara, Calif. Agilent's cutbacks reflect reasonable caution given the market, said Richard Eastman, senior analyst at Robert Baird in Milwaukee. Orders for quality-control labs in the oil, gas and petrochemical industry have "fallen off a cliff," he said. Pharmaceutical industry orders are holding up, but those businesses tend to cut back their budgets at the beginning of calendar years, not at the end, he said. 

AMETEK, Inc. (AME) - Richard Eastman at Robert W. Baird & Company

Analyst Richard Eastman of Robert W. Baird said, 'The cost actions that the company has taken year to date would deliver something in the neighbourhood of $20 million in savings as we roll into 2009.' . Eastman, however, said the main challenge for Ametek would be to maintain margins in a tougher business environment. The company sees sales growth rate eroding in the fourth quarter and in 2009, Eastman, who has a 'neutral' rating on the stock, added. The visibility of their end markets, at least in the balance of this year, remains pretty solid, he said. 

FARO Technologies, Inc. (FARO) - Richard Eastman at Robert W. Baird & Company

(Recasts, adds details) . Sept 23 (Reuters) - Robert W. Baird & Co cut its earnings expectations on Faro Technologies Inc (FARO.O) and Rockwell Automation Inc (ROK.N), citing weakening demand in Europe, tighter credit conditions and rise of the U.S dollar against the Euro. Analyst Richard Eastman said though there was no change to his long-term view of Faro's penetration opportunity, near-term sales/earnings per share growth was not impervious to macro-economic headwinds. Rockwell will be hurt by a decline in consumer-centric industrial production, he added.