Ames-based Sauer-Danfoss Inc. reported net income of $64.8 million, or $1.34 per share, for the first quarter, down from $70.6 million, or $1.46 per share, for the first quarter a year ago.

Net sales for the quarter increased 2 percent to $574 million, compared with $564.7 million the prior year. First quarter 2011 results were affected favorably by $4.9 million, or 10 cents per share, related to the reversal of deferred tax asset valuation allowances.

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