Regal Beloit: 2Q Earnings Snapshot
BELOIT, Wis. (AP) _ Regal Beloit Corp. (RBC) on Monday reported second-quarter profit of $65.9 million.
On a per-share basis, the Beloit, Wisconsin-based company said it had net income of $1.50. Earnings, adjusted for non-recurring costs and restructuring costs, were $1.60 per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The maker of controls for electric motors posted revenue of $959.7 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $953.7 million.
Regal Beloit expects full-year earnings in the range of $5.70 to $6 per share.
Regal Beloit shares have increased 11 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $85.20, an increase of 1.5 percent in the last 12 months.