Regal Beloit sales and earnings decline
Regal Beloit Corporation reported net sales in the fourth quarter were $715.6 million, a 1.6% decline compared to $727.0 million for 4Q 2011.
The manufacturer of electric motors and motion control equipment said net income fell 11% to $29.9 million, or 70 cents per share, compared to $33.5 million, or 80 cents per share, in the same period last year.
For the full year, sales were $3.2 billion compared to $2.8 billion in 2011. Net income rose 28% to $195.6 million, or $4.64 a share, from $152.3 million, or $3.79, in 2011.
“As anticipated, the fourth quarter sales environment was challenging," said Mark Gliebe, chairman and chief executive officer. "Our residential HVAC business was up slightly and we experienced strong growth at Unico while sales in most of our other businesses around the world slowed in the fourth quarter.”
Electrical segment net sales declined 2.0% in the fourth quarter. North American residential HVAC net sales increased 0.2%. North American commercial and industrial motor net sales decreased 1.4% for the same period.
Mechanical segment net sales for the quarter included $10.4 million from the acquired businesses. Excluding the impact of the acquired and divested businesses, Mechanical segment net sales in North America decreased 2.6%.
Fourth-quarter sales of high efficiency products grew 13.2% and represented 21.0% of net sales. For fiscal 2012, sales of high efficiency products increased 22.1% and represented 20.3% of net sales.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
