Regal Beloit earnings fall
Regal Beloit said net sales for the first quarter 2014 were $801.2 million compared to $778.2 million for the first quarter 2013.
Net income for the quarter declined by 11.5% to $43.8 million compared to $49.5 million for the first quarter 2013. Diluted earnings per share were 96 cents, compared to $1.09 for the first quarter of 2013.
"We had solid results in a number of our key businesses in the first quarter including North American HVAC, power generation, Europe and China," said Regal chairman and CEO Mark Gliebe. "Our profitability for the quarter was in line with our expectations as we continued to execute on our Simplification initiative by consolidating our manufacturing footprint, our design platforms and our ERP systems."
Electrical segment net sales in the first quarter 2014 included $23.4 million from businesses acquired within the last year. North American residential HVAC net sales increased 5.3% for the first quarter 2014 compared to the first quarter 2013. North American commercial and industrial motor net sales decreased 3.6% for the
first quarter 2014 compared to the first quarter 2013.
Mechanical segment net sales in North America decreased 6.7% for the first quarter 2014 compared to the first quarter 2013, primarily related to lower sales to the natural gas fracturing end market.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
