Regal Beloit sales decline 10.3 percent
Regal Beloit Corporation reported total net sales decreased 10.3% to $818 million from $912 million the prior year.
The results included a negative foreign currency translation impact of 1.3%.
Net income of $42 million, or 93 cents per share, compared to income of $36 million, or 81 cents, in the same period last year.
Commercial and Industrial Systems segment net sales were $378 million, down 17%. The
majority of the decrease was from the impact of depressed oil & gas activity, weak North
American and China industrial markets, and a negative 1.9% foreign currency translation.
Climate Solutions segment net sales were $240 million, down 14%. Sales were unfavorably impacted by a downturn in the Middle East HVAC market, lower demand in the residential North American HVAC and water heating markets, the effect of contractual two-way material price formulas and a negative 1.0% foreign currency translation.
Power Transmission Solutions segment net sales increased 15% to $201 million, driven primarily by acquisition growth. Sales were negatively impacted by weak oil & gas, metals, and agricultural end markets and a negative 0.2% foreign currency translation.