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.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about the ISA's Veterans Empowerment Network. 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.
