Regal Beloit’s net sales grew 14 percent in first quarter

Freeman Staff

May 11, 2015

BELOIT — Regal Beloit Corporation announced Monday that its total net sales grew 14 percent to a total of $912 million in the first quarter with net acquisition growth equaling 16 percent.

The first quarter 2015 diluted earnings per share for Regal Beloit was $0.81 and its adjusted diluted earnings per share were $1.21, according to Monday’s announcement.

Adjusted operating profit of $89 million represented an adjusted operating profit margin of 9.8 percent, an increase of 40 basis points from the prior year. Adjusted diluted earnings per share of $1.21 represented a 16 percent increase from the prior year, according to the Beloit-based company.

Some of the first quarter highlights included net sales increasing 179 percent to $175 million for the Power Transmission Solutions Segment. That increase was driven by acquisition growth of $107 million (or 170 percent), organic growth of 10 percent, and a negative foreign currency translation impact of 1 percent, according to Regal Beloit. Climate Solutions Segment net sales decreased 2 percent to $280 million, driven primarily by negative foreign currency translation with relatively flat organic growth.

“Regal had a strong start to the year with first quarter 2015 sales up 14 percent and adjusted earnings up 16 percent compared to the prior year. In spite of headwinds from the weakness in oil and gas, the SEER 13 pre-build and softness in the China markets, we delivered organic growth of 1 percent,” said Regal Chairman and CEO Mark Gliebe in a statement. “The integration of PTS, which we acquired in the quarter, is on track and the business performed in line with our expectations. We are also on track and seeing increased benefits from our simplification initiative.”