Mark Gliebe is chairman and CEO
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Regal Beloit Corp. on Monday reported an increase in net
sales for the fourth quarter of 2013, according to a company
Net sales for the fourth quarter were $727.3 million,
compared to $715.6 million for the fourth quarter of 2012,
the statement said. Net income for the fourth quarter of
2013 was $33.2 million, compared to $29.9 million during the
fourth quarter in 2012.
Included in the fourth quarter 2013 results were goodwill
and intangible asset impairments and other related items of
$81 million, or $74.7 million after tax.
"Regal ended the year with strong performance in the fourth
quarter. We had modest revenue growth and double digit
growth in adjusted earnings," said Mark Gliebe, chairman and
CEO. "We experienced revenue growth in our North American
residential HVAC, power generation, oil and gas and China
based businesses, which offset weaker revenue in our North
American commercial and industrial motors and our India and
Australia based businesses.
Our operating teams delivered to our expectations and on an
adjusted basis we exceeded our overall earnings guidance as
a result of a $0.12 per share unanticipated tax benefit,
Electrical segment net sales in the fourth quarter included
$9.3 million from businesses acquired within the last year,
according to the statement. North American residential HVAC
net sales in-creased 4.8 percent for the fourth quarter of
2013, compared to the same time in 2012.
www.regalbeloit.com for more information.