Regal Beloit reports 4Q loss
Regal Beloit Corporation reported a loss of $33.2 million in the fourth quarter after taking a nearly $75 million charge related to goodwill and intangible asset impairments.
The loss of 72 cents per share compared to a gain of 70 cents per share on net income of $29.9 million in the same period in 2012.
Net sales for the manufacturer of electric motors, motion control and power generation products increased 1.6 percent to $727.3 million compared to $715.6 million for the fourth quarter 2012.
Net sales for fiscal 2013 were $3.09 billion compared to $3.16 billion in 2012. Diluted earnings per share for fiscal 2013 were $2.64 compared to $4.64 in 2012. Adjusted diluted earnings per share for fiscal 2013 were $4.36 compared to $4.73 in 2012.
"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 & industrial motors and our India and Australia based businesses."
Electrical segment net sales in the quarter included $9.3 million from businesses acquired within the last year. North American residential HVAC net sales increased 4.8% for the quarter compared to the fourth quarter 2012. North American commercial and industrial motor net sales decreased 3.5%. For the fiscal year, Electrical segment net sales included $27.3 million from the acquired businesses.
Mechanical segment net sales in North America decreased 6.7% for the fourth quarter 2013 primarily related to lower sales to the natural gas fracturing end market. In fiscal 2013, Mechanical segment net sales included an incremental $3.4 million over fiscal 2012 from the business acquired in February 2012.
Fourth quarter 2013 net sales to regions outside the United States increased 1.0% compared to fourth quarter 2012 and represented 36.3% of total net sales.
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