Posted May 3, 2011
Regal-Beloit earnings up 2.9%
Regal-Beloit said its net sales of $662.7 million increased 30.6% compared to $507.3 million for the first quarter of 2010.
Sales growth was driven by increased demand in nearly all end markets including strong demand for energy efficient products. Net income was $38.8 million, a 2.9% increase compared to $37.8 million for the first quarter 2010.
Diluted earnings per share were 99 cents compared to 98 cents for the first quarter of 2010.
Sales across all business units improved over the first quarter 2010, according to Mark Gliebe, chief executive officer. "However, we faced continued inflationary pressure on input costs, especially costs for copper and steel," he said.
"Looking back on the quarter we are encouraged by the strength in our sales growth but are disappointed with our margin performance which was negatively impacted by commodity inflation," Gliebe added.
