Posted May 5, 2010
Regal Beloit reports 14.4 percent sales increase
Regal Beloit Corporation reported first-quarter net sales of $507.3 million, an increase of 14.4% compared to $443.3 million reported for the first quarter of 2009.
Diluted earnings per share were 98 cents, compared to 39 cents for the first quarter of 2009. Income from operations was $62.8 million.
In the Electrical segment, sales increased 16.8% from the prior year first quarter. Sales for the residential HVAC motor business were positively impacted by the strong end market demand for higher efficiency products resulting in a 32.9% increase during the first quarter as compared to the first quarter 2009. Driven by improving end markets, commercial and industrial motor sales in North America increased 9.8%.
Sales in the Mechanical segment decreased 3.5% from the prior year first quarter as a result of the slower recovery in later cycle industrial products.
"We remain cautious but optimistic about the markets we serve as we look to the second quarter and beyond. Our expectations are for continued strength in Asia and a more muted recovery in North America and Europe," said Henry Knueppel, chairman and CEO.
