Regal-Beloit Corporation Announces Second Quarter 2012 Financial Results


· Record Second Quarter Sales of $864 Million

· Record Diluted EPS of $1.49

· Strong Net Cash Provided By Operating Activities of $136 Million

BELOIT, WI - Regal-Beloit Corporation (NYSE: RBC) today reported financial results for the second quarter ended June 30, 2012. Net sales of $863.9 million increased 26.7% compared to $681.8 million for the second quarter of 2011. Diluted earnings per share were $1.49 for the second quarter of 2012 compared to diluted earnings per share of $0.88 for the second quarter of 2011.

"Regal delivered another strong quarter driven by continued growth in our North American commercial and industrial, mechanical and global Unico businesses" commented Mr. Mark Gliebe, Chairman and Chief Executive Officer. "Our diverse operations delivered sales and earnings growth in spite of continued headwinds in our HVAC, European, and Asian based businesses as well as the negative impact of foreign currency on revenues. With our continued focus on working capital management, we delivered strong free cash flow as a percentage of net income of 177% in the second quarter of 2012," continued Mr. Gliebe.

Adjusted diluted earnings per share* were $1.50 for the second quarter of 2012, after adding $0.01 of restructuring charges for announced plant closures to generate the EPC synergies. This compares to adjusted diluted earnings per share of $1.38 in the second quarter of 2011 after adding the impact of $0.06 from the EPC acquisition costs and $0.44 from the previously disclosed warranty expense item.

All Topics