Regal Beloit Q1 Profit Beats Estimates - Quick Facts

(RTTNews) - Regal Beloit Corporation (RBC) reported that its first-quarter net income decreased to $43.8 million from $49.5 million, a year ago. Earnings per share was $0.96 compared to $1.09. Adjusted earnings per share were $1.04 for the first quarter 2014.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.03 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $801.2 million compared to $778.2 million, prior year. Analysts expected revenue of $794.06 million for the quarter.

"We had solid results in a number of our key businesses in the first quarter including North American HVAC, power generation, Europe and China. Our profitability for the quarter was in line with our expectations as we continued to execute on our Simplification initiative by consolidating our manufacturing footprint, our design platforms and our ERP systems," Regal CEO Mark Gliebe said.

In the second quarter, the company expects earnings per share to be $1.19 to $1.27. Adding back $0.05 of estimated restructuring expenses, adjusted earnings per share is expected to be in the range of $1.24 to $1.32. Analysts expect the company to report second-quarter profit per share of $1.26.