Regal Beloit Q1 Profit Down

(RTTNews) - Regal Beloit Corp. (RBC) Monday reported first-quarter net income of $45.8 million or $1.12 per share, down from $85.9 million or $1.99 per share last year.

Adjusted earnings for the quarter dropped to $1.31 per share from $1.40 per share last year.

Net sales for the quarter dropped to $734.2 million from $853.8 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share on revenues of $751.48 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward, the company withdraw its financial guidance for full year 2020. Previously, the company expected adjusted earnings of $5.65 to $6.05 per share for 2020.