Regal Beloit Q2 Profit Down

(RTTNews) - Regal Beloit Corp. (RBC) Tuesday reported second-quarter net income of $51.1 million or $1.13 per share, down from $62.7 million or $1.49 per share last year.

Adjusted earnings for the quarter dropped to $1.13 per share from $1.50 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.24 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales dropped 4.9 percent to $822.0 million from $863.9 million last year. Analysts estimated revenues of $819.25 million for the quarter.