Regal Beloit Q2 Profit Misses Estimate

(RTTNews) - Regal Beloit Corp. (RBC) reported net income for the second quarter of $51.1 million or $1.13 per share, compared to $62.7 million or $1.49 per share for the year-ago quarter.

Excluding items, adjusted earnings for the second quarter were $1.13 per share, compared to $1.50 per share in the prior year quarter.

Net sales for the second quarter fell 5% to $822.0 million from $863.9 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.24 per share on revenue of $819.25 million for the second quarter.

Looking forward to the third quarter, the company forecasts earnings of $1.08 to $1.16 per share and adjusted earnings of $1.10 to $1.18 per share. Analysts currently expect the company to earn $1.24 per share for the third quarter.