Regal Beloit Q3 Profit Declines - Quick Facts

(RTTNews) - Regal Beloit Corp. (RBC) reported third-quarter net income of $52.6 million or $1.16 per share, down from $54.3 million or $1.29 per share last year.

Adjusted earnings for the quarter dropped to $1.18 per share from $1.32 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.13 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter were $768.2 million compared to $779.5 million last year. Analysts estimated revenues of $771.70 million for the quarter.

Looking ahead to fourth quarter, the company expects earnings per share to be $0.77 to $0.85 which benefits from an expected income tax rate of about 18%. Adding back $0.05 of restructuring charges, adjusted earnings per share is expected to be $0.82 to $0.90. Analysts predict the company to report earnings of $0.78 per share for the fourth quarter.