Regal Beloit Q3 Profit Down; Sees Q4 Adj. EPS In Line - Quick Facts

(RTTNews) - Regal Beloit Corp.'s (RBC) net income attributable to the company for the third quarter 2014 declined to $47.5 million compared to $52.6 million for the third quarter 2013. Earnings per share were $1.05 compared to $1.16 last year.

Adjusted earnings per share were $1.15 for the third quarter 2014 compared to $1.18 for the third quarter 2013.

Net sales for the third quarter grew to $829.8 million from $768.2 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share and revenues of $815.12 million for the quarter. Analysts' estimates typically exclude special items.

In the fourth quarter, the company expects continued growth in both its HVAC and mechanical businesses and relatively flat performance in its commercial and industrial motor business.

In the fourth quarter, the firm expects earnings per share to be $0.83 to $0.91. Adding back $0.06 of estimated restructuring expenses and $0.01 of purchase accounting adjustments, adjusted earnings per share is expected to be $0.90 to $0.98. Analysts project fourth-quarter earnings of $0.92 per share.

It anticipates 2014 will be the fourth consecutive year that free cash flow exceeds 100% of net income.