Regal Beloit Q3 Profit Increases, Narrows Q4 Outlook; CFO Regal Beloit To Retire

(RTTNews) - Regal Beloit Corp. (RBC) Monday announced third quarter net income attributable to the company of $62.2 million, up from $59.6 million in the prior year. On a per share basis, earnings increased to $0.26 from $0.24 in the prior year. Adjusted earnings per share was $1.37.

On average, 13 analysts polled by Thomson Reuters expected the company to earn $1.36 per share. Analysts estimates usually exclude special items.

Net sales for the quarter climbed to $856.9 million from $809.6 million a year ago. Analysts were looking for revenue of $837.16 million.

Looking ahead to the fourth quarter, the company said it will be narrowing its adjusted earnings per share to be in a range of $4.80 to $4.90 per share. The company said the order rate remains positive and expect continued organic sales growth. Street projection is $1.12 per share.

For the full year, the company projects earnings in a range of $4.64 to $4.74 per share. Analysts expect $4.39 per share.

In a separate announcement, Regal Beloit said its Chief Financial Officer and Vice President Charles Hinrichs will retire on March 31. He has been serving as CFO since September 2010. Robert Rehard will be new CFO and vice president. Rehard has been serving as vice president, Corporate Controller and Principal Accounting Officer since January 2015. He became vice president, Financial Planning & Analysis in January, 2017.