Regal Beloit Q4 Profit Down

(RTTNews) - Regal Beloit Corp. (RBC) posted fourth-quarter net income attributable to the company of $36.7 million or $0.89 per share down from $55.6 million or $1.28 per share in the prior year.

Adjusted earnings per share were $1.25 compared to $1.31 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share for the quarter. Analysts' estimates typically exclude special items.

Total net sales were $738.2 million down 16.3% from the prior year. It included a negative 0.5% impact from foreign currency and a negative 6.5% impact from businesses divested/to be exited. The result was a negative organic sales growth rate of 9.3%. Analysts expected revenues of $736.31 million for the quarter.

The company forecasts 2020 GAAP earnings per share of $5.35 to $5.75. It expects annual adjusted earnings per share to be in the range of $5.65 to $6.05, an increase of about 7% at the midpoint from 2019. Analysts expect annual earnings of $5.78 per share for 2020.

The company expects markets to continue to be challenged in the first half of the year but believe the second half should see a recovery.