PR Newswire
BELOIT, Wis., Aug. 7, 2017
BELOIT, Wis., Aug. 7, 2017 /PRNewswire/ -- Regal Beloit Corporation (NYSE: RBC) today reported second quarter 2017 diluted earnings per share of $1.18, down 6.3% from the prior year. Second quarter 2017 adjusted diluted earnings per share* were $1.29, up 13.2% from the prior year.
Key financial results for the second quarter 2017 included:
Second quarter 2017 segment results versus the prior year second quarter included:
*This earnings release includes non-GAAP financial measures. Descriptions of why we believe these non-GAAP measures are useful and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included with this earnings release.
"Overall, we had a solid quarter with organic sales growth of 4.8% and all three segments contributing," said Regal Chairman and CEO Mark Gliebe. "We continue to be pleased with the progress we are making on margin improvement."
2017 Outlook
"Our order trends remain positive, and we continue to expect low single digit organic sales growth for the full year. We are raising our 2017 adjusted diluted earnings per share guidance to $4.70 to $5.00 from our previous guidance of $4.55 to $4.95," continued Mr. Gliebe.
The Company forecasts 2017 GAAP diluted earnings per share of $4.51 to $4.81. Additionally, the Company has updated its forecast on 2017 full year effective tax rate to 22% from the previous forecast of 23%.
Conference Call
Regal will hold a conference call to discuss the earnings release at 9:00 AM CDT (10:00 AM EDT) on August 8, 2017. To listen to the live audio and view the presentation during the call, please visit Regal's Investors page:
http://investors.regalbeloit.com. To listen by phone or to ask the presenters a question, dial 888.317.6003 (U.S. callers) or 1.412.317.6061 (international callers) and enter 3706406 when prompted.
A webcast replay will be available at the link above, and a telephone replay will be available at 877.344.7529 (U.S. callers) or 1.412.317.0088 (international callers), conference ID 10105093. Both will be accessible until November 7, 2017.
About the Company
Regal Beloit Corporation (NYSE: RBC) is a leading manufacturer of electric motors, electrical motion controls, power generation and power transmission products serving markets throughout the world. The company is comprised of three business segments: Commercial and Industrial Systems, Climate Solutions and Power Transmission Solutions. Regal is headquartered in Beloit, Wisconsin, and has manufacturing, sales and service facilities throughout the United States, Canada, Mexico, Europe and Asia. For more information, visit RegalBeloit.com
CAUTIONARY STATEMENT
The following is a cautionary statement made under the Private Securities Litigation Reform Act of 1995: With the exception of historical facts, the statements contained in this release may be forward-looking statements. Forward-looking statements represent our management's judgment regarding future events. In many cases, you can identify forward-looking statements by terminology such as "may," "will," "expect," "intend," "estimate," "forecast," "anticipate," "believe," "should," "project" or "plan" or the negative of these terms or other similar words. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements due to a number of factors, including: uncertainties regarding our ability to execute our restructuring plans within expected costs and timing; increases in our overall debt levels as a result of the acquisition of the Power Transmission Solutions business of Emerson Electric Co. ("PTS") or otherwise and our ability to repay principal and interest on our outstanding debt; actions taken by our competitors and our ability to effectively compete in the increasingly competitive global electric motor, drives and controls, power generation and mechanical motion control industries; our ability to develop new products based on technological innovation and marketplace acceptance of new and existing products; fluctuations in commodity prices and raw material costs; our dependence on significant customers; issues and costs arising from the integration of acquired companies and businesses including PTS and the timing and impact of purchase accounting adjustments; prolonged declines in oil and gas up stream capital spending; economic changes in global markets where we do business, such as reduced demand for the products we sell, currency exchange rates, inflation rates, interest rates, recession, government policies, including policy changes affecting taxation, trade, immigration and the like, and other external factors that we cannot control; product liability and other litigation, or claims by end users, government agencies or others that our products or our customers' applications failed to perform as anticipated, particularly in high volume applications or where such failures are alleged to be the cause of property or casualty claims; unanticipated liabilities of acquired businesses; unanticipated costs or expenses we may incur related to product warranty issues; our dependence on key suppliers and the potential effects of supply disruptions; infringement of our intellectual property by third parties, challenges to our intellectual property, and claims of infringement by us of third party technologies; effect on earnings of any significant impairment of goodwill or intangible assets; cyclical downturns affecting the global market for capital goods; and other risks and uncertainties including but not limited to those described in "Item 1A-Risk Factors" of the Company's Annual Report on Form 10-K filed on March 1, 2017 and from time to time in our reports filed with U.S. Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements. The forward-looking statements included in this release are made only as of their respective dates, and we undertake no obligation to update these statements to reflect subsequent events or circumstances.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
Unaudited | ||||||||||||||||
(Amounts in Millions, Except per Share Data) | ||||||||||||||||
| | | | | | | | | ||||||||
| | Three Months Ended | | Six Months Ended | ||||||||||||
| | Jul 1, | | Jul 2, | | Jul 1, | | Jul 2, | ||||||||
Net Sales | | $ | 869.2 | | | $ | 838.6 | | | $ | 1,682.7 | | | $ | 1,656.8 | |
Cost of Sales | | 646.2 | | | 615.7 | | | 1,244.1 | | | 1,216.5 | | ||||
Gross Profit | | 223.0 | | | 222.9 | | | 438.6 | | | 440.3 | | ||||
Operating Expenses | | 140.0 | | | 131.5 | | | 280.8 | | | 279.6 | | ||||
Income From Operations | | 83.0 | | | 91.4 | | | 157.8 | | | 160.7 | | ||||
Interest Expense | | 14.7 | | | 14.8 | | | 29.1 | | | 29.8 | | ||||
Interest Income | | 1.0 | | | 1.2 | | | 2.0 | | | 2.3 | | ||||
Income Before Taxes | | 69.3 | | | 77.8 | | | 130.7 | | | 133.2 | | ||||
Provision for Income Taxes | | 15.0 | | | 19.4 | | | 28.8 | | | 32.1 | | ||||
Net Income | | 54.3 | | | 58.4 | | | 101.9 | | | 101.1 | | ||||
Less: Net Income Attributable to Noncontrolling Interests | | 1.3 | | | 1.8 | | | 2.6 | | | 2.9 | | ||||
Net Income Attributable to Regal Beloit Corporation | | $ | 53.0 | | | $ | 56.6 | | | $ | 99.3 | | | $ | 98.2 | |
Earnings Per Share Attributable to Regal Beloit Corporation: | | | | | | | | | ||||||||
Basic | | $ | 1.19 | | | $ | 1.27 | | | $ Werbung Mehr Nachrichten zur Regal Beloit Aktie kostenlos abonnieren
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