Regal Beloit Corp. (RBC) reported third quarter net income attributable to the company of $31.15 million or $0.82 per share, lower than $36.14 million or $1.07 per share in the same quarter a year-ago.
Quarterly net sales declined 25.0% to $465.2 million from $620.6 million in the corresponding quarter last year.
Analysts polled by Thomson Reuters expected the company to earn $0.83 per share on revenues of $467.61 million for the quarter. Analysts' estimates typically exclude special items.
Looking forward, the company projects earnings per share for the fourth quarter to be nearly equal to 2008 and in range of $0.59 to $0.66 per share. Analysts currently expect earnings of $0.59 per share.
The company expects fourth quarter normal seasonal slowing in terms of revenues. The company expects to see the continued benefits from its cost reduction efforts, plant rationalizations and sales of energy efficient products.
For comments and feedback: editorial@rttnews.com