Regal Beloit Corp. (RBC) reported net income for the second quarter of $62.7 million or $1.49 per share, compared to $34.3 million or $0.88 per share for the year-ago quarter.
Excluding items, adjusted earnings for the the latest quarter were $1.50 per share, compared to $1.38 per share in the prior year quarter.
Net sales for the second quarter increased 26.7% to $863.9 million from $681.8 million from a year ago.
Analysts polled by Thomson Reuters expected the company to earn $1.45 per share on revenue of $891.43 million for the second quarter. Analysts' estimates typically exclude special items.
Including $0.10 of anticipated expense from restructuring activities, the company's earnings guidance for the third quarter is $1.22 to $1.30 per share. Excluding the $0.10 of restructuring expense, the company's adjusted earnings guidance is $1.32 to $1.40 per share. Analysts currently expect the company to earn $1.44 per share for the third quarter.
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