Regal Beloit Corp. (RBC) reported that its first-quarter net income attributable to the company of $49.5 million from $48.7 million in the year ago quarter. However, per share earnings for the first quarter were $1.09 compared to $1.16 for the same quarter of 2012, reflecting higher share count.
Adjusted net income for the quarter was $1.08 per share, down from $1.15 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.
Meanwhile, net sales for the first quarter 2013 were $778.2 million, down from $807.9 million for the quarter of 2012. Eleven analysts had a consensus revenue estimate of $804.27 million for the quarter.
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