Regal Beloit: 2Q Earnings Snapshot
Posted Aug 3, 2020 05:27:07 PM.
Last Updated Aug 3, 2020 05:32:36 PM.
This article is more than 5 years old.
BELOIT, Wis. (AP) _ Regal Beloit Corp. (RBC) on Monday reported second-quarter net income of $28.1 million.
On a per-share basis, the Beloit, Wisconsin-based company said it had profit of 69 cents. Earnings, adjusted for restructuring costs and non-recurring costs, came to 95 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The maker of controls for electric motors posted revenue of $634.1 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $656.3 million.
Regal Beloit shares have climbed 11% since the beginning of the year. In the final minutes of trading on Monday, shares hit $94.89, a rise of 22% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RBC at https://www.zacks.com/ap/RBC
The Associated Press
