BELOIT, Wis. (AP) _ Regal Beloit Corp. (RBC) on Monday reported first-quarter profit of $45.8 million.
The Beloit, Wisconsin-based company said it had profit of $1.12 per share. Earnings, adjusted for restructuring costs and non-recurring costs, were $1.31 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.
The maker of controls for electric motors posted revenue of $734.2 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $730.4 million.
Regal Beloit shares have decreased 21% since the beginning of the year. In the final minutes of trading on Monday, shares hit $67.51, a decline of 21% in the last 12 months.