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Regal Beloit: 3Q Earnings Snapshot

·1 min read

BELOIT, Wis. (AP) _ Regal Beloit Corp. (RBC) on Wednesday reported third-quarter net income of $65 million.

The Beloit, Wisconsin-based company said it had net income of $1.60 per share. Earnings, adjusted for restructuring costs and non-recurring costs, were $1.73 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.

The maker of controls for electric motors posted revenue of $758.2 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $709.9 million.

For the current quarter ending in December, Regal Beloit expects its per-share earnings to range from $1.46 to $1.66.

The company expects full-year earnings in the range of $5.45 to $5.65 per share.

Regal Beloit shares have climbed nearly 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $94.11, a rise of 25% 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