NEW YORK (AP) -- Shares of Regal Beloit Corp. tumbled Wednesday after the company reported disappointing first-quarter results.
Regal Beloit makes controls for electric motors. The company said Wednesday that the U.S. commercial and industrial market wasn't as strong as it hoped during the first quarter, although the residential market lived up to its expectations.
Net income rose to $49.5 million from $48.7 million. Because the company had more shares on the market than it did a year ago, per-share income fell to $1.09 from $1.16. Revenue fell 4 percent to $778.2 million.
Analysts forecast net income of $1.15 per share and $799.6 million in revenue, according to FactSet.
The Beloit, Wis., company said revenue from its electrical business fell by 3 percent to $711 million and revenue from its mechanical segment decreased by 12 percent to $67.2 million.
Shares of Regal Beloit dropped $16.03, or 20.4 percent, to $62.59 in afternoon trading.