Regal Beloit misses 3Q profit forecasts
BELOIT, Wis. — Regal Beloit Corp. on Monday reported third-quarter earnings of $62.2 million.
The Beloit, Wisconsin-based company said it had profit of $1.39 per share. Earnings, adjusted for non-recurring gains, came to $1.37 per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.
The maker of controls for electric motors posted revenue of $856.9 million in the period, which beat Street forecasts. Seven analysts surveyed by Zacks expected $839.2 million.
Regal Beloit expects full-year earnings in the range of $4.80 to $4.90 per share.
Regal Beloit shares have risen 17 percent since the beginning of the year. The stock has climbed 39 percent in the last 12 months.