Last $70.36 USD
Change Today -0.67 / -0.94%
Volume 177.6K
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regal-beloit corp (RBC) Key Developments

Regal Beloit Corporation, Emerson Electric Co. - M&A Call

To consider Acquisition of Emerson's Power Transmission Solutions Business

Regal Beloit Seeks Acquisitions

Regal Beloit Corporation (NYSE:RBC) is seeking acquisitions. Chuck Hinrichs, Vice President and Chief Financial Officer of Regal Beloit, said, "We will continue our focus on generating free cash flow to reduce our debt, as we have successfully done in the past. In the future, we will pay down our debt, and plan to be in a financial position to look for other bolt-on acquisitions, and return cash to our shareholders through dividends and share repurchases."

Anesa Chaibi to Join Regal Beloit Corporation's Board of Directors, Effective November 10, 2014

Regal Beloit Corporation announced that Ms. Anesa Chaibi will join the company's Board of Directors effective November 10, 2014 as a Class "A" Director with her initial term continuing until the 2015 annual shareholders meeting. Additionally, the company announced an increase in the size of the board from nine to ten directors. Ms. Chaibi currently serves as the President and Chief Executive Officer of HD Supply Facilities Maintenance, a position she has held since September 2005. Prior to this role, she served as General Manager of Global Quality and Commercial Operations for GE Water & Process Technologies.

Regal Beloit Corporation - Analyst/Investor Day

Regal Beloit Corporation - Analyst/Investor Day

Regal Beloit Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 27, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2014

Regal Beloit Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 27, 2014. For the quarter, the company’s net sales were $829.8 million compared to $768.2 million for the third quarter 2013. Net income attributable to the company was $47.5 million compared to $52.6 million for the third quarter 2013. Diluted earnings per share were $1.05 compared to $1.16 for the third quarter 2013. Adjusted diluted earnings per share were $1.15 compared to $1.18 for the third quarter 2013. Net cash provided by operating activities was $81.8 million against $81.2 million a year ago. Income from operations was $74.7 million against $78.8 million a year ago. Income before taxes was $66.9 million against $69.5 million a year ago. Additions to property, plant, and equipment were $17.6 million against $18.2 million a year ago. Additions of equipment on operating leases were $1.3 million against $3.6 million a year ago. Adjusted income from operations was $80.8 million against $80.0 million a year ago. For the nine months, the company reported net sales of $2,481.4 million against $2,368.4 million a year ago. Income from operations was $232.1 million against $235.8 million a year ago. Income before taxes was $207.0 million against $207.0 million a year ago. Net income attributable to the company was $147.5 million against $153.2 million a year ago. Diluted earnings per share were $3.25 against $3.38 a year ago. Net cash provided by operating activities was $227.1 million against $238.5 million a year ago. Additions to property, plant, and equipment were $60.5 million against $65.4 million a year ago. Additions of equipment on operating leases were $4.5 million against $3.6 million a year ago. Adjusted income from operations was $246.1 million against $239.3 million a year ago. Adjusted diluted earnings per share were $3.46 against $3.39 a year ago. Net debt was $350 million. For the fourth quarter, the company expects diluted earnings per share to be $0.83 to $0.91. Adding back $0.06 of estimated restructuring expenses and $0.01 of purchase accounting adjustments, adjusted diluted earnings per share is expected to be $0.90 to $0.98. The company estimates effective tax rate for the fourth quarter to be 25%, as the company will benefit from a lower tax rate in one of China plants. The company anticipates 2014 will be the fourth consecutive year that free cash flow exceeds 100% of net income.

 

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