BELOIT, Wis., July 27 /PRNewswire-FirstCall/ -- REGAL-BELOIT
CORPORATION (NYSE:RBC) today reported strong increases in net sales
and earnings for the second quarter ended July 1, 2006. Net sales
increased 18.0% to $435.3 million from $368.8 million in the second
quarter of 2005. Net income increased 80.6% to $33.3 million as
compared to $18.4 million in the comparable period of 2005. Diluted
earnings per share increased 59.7% to $.99 as compared to $.62 for
the second quarter of 2005. In the Electrical Segment, sales
increased 20.5% to $382.2 million. Included in the results for the
quarter were $10.2 million of sales attributable to the Sinya motor
business acquired during the quarter. Sales were negatively
impacted by approximately $1.1 million as the Company began
transitioning from the supply agreements entered into with General
Electric as part of the 2004 acquisitions of the CAC and HVAC motor
businesses. The sales increase was again driven by strong channel
demand in commercial and industrial motors, generators, and HVAC
motors. Sales in the Mechanical Segment increased 2.9% to $53.0
million. Sales in the mechanical segment were impacted by the May
2006 sale of the Cutting Tools business and the May 2005 sale of
the Illinois Gear business that, on a combined basis, reduced sales
by approximately $4.0 million, from the comparable period of 2005.
The gross profit margin for the second quarter of 2006 was 23.9%,
which is a 230 basis point improvement over the gross profit margin
of 21.6% in the second quarter of 2005. The increase was a result
of higher volume, productivity and positive product mix offset, in
part, by continued increases in raw material costs. Included in
cost of sales for the second quarter was $1.4 million in expense
related to restructuring in the Company's Electrical Segment.
Income from operations was $57.9 million (13.3% of sales), a 61.6%
increase over the $35.8 million (9.7% of sales) reported for the
second quarter of 2005. Operating expenses for the second quarter
of 2006 included $.9 million of expense related to equity
compensation as compared to $.2 million in the second quarter of
2005. Also included in operating expenses, on a pretax basis, was a
$1.6 million gain from the sale of excess property. Net income in
the second quarter of 2006 was $33.3 million, an 80.6% increase
from the $18.4 million reported in the second quarter of 2005. "The
second quarter was a very active and positive quarter for the
Company. We have continued to successfully execute our strategy
demonstrated by the acquisition of the Sinya motor business in
China, the sale of the Cutting Tools business and the improvement
in operating margins," said Henry W. Knueppel, Chairman and CEO.
"The sales environment was strong in almost all of our end markets
during the quarter and our view remains positive into the future.
We are projecting third quarter diluted earnings per share to be in
the range of $.78 to $.84 per share. We continue to expect the
contributions from the execution of our strategic initiatives:
Innovation, Lean Six Sigma, Globalization, Digitization and
Customer Centricity, to further improve operating margins and ROIC
over the strategic plan horizon." REGAL-BELOIT will be holding a
telephone conference call pertaining to this news release at 1:00
PM CDT (2:00 PM EDT) on Thursday, July 27, 2006. Interested parties
should call 866-868-1109, access code 15244324. A replay of the
call will be available through August 4, 2006 at 877-213-9653,
access code 15244324. REGAL-BELOIT CORPORATION is a leading
manufacturer of mechanical and electrical motion control and power
generation products serving markets throughout the world.
REGAL-BELOIT is headquartered in Beloit, Wisconsin, and has
manufacturing, sales, and service facilities throughout North
America, and in Mexico, Europe and Asia. CAUTIONARY STATEMENT The
following is a cautionary statement made under the Private
Securities Litigation Reform Act of 1995: With the exception of
historical facts, the statements contained in this press release
may be forward-looking statements. Forward-looking statements
represent our management's judgment regarding future events. We
cannot guarantee the accuracy of the forward-looking statements,
and you should be aware that results and events could differ
materially and adversely from those contained in the
forward-looking statements due to a number of factors, including:
unexpected issues and costs arising from the integration of
acquired companies and businesses, such as our recent acquisitions
of the HVAC motors and capacitors businesses and the Commercial AC
motors business from General Electric Company; marketplace
acceptance of our recent acquisitions, including the loss of, or a
decline in business from, any significant customers; unanticipated
fluctuations in commodity prices and raw material costs and issues
affecting our ability to pass increased costs on to our customers;
cyclical downturns affecting the markets for capital goods;
substantial increases in interest rates that impact the cost of our
outstanding debt; the impact of capital market transactions that
the Company may effect; unanticipated costs associated with
litigation matters; the success of our management in increasing
sales and maintaining or improving the operating margins of our
businesses; actions taken by our competitors; difficulties in
staffing and managing foreign operations; our ability to satisfy
various covenant requirements under our credit facility; and other
risks and uncertainties described from time to time in our reports
filed with U.S. Securities and Exchange Commission. All subsequent
written and oral forward-looking statements attributable to us or
to persons acting on our behalf are expressly qualified in their
entirety by the applicable cautionary statements. The
forward-looking statements included in this press release are made
only as of the date of this release, and we undertake no obligation
to update these statements to reflect subsequent events or
circumstances. STATEMENTS OF EARNINGS In Thousands of Dollars
(Unaudited) Three Months Ended Six Months Ended July 1, 2006 June
29, 2005 July 1, 2006 June 29, 2005 Net Sales $435,269 $368,768
$833,595 $706,591 Cost of Sales 331,244 288,950 636,290 558,329
Gross Profit 104,025 79,818 197,305 148,262 Operating Expenses
46,159 44,007 95,821 86,586 Income From Operations 57,866 35,811
101,484 61,676 Interest Expense 5,454 5,894 10,249 11,348 Interest
Income 140 28 260 76 Income Before Taxes and Minority Interest
52,552 29,945 91,495 50,404 Provision For Income Taxes 18,847
10,996 33,189 18,638 Income Before Minority Interest 33,705 18,949
58,306 31,766 Minority Interest in Income, Net of Tax 396 504 1,209
1,035 Net Income $33,309 $18,445 $57,097 $30,731 Per Share of
Common Stock: Earnings Per Share - Basic $1.08 $.63 $1.86 $1.06
Earnings Per Share - Assuming Dilution $.99 $.62 $1.71 $1.03 Cash
Dividends Declared $.14 $.13 $.27 $.25 Average Number of Shares
Outstanding- Basic 30,816,156 29,064,518 30,759,004 29,049,209
Average Number of Shares Outstanding- Assuming Dilution 33,644,909
29,720,400 33,301,719 29,982,397 CONDENSED BALANCE SHEETS In
Thousands of Dollars ASSETS (Unaudited) (Audited) Current Assets:
July 1, 2006 Dec. 31, 2005 Cash and Cash Equivalents $24,570
$32,747 Receivables and Other Current Assets 300,872 230,217
Inventories. 231,942 224,316 Total Current Assets 557,384 487,280
Net Property, Plant and Equipment 251,486 244,329 Goodwill 547,390
546,168 Purchased Intangible Assets, Net 45,321 45,674 Other
Noncurrent Assets 19,669 19,103 Total Assets $1,421,250 $1,342,554
Liabilities and Shareholders' Investment Current Liabilities
$274,002 $218,791 Long-Term Debt 346,906 386,332 Other Noncurrent
Liabilities 94,692 89,435 Shareholders' Investment 705,650 647,996
Total Liabilities and Shareholders' Investment $1,421,250 $
1,342,554 SEGMENT INFORMATION In Thousands of Dollars (Unaudited)
Mechanical Segment Second Quarter Six Months July 1, June 29, July
1, June 29, 2006 2005 2006 2005 Net Sales $53,042 $51,546 $106,003
$100,147 Income from Operations $7,134 $3,139 $10,841 $5,876
(Unaudited) Electrical Segment Second Quarter Six Months July 1,
June 29, July 1, June 29, 2006 2005 2006 2005 Net Sales $382,227
$317,222 $727,592 $606,444 Income from Operations $50,732 $32,672
$90,643 $55,800 DATASOURCE: REGAL-BELOIT CORPORATION CONTACT: David
A. Barta, Vice President, Chief Financial Officer, REGAL- BELOIT
CORPORATION, +1-608-364-8808, Ext. 106 Web site:
http://www.regal-beloit.com/
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