Regal Beloit Provides Fiscal Third Quarter Financial Guidance Update
09 10월 2009 - 6:15AM
PR Newswire (US)
BELOIT, Wis., Oct. 8 /PRNewswire-FirstCall/ -- Regal Beloit
Corporation (NYSE:RBC) today provided updated financial guidance
for the fiscal third quarter ended September 26, 2009. Revenue is
expected to decline approximately 25% as compared to the third
quarter of 2008, which is consistent with the prior guidance. Fully
diluted earnings per share, however, are expected to be in the
range of $.80 to $.85 which is an increase from the prior expected
range of $.60 to $.68. The improvement from the prior expectations
is being driven by a lower effective tax rate, lower raw material
costs, the sales mix of energy efficient products and cost
reductions. The current guidance for the effective tax rate is
27.0% as compared to the prior guidance of 30.0%. This change is
driven by the favorable resolution of several tax matters. The
reduction in the effective tax rate along with the favorability in
raw material costs for the quarter are temporary in nature and are
not expected to repeat in future quarters. The other favorable
factors are more permanent in nature. These include sales of energy
efficient products which continue to grow at an accelerated pace
and the cost reductions. Regal Beloit will be releasing third
quarter financial results, followed by a conference call, on
November 2, 2009. The release will include more specific
information regarding the third quarter results as well as the
Company's outlook for the fourth quarter. At this time, the Company
expects the fourth quarter to reflect a sequential decrease in
sales driven by the normal seasonal patterns and, as stated above,
a normalized tax rate and less favorable raw material costs. Regal
Beloit Corporation is a leading manufacturer of mechanical and
electrical motion control and power generation products serving
markets throughout the world. Regal Beloit Corporation is
headquartered in Beloit, Wisconsin, and has manufacturing, sales,
and service facilities throughout the United States, Canada,
Mexico, Europe and Asia. CAUTIONARY STATEMENT This Press Release
contains "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements represent our management's judgment regarding future
events. In many cases, you can identify forward-looking statements
by terminology such as "may," "will," "plan," "expect,"
"anticipate," "estimate," "believe," or "continue" or the negative
of these terms or other similar words. Actual results and events
could differ materially and adversely from those contained in the
forward-looking statements due to a number of factors, including:
-- economic changes in global markets where we do business, such as
reduced demand for the products we sell, weakness in the housing
and commercial real estate markets, currency exchange rates,
inflation rates, interest rates, recession, foreign government
policies and other external factors that we cannot control; --
unanticipated fluctuations in commodity prices and raw material
costs; -- cyclical downturns affecting the global market for
capital goods; -- unexpected issues and costs arising from the
integration of acquired companies and businesses; -- marketplace
acceptance of new and existing products including the loss of, or a
decline in business from, any significant customers; -- the impact
of capital market transactions that we may effect; -- the
availability and effectiveness of our information technology
systems; -- unanticipated costs associated with litigation matters;
-- actions taken by our competitors, including new product
introductions or technological advances, and other events affecting
our industry and competitors; -- difficulties in staffing and
managing foreign operations; -- other domestic and international
economic and political factors unrelated to our performance, such
as the current substantial weakness in economic and business
conditions and the stock markets as a whole; and -- other risks and
uncertainties described from time to time in our reports filed with
the U.S. Securities and Exchange Commission, or SEC, which are
incorporated by reference. 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 their respective
dates, and we undertake no obligation to update these statements to
reflect subsequent events or circumstances. See also Item 1A - Risk
Factors in the Company's Annual Report on Form 10-K filed on
February 25, 2009. DATASOURCE: Regal Beloit Corporation CONTACT:
John Perino, Vice President, Investor Relations of Regal Beloit
Corporation, +1-608-361-7501 Web Site: http://www.regal-beloit.com/
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