BELOIT, Wis., July 30, 2013 /PRNewswire/ -- Regal Beloit
Corporation (NYSE: RBC) today reported financial results for the
second quarter 2013. Net sales for the second quarter 2013 were
$822.0 million compared to
$863.9 million for the second quarter
of 2012. Net income for the second quarter 2013 was
$51.1 million compared to
$62.7 million for the second quarter
of 2012. Diluted earnings per share for the second quarter
2013 were $1.13, reflecting the
higher share count, compared to $1.49
for the second quarter of 2012.
"Our revenues for the second quarter met our
expectations," said Regal Chairman and CEO Mark Gliebe. "Demand in our North
American commercial and industrial businesses remained sluggish
although order rates stabilized during the quarter.
North American residential HVAC came in as anticipated,
and we saw strength in other residential product sales.
A key challenge for the quarter was higher inventory costs related
to the Venezuelan currency devaluation. Additionally, we
incurred incremental due diligence costs as we pursued acquisitions
that fit both our strategic and financial goals. We intend to
remain a consistent acquiror and yet we remain prudent in our
evaluation of the opportunities. We have completed our EPC
synergy program and we are shifting those resources over to our
simplification initiative. We expect both efforts to
improve our margins and help us to continue to deliver strong free
cash flow," continued Mark
Gliebe.
ADJUSTED DILUTED
EARNINGS PER SHARE
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
GAAP Diluted Earnings
Per Share
|
|
$
1.13
|
|
$
1.49
|
|
$
2.22
|
|
$
2.65
|
Restructuring
Costs
|
|
0.02
|
|
0.01
|
|
0.03
|
|
0.01
|
Gain on Disposal of
Real Estate
|
|
-
|
|
-
|
|
-
|
|
(0.02)
|
Purchase
Accounting
|
|
-
|
|
-
|
|
-
|
|
0.01
|
Prior Year Tax
Benefit
|
|
(0.02)
|
|
-
|
|
(0.04)
|
|
-
|
Adjusted Diluted
Earnings Per Share
|
|
$
1.13
|
|
$
1.50
|
|
$
2.21
|
|
$
2.65
|
*This earnings release includes non-GAAP financial
measures. Schedules that reconcile these non-GAAP financial
measures to the most comparable GAAP figures are included with this
earnings release.
NET SALES
|
(Dollars In
Millions)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
% Change
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
% Change
|
Net Sales
|
|
$822.0
|
|
$863.9
|
|
(4.9)%
|
|
$1,600.2
|
|
$1,671.8
|
|
(4.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Electrical
segment
|
|
753.3
|
|
783.6
|
|
(3.9)%
|
|
1,464.3
|
|
1,515.0
|
|
(3.4)%
|
Mechanical
segment
|
|
68.7
|
|
80.3
|
|
(14.4)%
|
|
135.9
|
|
156.8
|
|
(13.3)%
|
Electrical segment net sales in the second quarter 2013 included
$7.7 million from businesses acquired
within the last year. North American residential HVAC net
sales decreased 6.8% for the second quarter 2013 compared to the
second quarter of 2012. North American commercial and
industrial motor net sales decreased 5.9%, of which 2.1% was
related to the expiration of our supply agreement with the
purchaser of our divested pool and spa business.
Mechanical segment net sales in North
America decreased 10.4% for the second quarter 2013,
substantially due to weaker demand from oil and gas customers.
Second quarter 2013 net sales to regions outside the United States decreased 3.6% compared to
second quarter 2012 and represented 32.6% of total net sales.
The impact of foreign currency exchange rates decreased total net
sales by 0.7% and international sales by 2.3% for the second
quarter 2013 compared to the second quarter 2012.
In the second quarter 2013, sales of high efficiency products
represented 19.6% of net sales.
GROSS
PROFIT
|
|
(Dollars in
Millions)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
Gross
Profit
|
|
$
209.2
|
|
$
220.1
|
|
$
408.7
|
|
$
417.7
|
As a percentage of net
sales
|
|
25.5
%
|
|
25.5 %
|
|
25.5
%
|
|
25.0 %
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
|
Electrical
segment
|
|
$
191.5
|
|
$
197.3
|
|
$
372.8
|
|
$
376.1
|
As a percentage of net
sales
|
|
25.4
%
|
|
25.2 %
|
|
25.5
%
|
|
24.8 %
|
Mechanical
segment
|
|
$
17.7
|
|
$
22.8
|
|
$
35.9
|
|
$
41.6
|
As a percentage of net
sales
|
|
25.8
%
|
|
28.4 %
|
|
26.4
%
|
|
26.5 %
|
Electrical segment gross profit for the second quarter 2013
included $1.0 million of
restructuring expenses, as well as a LIFO benefit of $2.1 million resulting from lower commodity
costs. Additionally, Electrical segment gross profit
for the second quarter 2013 was negatively impacted by $3.6 million of higher inventory costs due to the
Venezuelan currency devaluation. Second quarter 2012
Electrical segment gross profit included $0.5 million of restructuring expense and
$1.5 million of LIFO expense.
OPERATING
EXPENSES
|
|
(Dollars in
Millions)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
Operating
Expenses
|
|
$
128.1
|
|
$
116.8
|
|
$
251.7
|
|
$
235.3
|
As a percentage of net
sales
|
|
15.6
%
|
|
13.5 %
|
|
15.7
%
|
|
14.1 %
|
|
|
|
|
|
|
|
|
|
Operating Expenses by
Segment
|
|
|
|
|
|
|
|
|
Electrical
segment
|
|
$
118.8
|
|
$
105.8
|
|
$
232.8
|
|
$
215.3
|
As a percentage of net
sales
|
|
15.8
%
|
|
13.5 %
|
|
15.9
%
|
|
14.2 %
|
Mechanical
segment
|
|
$
9.3
|
|
$
11.0
|
|
$
18.9
|
|
$
20.0
|
As a percentage of net
sales
|
|
13.5
%
|
|
13.7 %
|
|
13.9
%
|
|
12.8 %
|
Operating expenses for the second quarter 2013 included
$0.2 million incremental expenses
from the acquired business. Operating expenses also
included $2.9 million of due
diligence costs, bad debt expense of $1.4
million and $0.4 million of
restructuring expenses. These expenses were primarily recorded in
the Electrical segment.
INCOME FROM
OPERATIONS
|
|
(Dollars in
Millions)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
Income from
Operations
|
|
$
81.1
|
|
$
103.3
|
|
$
157.0
|
|
$
182.4
|
As a percentage of net
sales
|
|
9.9
%
|
|
12.0 %
|
|
9.8
%
|
|
10.9 %
|
|
|
|
|
|
|
|
|
|
Income from
Operations by Segment
|
|
|
|
|
|
|
|
|
Electrical
segment
|
|
$
72.7
|
|
$
91.5
|
|
$
140.0
|
|
$
160.9
|
As a percentage of net
sales
|
|
9.7
%
|
|
11.7 %
|
|
9.6
%
|
|
10.6 %
|
Mechanical
segment
|
|
$
8.4
|
|
$
11.8
|
|
$
17.0
|
|
$
21.5
|
As a percentage of net
sales
|
|
12.2
%
|
|
14.7 %
|
|
12.5
%
|
|
13.7 %
|
The effective tax rate for the second quarter 2013 was 25.0%
compared to 30.5% for the second quarter 2012. The second quarter
2013 tax expense included a prior year benefit of $0.9 million attributable to qualification in
China for a high technology tax
incentive. Excluding this prior year benefit, the effective
tax rate would have been
26.3%.
Interest expense was down $0.5
million compared to the second quarter 2012 due to a decline
in average outstanding debt. During the second quarter 2013,
the $55.0 million term loan was
repaid.
For the second quarter 2013, net cash provided by operating
activities was $91.3 million. For the
second quarter 2013, free cash flow* represented 126.6% of net
income.
"Our third quarter expectations include our typical quarter
to quarter seasonality in residential HVAC, slight growth in North
American commercial and industrial markets and modest improvements
in China," continued
Mark Gliebe. "We expect
diluted earnings per share for the third quarter of 2013 to be
$1.08 to $1.16. Adding back
$0.02 of restructuring charges,
adjusted diluted earnings per share is expected to be $1.10 to $1.18."
Regal management will hold a conference call to discuss the
earnings release at 9:00 AM CDT
(10:00 AM EDT) on Wednesday, July 31, 2013. Individuals who
would like to participate by phone should dial 866-652-5200,
referencing Regal. International callers should dial
412-317-6060, referencing Regal. To view the presentation
during the call, please follow this link to Regal's Investors page:
http://investors.regalbeloit.com/phoenix.zhtml?c=116222&p=irol-presentations.
To listen to the live audio and view the presentation via the
internet, please go to:
http://www.videonewswire.com/event.asp?id=95024.
A telephone replay of the call will be available through
October 31, 2013, at 877-344-7529,
conference ID 10031530. International callers should call
412-317-0088 using the same conference ID. A webcast replay
will be available until October 31,
2013, and can be accessed at
http://investors.regalbeloit.com/phoenix.zhtml?c=116222&p=irol-calendarPast or
at
http://www.videonewswire.com/event.asp?id=95024.
Regal Beloit Corporation is a leading manufacturer of electric
motors, mechanical and electrical motion controls and power
generation products serving markets throughout the world.
Regal Beloit is headquartered in Beloit,
Wisconsin, and has manufacturing, sales and service
facilities throughout the United
States, Canada,
Mexico, Europe and Asia. Regal Beloit's common
stock is a component of the S&P Mid Cap 400 Index and the
Russell 2000 Index.
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.
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: uncertainties regarding our ability to execute our
restructuring plans within expected costs and timing; actions taken
by our competitors and our ability to effectively compete in the
increasingly competitive global electric motor, power generation
and mechanical motion control industries; our ability to develop
new products based on technological innovation and the marketplace
acceptance of new and existing products; fluctuations in commodity
prices and raw material costs; our dependence on significant
customers; issues and costs arising from the integration of
acquired companies and businesses, including the timing and impact
of purchase accounting adjustments; unanticipated costs or expenses
we may incur related to product warranty issues; our dependence on
key suppliers and the potential effects of supply disruptions;
infringement of our intellectual property by third parties,
challenges to our intellectual property, and claims of infringement
by us of third party technologies; increases in our overall debt
levels as a result of acquisitions or otherwise and our ability to
repay principal and interest on our outstanding debt; product
liability and other litigation, or the failure of our products to
perform as anticipated, particularly in high volume applications;
economic changes in global markets where we do business, such as
reduced demand for the products we sell, currency exchange rates,
inflation rates, interest rates, recession, foreign government
policies and other external factors that we cannot control;
unanticipated liabilities of acquired businesses; cyclical
downturns affecting the global market for capital goods;
difficulties associated with managing foreign operations; and other
risks and uncertainties including but not limited to those
described in Item 1A-Risk Factors of the Company's Annual Report on
Form 10-K(A) filed on March 26,
2013 and 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 presentation are made only as of their
respective dates, and we undertake no obligation to update these
statements to reflect subsequent events or circumstances.
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Millions,
Except per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
Net Sales
|
|
$822.0
|
|
$863.9
|
|
$1,600.2
|
|
$1,671.8
|
Cost of
Sales
|
|
612.8
|
|
643.8
|
|
1,191.5
|
|
1,254.1
|
Gross
Profit
|
|
209.2
|
|
220.1
|
|
408.7
|
|
417.7
|
Operating
Expenses
|
|
128.1
|
|
116.8
|
|
251.7
|
|
235.3
|
Income From
Operations
|
|
81.1
|
|
103.3
|
|
157.0
|
|
182.4
|
Interest
Expense
|
|
10.7
|
|
11.2
|
|
21.3
|
|
23.0
|
Interest
Income
|
|
1.1
|
|
0.4
|
|
1.8
|
|
0.8
|
Income Before
Taxes
|
|
71.5
|
|
92.5
|
|
137.5
|
|
160.2
|
Provision For Income
Taxes
|
|
17.9
|
|
28.2
|
|
33.2
|
|
46.0
|
Net Income
|
|
53.6
|
|
64.3
|
|
104.3
|
|
114.2
|
Less: Net Income
Attributable to Noncontrolling
Interests
|
|
2.5
|
|
1.6
|
|
3.7
|
|
2.8
|
Net Income
Attributable to Regal Beloit Corporation
|
|
$
51.1
|
|
$
62.7
|
|
$
100.6
|
|
$
111.4
|
|
Earnings Per Share
Attributable to Regal Beloit Corporation:
|
Basic
|
|
$
1.14
|
|
$
1.50
|
|
$
2.24
|
|
$
2.68
|
Assuming
Dilution
|
|
$
1.13
|
|
$
1.49
|
|
$
2.22
|
|
$
2.65
|
Cash Dividends
Declared
|
|
$
0.20
|
|
$
0.19
|
|
$
0.39
|
|
$
0.37
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
45.0
|
|
41.7
|
|
45.0
|
|
41.6
|
Assuming
Dilution
|
|
45.3
|
|
42.0
|
|
45.3
|
|
42.0
|
SEGMENT
INFORMATION
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Electrical
Segment
|
|
Mechanical
Segment
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
Net Sales
|
|
$
753.3
|
|
$
783.6
|
|
$
68.7
|
|
$
80.3
|
Income from
Operations
|
|
72.7
|
|
91.5
|
|
8.4
|
|
11.8
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Electrical
Segment
|
|
Mechanical
Segment
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
Net Sales
|
|
$1,464.3
|
|
$1,515.0
|
|
$135.9
|
|
$156.8
|
Income from
Operations
|
|
140.0
|
|
160.9
|
|
17.0
|
|
21.5
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
Unaudited
|
|
|
|
|
(Dollars in
Millions)
|
|
|
|
|
|
|
Jun 29,
2013
|
|
Dec 29,
2012
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
414.4
|
|
$
375.3
|
Trade Receivables,
less Allowances
of $11.7 million in 2013 and $10.2 million in
2012
|
|
512.3
|
|
446.0
|
Inventories
|
|
581.7
|
|
557.0
|
Prepaid Expenses and
Other Current Assets
|
|
113.5
|
|
112.9
|
Deferred Income Tax
Benefits
|
|
53.5
|
|
48.7
|
Total Current
Assets
|
|
1,675.4
|
|
1,539.9
|
|
|
|
|
|
Property, Plant,
Equipment and Noncurrent Assets
|
|
1,992.7
|
|
2,029.2
|
Total
Assets
|
|
$3,668.1
|
|
$3,569.1
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
Payable
|
|
$
334.7
|
|
$
251.8
|
Other Accrued
Expenses
|
|
235.7
|
|
218.3
|
Current Maturities of
Debt
|
|
11.1
|
|
63.8
|
Total Current
Liabilities
|
|
$
581.5
|
|
$
533.9
|
|
|
|
|
|
Long-Term
Debt
|
|
757.5
|
|
754.7
|
Other Noncurrent
Liabilities
|
|
275.0
|
|
284.0
|
Equity:
|
|
|
|
|
Total Regal Beloit
Corporation Shareholders' Equity
|
|
2,008.3
|
|
1,953.4
|
Noncontrolling
Interests
|
|
45.8
|
|
43.1
|
Total
Equity
|
|
$2,054.1
|
|
$1,996.5
|
Total Liabilities and
Equity
|
|
$3,668.1
|
|
$3,569.1
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
(Dollars in
Millions)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
53.6
|
|
$
64.3
|
|
$104.3
|
|
$114.2
|
Adjustments to
reconcile net income and changes in assets and liabilities (net of
acquisitions) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
31.8
|
|
32.2
|
|
63.4
|
|
63.1
|
|
|
|
|
|
|
|
|
|
Excess tax benefits
from share-based compensation
|
|
(0.1)
|
|
(0.3)
|
|
(0.7)
|
|
(0.9)
|
Loss (Gain) on
disposition of property, net
|
|
0.3
|
|
(0.1)
|
|
0.3
|
|
(1.4)
|
Share-based
compensation expense
|
|
3.1
|
|
2.4
|
|
5.4
|
|
4.5
|
Change in assets and
liabilities
|
|
2.6
|
|
37.4
|
|
(15.4)
|
|
24.9
|
Net cash provided by
operating activities
|
|
91.3
|
|
135.9
|
|
157.3
|
|
204.4
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Additions to
property, plant, and equipment
|
|
(26.6)
|
|
(25.0)
|
|
(47.2)
|
|
(44.8)
|
Purchases of
investment securities
|
|
(8.4)
|
|
-
|
|
(16.0)
|
|
-
|
Sales of investment
securities
|
|
8.4
|
|
-
|
|
15.8
|
|
-
|
Business
acquisitions, net of cash acquired
|
|
-
|
|
(2.3)
|
|
(6.0)
|
|
(95.3)
|
Grants received for
capital expenditures
|
|
-
|
|
2.4
|
|
-
|
|
2.4
|
Proceeds from sale of
assets
|
|
-
|
|
0.4
|
|
-
|
|
2.7
|
Net cash used in
investing activities
|
|
(26.6)
|
|
(24.5)
|
|
(53.4)
|
|
(135.0)
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Borrowings under
revolving credit facility
|
|
20.0
|
|
75.5
|
|
20.0
|
|
231.0
|
Repayments under
revolving credit facility
|
|
(17.0)
|
|
(146.5)
|
|
(17.0)
|
|
(240.0)
|
|
|
|
|
|
|
|
|
|
Net proceeds
(repayments) of short-term borrowings
|
|
(1.5)
|
|
(4.3)
|
|
2.3
|
|
0.8
|
Repayments of
long-term debt
|
|
(55.1)
|
|
-
|
|
(55.2)
|
|
(0.1)
|
Dividends paid to
shareholders
|
|
(8.5)
|
|
(7.5)
|
|
(17.0)
|
|
(15.0)
|
Proceeds from the
exercise of stock options
|
|
1.0
|
|
0.4
|
|
2.2
|
|
2.1
|
Excess tax benefits
from share-based compensation
|
|
0.1
|
|
0.3
|
|
0.7
|
|
0.9
|
Net cash used in
financing activities
|
|
(61.0)
|
|
(82.1)
|
|
(64.0)
|
|
(20.3)
|
EFFECT OF EXCHANGE
RATES ON CASH
|
|
(1.2)
|
|
(2.6)
|
|
(0.8)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
2.5
|
|
26.7
|
|
39.1
|
|
48.3
|
Cash and cash
equivalents at beginning of period
|
|
411.9
|
|
164.2
|
|
375.3
|
|
142.6
|
Cash and cash
equivalents at end of period
|
|
$414.4
|
|
$190.9
|
|
$414.4
|
|
$190.9
|
|
|
|
|
|
|
|
|
|
NON-GAAP MEASURES
Unaudited
(Dollars in Millions)
We prepare financial statements in accordance with accounting
principles generally accepted in the
United States (GAAP). We also disclose adjusted
diluted earnings per share (EPS), adjusted gross profit, adjusted
gross profit as a percentage of net sales, adjusted income from
operations, free cash flow and free cash flow as a percentage of
net income attributable to Regal Beloit Corporation (collectively,
"non-GAAP financial measures"). We use these measures in our
internal performance reporting and for reports to the Board of
Directors. We also periodically disclose certain of these
measures in our quarterly earnings releases, on investor conference
calls, and in investor presentations and similar events. We believe
that these non-GAAP financial measures are useful measures for
providing investors with additional insight into our operating
performance. This additional information is not meant to be
considered in isolation or as a substitute for our results of
operations prepared and presented in accordance with GAAP.
Free cash flow is defined as net cash provided by operating
activities less additions to property, plant and equipment.
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
GAAP Gross
Profit
|
|
$209.2
|
|
$220.1
|
|
$408.7
|
|
$417.7
|
Purchase Accounting
Costs
|
|
-
|
|
0.2
|
|
-
|
|
0.7
|
Restructuring
Costs
|
|
1.0
|
|
0.5
|
|
1.5
|
|
0.5
|
Adjusted Gross
Profit
|
|
$210.2
|
|
$220.8
|
|
$410.2
|
|
$418.9
|
|
|
|
|
|
|
|
|
|
Adjusted Gross Profit
as a Percentage of Net Sales
|
|
25.6
%
|
|
25.6 %
|
|
25.6
%
|
|
25.1 %
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
GAAP Income from
Operations
|
|
$
81.1
|
|
$103.3
|
|
$157.0
|
|
$182.4
|
Purchase Accounting
Costs
|
|
-
|
|
0.2
|
|
-
|
|
0.7
|
Restructuring
Costs
|
|
1.4
|
|
0.5
|
|
2.3
|
|
0.5
|
Gain on Disposal of
Real Estate
|
|
-
|
|
-
|
|
-
|
|
(1.3)
|
Adjusted Income from
Operations
|
|
$
82.5
|
|
$104.0
|
|
$159.3
|
|
$182.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
|
Jun 29,
2013
|
|
Jun 30,
2012
|
GAAP Net Cash
Provided by Operating Activities
|
|
$
91.3
|
|
$135.9
|
|
$157.3
|
|
$204.4
|
Additions to Property
Plant and Equipment
|
|
(26.6)
|
|
(25.0)
|
|
(47.2)
|
|
(44.8)
|
Free Cash
Flow
|
|
$
64.7
|
|
$110.9
|
|
$110.1
|
|
$159.6
|
Free Cash Flow as a
Percentage of Net Income Attributable to Regal Beloit
|
|
126.6
%
|
|
176.9 %
|
|
109.4
%
|
|
143.3 %
|
SOURCE Regal Beloit Corporation