BELOIT, Wis., May 8, 2017 /PRNewswire/ --
- Diluted Earnings Per Share Up 9.7%
- 2017 Diluted Earnings per Share Guidance Increased
Regal Beloit Corporation (NYSE: RBC) today reported first
quarter 2017 diluted earnings per share of $1.02, up 9.7% from the prior year. First
quarter 2017 adjusted diluted earnings per share* were $1.07, up 12.6% from the prior year.
Key financial results for the first quarter 2017 included:
- Total net sales of $813.5 million
decreased 0.6% from the prior year and included a negative 0.6%
foreign currency translation impact and a negative 0.6% divestiture
impact. The result was a positive organic sales growth rate of
0.7%.
- Income from operations was $74.8
million or 9.2% of net sales up 70 basis points from the
prior year. Adjusted income from operations was $77.8 million or 9.6% of net sales up 100 basis
points from the prior year.
- The Company paid down $43.5
million of debt.
First quarter 2017 segment results versus the prior year first
quarter included:
- Commercial and Industrial Systems Segment net sales were
$381.2 million, an increase of 1.0%.
Foreign currency had a negative 0.8% translation impact. The result
was a positive organic sales growth rate of 1.7% driven by growth
in Asia and in the power
generation businesses. Operating margin was 6.8%. Excluding
restructuring and related costs of $1.7
million, adjusted operating margin was 7.2%.
- Climate Solutions Segment net sales were $247.7 million, an increase of 3.3%. Foreign
currency had a negative 0.4% translation impact. The result was a
positive organic sales growth rate of 3.7% driven by growth in
North American residential HVAC partially offset by diminishing
weakness in Middle East end
markets. Operating margin was 12.6%. Excluding restructuring and
related costs of $1.1 million,
adjusted operating margin was 13.0%.
- Power Transmission Solutions Segment net sales were
$184.6 million, a decrease of 8.1%.
Foreign currency had a negative 0.5% translation impact. Our
June 2016 Mastergear divestiture
resulted in a negative 2.6% impact. The result was an organic sales
growth rate of negative 5.0% driven by renewable energy demand
patterns and diminishing weakness in oil & gas. Operating
margin was 9.6%. Excluding restructuring and related costs of
$0.4 million, adjusted operating
margin was 9.8%.
*This earnings release includes non-GAAP financial
measures. Descriptions of why we believe these non-GAAP
measures are useful and reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP measures are included
with this earnings release.
"Our first quarter results were slightly ahead of our
expectations and represented our fifth consecutive quarter of
improving organic sales growth rates," said Regal Chairman and CEO
Mark Gliebe. "Strong growth in
residential HVAC and most Asian end markets helped offset the
lingering weakness in energy."
2017 Outlook
"Our orders strengthened in the quarter, and we continue to
expect positive organic sales growth in 2017. We expect
improved margins from both volume growth and our simplification
efforts to more than offset the continued challenges from commodity
inflation. Given the progress that we made in the first
quarter, we are revising our 2017 adjusted diluted earnings per
share forecast to $4.55 to $4.95, an
increase of $0.05," continued Mr.
Gliebe.
The Company forecasts 2017 GAAP diluted earnings per share of
$4.40 to $4.80.
Conference Call
Regal will hold a conference call to discuss the earnings
release at 9:00 AM CDT (10:00 AM EDT) on May 9,
2017. Individuals who would like to participate by phone
should dial 888-317-6003 and enter 3706406 when prompted.
International callers should dial 1-412-317-6061 and enter 3706406
when prompted. 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:
https://services.choruscall.com/links/rbc170509w3hzlG7j.html
A telephone replay of the call will be available through
August 8, 2017, at 877-344-7529,
conference ID 10105093. International callers should call
1-412-317-0088 using the same conference ID. A webcast replay will
be available until August 8, 2017,
and can be accessed at:
http://investors.regalbeloit.com/phoenix.zhtml?c=116222&p=irol-calendarPast
About the Company
Regal Beloit Corporation (NYSE: RBC) is a leading manufacturer
of electric motors, electrical motion controls, power generation
and power transmission products serving markets throughout the
world. The company is comprised of three business
segments: Commercial and Industrial Systems, Climate Solutions
and Power Transmission Solutions. Regal is headquartered in
Beloit, Wisconsin, and has
manufacturing, sales and service facilities throughout the United States, Canada, Mexico, Europe and Asia. For more information,
visit RegalBeloit.com
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 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," "expect," "intend," "estimate,"
"anticipate," "believe," "should," "project" or "plan" or the
negative of these terms or other similar words. These
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties, assumptions and other
factors, some of which are beyond our control, which could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements due to a number of factors,
including: uncertainties regarding our ability to execute our
restructuring plans within expected costs and timing; increases in
our overall debt levels as a result of the acquisition of the Power
Transmission Solutions business of Emerson Electric Co. ("PTS"), or
otherwise and our ability to repay principal and interest on our
outstanding debt; actions taken by our competitors and our ability
to effectively compete in the increasingly competitive global
electric motor, drives and controls, power generation and
mechanical motion control industries; our ability to develop new
products based on technological innovation and 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 PTS, and the timing and
impact of purchase accounting adjustments; prolonged declines in
oil and gas up stream capital spending; 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, government policies, including policy
changes affecting taxation, trade, immigration and the like, and
other external factors that we cannot control; product liability
and other litigation, or claims by end users, government agencies
or others that our products or our customers' applications failed
to perform as anticipated, particularly in high volume applications
or where such failures are alleged to be the cause of property or
casualty claims; unanticipated liabilities of acquired businesses;
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;
effect on earnings of any significant impairment of goodwill or
intangible assets; cyclical downturns affecting the global market
for capital goods; 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 filed on March 1, 2017 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 release 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 INCOME
|
|
|
|
Unaudited
|
|
|
|
|
|
(Amounts in Millions,
Except per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Apr
1, 2017
|
|
Apr 2,
2016
|
|
Net Sales
|
|
$
|
813.5
|
|
|
$
|
818.2
|
|
|
Cost of
Sales
|
|
597.9
|
|
|
600.8
|
|
|
Gross
Profit
|
|
215.6
|
|
|
217.4
|
|
|
Operating
Expenses
|
|
140.8
|
|
|
148.1
|
|
|
Income From
Operations
|
|
74.8
|
|
|
69.3
|
|
|
Interest
Expense
|
|
14.4
|
|
|
15.0
|
|
|
Interest
Income
|
|
1.0
|
|
|
1.1
|
|
|
Income Before
Taxes
|
|
61.4
|
|
|
55.4
|
|
|
Provision for Income
Taxes
|
|
13.8
|
|
|
12.7
|
|
|
Net Income
|
|
47.6
|
|
|
42.7
|
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
|
1.3
|
|
|
1.1
|
|
|
Net Income
Attributable to Regal Beloit Corporation
|
|
$
|
46.3
|
|
|
$
|
41.6
|
|
|
Earnings Per Share
Attributable to Regal Beloit Corporation:
|
|
|
|
|
|
Basic
|
|
$
|
1.03
|
|
|
$
|
0.93
|
|
|
Assuming
Dilution
|
|
$
|
1.02
|
|
|
$
|
0.93
|
|
|
Cash Dividends
Declared
|
|
$
|
0.24
|
|
|
$
|
0.23
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
Basic
|
|
44.8
|
|
|
44.7
|
|
|
Assuming
Dilution
|
|
45.1
|
|
|
45.0
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
Unaudited
|
|
|
|
|
(Dollars in
Millions)
|
|
|
|
|
|
|
Apr 1,
2017
|
|
Dec 31,
2016
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
|
262.3
|
|
|
$
|
284.5
|
|
Trade Receivables,
less Allowances of $11.9 Million in
2017 and $11.5 Million in 2016
|
|
509.0
|
|
|
462.2
|
|
Inventories
|
|
687.9
|
|
|
660.8
|
|
Prepaid Expenses and
Other Current Assets
|
|
156.2
|
|
|
124.5
|
|
Total Current
Assets
|
|
1,615.4
|
|
|
1,532.0
|
|
|
|
|
|
|
Net Property, Plant,
Equipment and Noncurrent Assets
|
|
2,829.0
|
|
|
2,826.5
|
|
Total
Assets
|
|
$
|
4,444.4
|
|
|
$
|
4,358.5
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
Payable
|
|
$
|
393.8
|
|
|
$
|
334.2
|
|
Other Accrued
Expenses
|
|
219.8
|
|
|
266.8
|
|
Current Maturities of
Debt
|
|
100.4
|
|
|
100.6
|
|
Total Current
Liabilities
|
|
714.0
|
|
|
701.6
|
|
|
|
|
|
|
Long-Term
Debt
|
|
1,269.1
|
|
|
1,310.9
|
|
Other Noncurrent
Liabilities
|
|
287.5
|
|
|
267.8
|
|
Equity:
|
|
|
|
|
Total Regal Beloit
Corporation Shareholders' Equity
|
|
2,132.6
|
|
|
2,038.8
|
|
Noncontrolling
Interests
|
|
41.2
|
|
|
39.4
|
|
Total
Equity
|
|
2,173.8
|
|
|
2,078.2
|
|
Total Liabilities and
Equity
|
|
$
|
4,444.4
|
|
|
$
|
4,358.5
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
(Dollars in
Millions)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
$
|
47.6
|
|
|
$
|
42.7
|
|
|
Adjustments to
Reconcile Net Income and Changes in Assets and Liabilities (Net of
Acquisitions and Divestitures) to Net Cash Provided by Operating
Activities:
|
|
|
|
|
|
Depreciation and
Amortization
|
|
34.4
|
|
|
40.1
|
|
|
Gain on Disposal of
Businesses
|
|
(0.1)
|
|
|
—
|
|
|
(Gain) Loss on
Disposal of Assets, Net
|
|
(0.1)
|
|
|
0.6
|
|
|
Share-Based
Compensation Expense
|
|
3.0
|
|
|
3.3
|
|
|
Change in Operating
Assets and Liabilities, Net of Acquisitions and
Divestitures
|
|
(34.3)
|
|
|
(28.1)
|
|
|
Net Cash Provided by
Operating Activities
|
|
50.5
|
|
|
58.6
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Additions to
Property, Plant and Equipment
|
|
(17.0)
|
|
|
(14.9)
|
|
|
Net Purchases of
Investment Securities
|
|
—
|
|
|
(1.7)
|
|
|
Proceeds Received
from Disposal of Businesses
|
|
0.5
|
|
|
—
|
|
|
Proceeds from Sale of
Assets
|
|
1.0
|
|
|
—
|
|
|
Net Cash Used in
Investing Activities
|
|
(15.5)
|
|
|
(16.6)
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Net Borrowings Under
Revolving Credit Facility
|
|
6.8
|
|
|
33.0
|
|
|
Net Repayments from
Short-Term Borrowings
|
|
(0.2)
|
|
|
(0.2)
|
|
|
Repayments of
Long-Term Debt
|
|
(50.1)
|
|
|
(50.1)
|
|
|
Dividends Paid to
Shareholders
|
|
(10.8)
|
|
|
(10.2)
|
|
|
Payments of
Contingent Consideration
|
|
(5.3)
|
|
|
—
|
|
|
Proceeds from the
Exercise of Stock Options
|
|
0.4
|
|
|
0.5
|
|
|
Shares Surrendered
for Taxes
|
|
(1.1)
|
|
|
(0.4)
|
|
|
Purchase of
Subsidiary Shares from Noncontrolling Interest
|
|
—
|
|
|
(19.6)
|
|
|
Net Cash Used In
Financing Activities
|
|
(60.3)
|
|
|
(47.0)
|
|
|
EFFECT OF EXCHANGE
RATES ON CASH AND CASH EQUIVALENTS
|
|
3.1
|
|
|
1.2
|
|
|
Net Decrease in Cash
and Cash Equivalents
|
|
(22.2)
|
|
|
(3.8)
|
|
|
Cash and Cash
Equivalents at Beginning of Period
|
|
284.5
|
|
|
252.9
|
|
|
Cash and Cash
Equivalents at End of Period
|
|
$
|
262.3
|
|
|
$
|
249.1
|
|
|
SEGMENT
INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Commercial &
Industrial
Systems
|
|
Climate
Solutions
|
|
Power
Transmission
Solutions
|
|
Total
Regal
|
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
|
Apr
1, 2017
|
|
Apr 2,
2016
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
Net Sales
|
|
$
|
381.2
|
|
|
$
|
377.6
|
|
|
$
|
247.7
|
|
|
$
|
239.8
|
|
|
$
|
184.6
|
|
|
$
|
200.8
|
|
|
$
|
813.5
|
|
|
$
|
818.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Margin
|
|
6.8
|
%
|
|
5.7
|
%
|
|
12.6
|
%
|
|
10.3
|
%
|
|
9.6
|
%
|
|
11.5
|
%
|
|
9.2
|
%
|
|
8.5
|
%
|
Adjusted Operating
Margin*
|
|
7.2
|
%
|
|
5.8
|
%
|
|
13.0
|
%
|
|
10.8
|
%
|
|
9.8
|
%
|
|
11.5
|
%
|
|
9.6
|
%
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Net
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic Sales
Growth
|
|
1.7
|
%
|
|
(15.3)
|
%
|
|
3.7
|
%
|
|
(13.5)
|
%
|
|
(5.0)
|
%
|
|
(5.5)
|
%
|
|
0.7
|
%
|
|
(12.9)
|
%
|
Acquisitions, Net of
Divestitures
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
(2.6)
|
%
|
|
20.6
|
%
|
|
(0.6)
|
%
|
|
3.9
|
%
|
Foreign Currency
Impact
|
|
(0.8)
|
%
|
|
(1.9)
|
%
|
|
(0.4)
|
%
|
|
(1.0)
|
%
|
|
(0.5)
|
%
|
|
(0.2)
|
%
|
|
(0.6)
|
%
|
|
(1.3)
|
%
|
NON-GAAP MEASURES AND OTHER DEFINITIONS
Unaudited
(Dollars in Millions, Except per Share Data)
We prepare financial statements in accordance with accounting
principles generally accepted in the
United States ("GAAP"). We also periodically disclose
certain financial measures in our quarterly earnings releases, on
investor conference calls, and in investor presentations and
similar events that may be considered "non-GAAP" financial
measures. 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.
In this earnings release, we disclose the following non-GAAP
financial measures, and we reconcile these measures in the tables
below to the most directly comparable GAAP financial measures:
adjusted diluted earnings per share (both historical and
projected), adjusted income from operations, adjusted operating
income, adjusted operating margin, free cash flow, and free cash
flow as a percentage of net income attributable to Regal Beloit
Corporation. We believe that these non-GAAP financial measures are
useful measures for providing investors with additional information
regarding our results of operations and for helping investors
understand and compare our operating results across accounting
periods and compared to our peers. Our management primarily uses
adjusted income from operations, adjusted operating income and
adjusted operating margin to help us manage and evaluate our
business and make operating decisions, while adjusted diluted
earnings per share, free cash flow and free cash flow as a
percentage of net income are primarily used to help us evaluate our
business and forecast our future results. Accordingly, we believe
disclosing and reconciling each of these measures helps investors
evaluate our business in the same manner as management.
In addition to these non-GAAP measures, we also use the term
"organic sales" to refer to GAAP sales from existing operations
excluding sales from acquired businesses recorded prior to the
first anniversary of the acquisition less the amount of sales
attributable to any divested businesses ("acquisition sales"), and
the impact of foreign currency translation. The impact of foreign
currency translation is determined by translating the respective
period's sales (excluding acquisition sales) using the same
currency exchange rates that were in effect during the prior year
periods. We use the term "organic sales growth" to refer to the
increase in our sales between periods that is attributable to
organic sales. We use the term "acquisition growth" to refer to the
increase in our sales between periods that is attributable to
acquisition sales.
ADJUSTED DILUTED
EARNINGS PER SHARE
|
|
Three Months
Ended
|
|
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
|
GAAP Diluted Earnings
Per Share
|
|
$
|
1.02
|
|
|
$
|
0.93
|
|
|
Restructuring and
Related Costs
|
|
0.05
|
|
|
0.02
|
|
|
Adjusted Diluted
Earnings Per Share
|
|
$
|
1.07
|
|
|
$
|
0.95
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Commercial
&
Industrial Systems
|
|
Climate
Solutions
|
|
Power
Transmission
Solutions
|
|
Total
Regal
|
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
GAAP Income from
Operations
|
|
$
|
25.8
|
|
|
$
|
21.7
|
|
|
$
|
31.2
|
|
|
$
|
24.6
|
|
|
$
|
17.8
|
|
|
$
|
23.0
|
|
|
$
|
74.8
|
|
|
$
|
69.3
|
|
Gain on Disposal of
Business
|
|
(0.1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
|
—
|
|
Gain on Sale of
Assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
|
—
|
|
|
(0.1)
|
|
|
—
|
|
Restructuring and
Related Costs
|
|
1.7
|
|
|
0.1
|
|
|
1.1
|
|
|
1.3
|
|
|
0.4
|
|
|
—
|
|
|
3.2
|
|
|
1.4
|
|
Adjusted Income from
Operations
|
|
$
|
27.4
|
|
|
$
|
21.8
|
|
|
$
|
32.3
|
|
|
$
|
25.9
|
|
|
$
|
18.1
|
|
|
$
|
23.0
|
|
|
$
|
77.8
|
|
|
$
|
70.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Margin
%
|
|
6.8%
|
|
5.7%
|
|
12.6%
|
|
10.3%
|
|
9.6%
|
|
11.5%
|
|
9.2%
|
|
|
8.5%
|
|
Adjusted Operating
Margin %
|
|
7.2%
|
|
5.8%
|
|
13.0%
|
|
10.8%
|
|
9.8%
|
|
11.5%
|
|
9.6%
|
|
|
8.6%
|
|
FREE CASH FLOW
RECONCILIATION
|
|
Three Months
Ended
|
|
|
|
Apr 1,
2017
|
|
Apr 2,
2016
|
|
Net Cash Provided by
Operating Activities
|
|
$
|
50.5
|
|
|
$
|
58.6
|
|
|
Additions to Property
Plant and Equipment
|
|
(17.0)
|
|
|
(14.9)
|
|
|
Free Cash
Flow
|
|
$
|
33.5
|
|
|
$
|
43.7
|
|
|
Free Cash Flow as a
Percentage of Net Income Attributable to Regal Beloit
Corporation
|
|
72.4
|
%
|
|
105.0
|
%
|
|
RECONCILIATION OF
2017 ADJUSTED ANNUAL GUIDANCE
|
|
Minimum
|
|
Maximum
|
2017 Diluted EPS
Annual Guidance
|
|
$
|
4.40
|
|
|
$
|
4.80
|
|
Restructuring and
Related Costs
|
|
0.15
|
|
|
0.15
|
|
2017 Adjusted Diluted
EPS Annual Guidance
|
|
$
|
4.55
|
|
|
$
|
4.95
|
|
ORGANIC SALES
GROWTH
|
|
Three Months
Ended
|
|
|
|
April 1,
2017
|
|
|
|
Commercial
&
Industrial
Systems
|
|
Climate
Solutions
|
|
Power
Transmission
Solutions
|
|
Total
Regal
|
|
Net Sales
|
|
$
|
381.2
|
|
|
$
|
247.7
|
|
|
$
|
184.6
|
|
|
$
|
813.5
|
|
|
Net Sales from
Business Divested
|
|
—
|
|
|
—
|
|
|
5.2
|
|
|
5.2
|
|
|
Impact from Foreign
Currency Exchange Rates
|
|
2.9
|
|
|
1.0
|
|
|
1.1
|
|
|
5.0
|
|
|
Adjusted Net
Sales
|
|
$
|
384.1
|
|
|
$
|
248.7
|
|
|
$
|
190.9
|
|
|
$
|
823.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales Three
Months Ended April 2, 2016
|
|
$
|
377.6
|
|
|
$
|
239.8
|
|
|
$
|
200.8
|
|
|
$
|
818.2
|
|
|
Organic Sales Growth
%
|
|
1.7
|
%
|
|
3.7
|
%
|
|
(5.0)
|
%
|
|
0.7
|
%
|
|
Net Sales Growth
%
|
|
1.0
|
%
|
|
3.3
|
%
|
|
(8.1)
|
%
|
|
(0.6)
|
%
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/regal-beloit-corporation-announces-first-quarter-2017-financial-results-300453432.html
SOURCE Regal Beloit Corporation