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REGALBELOIT Corp. Reports Operating Results (10-Q)

August 06, 2010 | About:
10qk

10qk

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REGALBELOIT Corp. (RBC) filed Quarterly Report for the period ended 2010-08-06.

Regalbeloit Corp. has a market cap of $2.51 billion; its shares were traded at around $65.07 with a P/E ratio of 20.5 and P/S ratio of 1.3. The dividend yield of Regalbeloit Corp. stocks is 1.1%. Regalbeloit Corp. had an annual average earning growth of 12.6% over the past 10 years.RBC is in the portfolios of John Keeley of Keeley Fund Management, David Dreman of Dreman Value Management, Kenneth Fisher of Fisher Asset Management, LLC, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

Net sales for the three months ended July 3, 2010 increased 28.5% to $584.2 million from $454.6 million in the comparable period of 2009. Sales for the three months ended July 3, 2010 included $28.7 million of incremental sales from the CMG business acquired in 2010.

Net income attributable to Regal Beloit Corporation increased 153.6% to $41.7 million for the three months ended July 3, 2010 as compared to $16.5 million in the comparable period last year. Diluted earnings per share increased 127.7% to $1.07 for the three months ended July 3, 2010 as compared to $0.47 for the comparable period of 2009.

Operating expenses were $76.7 million (13.1% of net sales) in the three months ended July 3, 2010 versus $65.2 million (14.3% of net sales) in 2009. An incremental $6.4 million of operating expenses were related to the 2010 acquired businesses. Higher sales volumes increased variable costs, and incremental spending on acquisition related costs raised operating costs in 2010. Electrical segment operating expenses were 12.8% of net sales for the three months ended July 3, 2010 versus 14.3% in the prior year, reflecting the positive impact of sales volume leverage and cost reductions. Mechanical segment operating expenses were 16.0% of net sales in 2010 and 14.7% in 2009.

Operating expenses were $144.9 million (13.3% of net sales) in the six months ended July 3, 2010 versus $127.5 million (14.2% of net sales) in 2009. An incremental $6.4 million of operating expenses were related to the 2010 acquired businesses. Higher sales volumes increased variable costs, and incremental spending on acquisition related costs raised operating costs in 2010. Electrical segment operating expenses were 13.0% of net sales for the six months ended July 3, 2010 versus 14.1% in the prior year, reflecting the positive impact of sales volume leverage and cost reductions. Mechanical segment operating expenses were 15.5% of net sales in 2010 and 14.7% in 2009.

Operating expenses were $65.2 million (14.3% of net sales) in the three months ended June 27, 2009 versus $63.7 million (10.5% of sales) in 2008. Operating expenses included an incremental $3.8 million related to the acquired Dutchi and Hwada businesses. Electrical segment operating expenses were 14.3% of sales in 2009 and 10.3% of sales in 2008. Mechanical operating expenses as a percent of sales increased to 14.7% from 11.8% in 2008.

Operating expenses were $127.5 million (14.2% of net sales) in the six months ended June 27, 2009 versus $128.2 million (11.2% of sales) in 2008. Operating expenses included an incremental amount of approximately $9.2 million related to the Dutchi and Hwada acquired businesses. Electrical segment operating expenses were 14.1% of sales in 2009 and 11.0% of sales in 2008. Mechanical operating expenses as a percent of sales increased to 14.7% from 12.8% in 2008.

Read the The complete Report

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