Regal Beloit Corp. reported an 11.5% drop in first-quarter earnings Monday amid lower sales to the natural gas fracturing market.The Beloit-based maker of electric motors, mechanical and electrical motion controls, and power generation products said net income fell to $43.8 million, or 96 cents a share, from $49.5 million, or $1.09, a year earlier.
Sales increased 3% to $801.2 million from $778.2 million.Mechanical segment sales in North America fell 6.7%, primarily on lower sales to the gas fracking industry, but were in line with the company’s expectations, said Regal Beloit Chairman and CEO Mark Gliebe in a statement.The company recently increased its dividend by 10% “reflecting our confidence in the future,” Gliebe said.Before earnings were released, Regal Beloit shares closed at $74.90, down 35 cents.
