Regal Beloit Corporation RBC +0.13% today reported financial results for the second quarter 2014. Net sales for the second quarter 2014 were $850.4 million compared to $822.0 million for the second quarter 2013. Net income for the second quarter 2014 was $56.2 million compared to $51.1 million for the second quarter 2013. Diluted earnings per share for the second quarter 2014 were $1.24 compared to $1.13 for the second quarter 2013. Adjusted diluted earnings per share were $1.27 for the second quarter 2014 compared to $1.13 for the second quarter 2013.
“Regal had solid results in the second quarter driven by growth in our residential HVAC, European, global power generation and mechanical businesses as well as overall operational improvements in key businesses,” said Regal Chairman and CEO Mark Gliebe. “During the quarter, we announced further plans to simplify our manufacturing footprint and we announced the acquisition of Benshaw, a manufacturer of motor starters and custom drives. Benshaw is a good fit with our C&I and Unico businesses and represents our continuing efforts to be a consistent and successful acquirer.”
