Regal Beloit Corporation RBC +1.42% today reported financial results for the fourth quarter and fiscal 2013. Net sales for the fourth quarter 2013 were $727.3 million compared to $715.6 million for the fourth quarter 2012.
Net income (loss) for the fourth quarter 2013 was $(33.2) million compared to $29.9 million for the fourth quarter 2012. Included in the fourth quarter 2013 results were goodwill and intangible asset impairments and other related items of $81.0 million, or $74.7 million after tax. Diluted earnings (loss) per share for the fourth quarter 2013 were $(0.74), including the impact of $1.65 per share of the goodwill and intangible asset impairments and other related items and the higher share count, compared to $0.70 for the fourth quarter of 2012. Adjusted diluted earnings per share of the fourth quarter 2013 were $0.97 compared to $0.76 for the fourth quarter of 2012.
Net sales for fiscal 2013 were $3,095.7 million compared to $3,166.9 million in 2012. Diluted earnings per share for fiscal 2013 were $2.64 compared to $4.64 in 2012. Adjusted diluted earnings per share for fiscal 2013 were $4.36 compared to $4.73 in 2012.
“Regal ended the year with strong performance in the fourth quarter. We had modest revenue growth and double digit growth in adjusted earnings,”stated Mark Gliebe, Chairman and CEO. “We experienced revenue growth in our North American residential HVAC, power generation, oil and gas and China based businesses, which offset weaker revenue in our North American commercial & industrial motors and our India and Australia based businesses. Our operating teams delivered to our expectations and on an adjusted basis we exceeded our overall earnings guidance as a result of a $0.12 per share unanticipated tax benefit.”
