Regal Beloit Corp. today reported record first quarter sales of $808 million and diluted earnings per share of $1.16.
Net sales of $807.9 million represent an increase 21.9% compared to $662.7 million for the first quarter of 2011, while diluted earnings per share of $1.16 compared to diluted earnings per share of 99 cents for the first quarter of 2011.
Mark Gliebe, chairman and chief executive officer for Regal Beloit, cited growth in the company’s North American commercial and industrial, mechanical, and global Unico businesses, which helped offset weakness in HVAC and China.
Regal Beloit continues to execute an acquisition strategy that included the first quarter close of its Milwaukee Gear purchase, expanding its presence in oil and gas.
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