Regal Beloit Corp., a manufacturer of electric motors and mechanical and electrical motion controls, today reported record net sales and earnings per share for the second quarter of 2012.
The company reported net sales of $863.9 million, a 26.7% increase over the $681.8 million in sales recorded in Q2 of 2011.
Meanwhile, diluted earnings per share shot up form $0.88 in the second quarter of 2011 to $1.49 in the same quarter of 2012, an increase of 83%.
Chairman and CEO Mark Gliebe said growth in Regal Beloit’s commercial, industrial, and mechanical businesses in North America overcame “continued headwinds” in its HVAC, European and Asian-based businesses.
To save costs associated with its 2011 acquisition of A.O. Smith, Regal Beloit has announced that it will close four plants in Mexico and three warehouses in the U.S.
