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Manufacturer Regal Beloit Corp. (NYSE: RBC), Beloit, WI, reported sales for the first quarter of $801.2 million, up 3 percent from the prior-year quarter. Profit decreased 11.5 percent to $43.8 million.
"We had solid results in a number of our key businesses in the first quarter including North American HVAC, power generation, Europe and China," said Mark Gliebe, CEO.
Electrical sales were up 3.6 percent year-over-year, while mechanical segment sales were down 4.2 percent.
North American residential HVAC sales increased 5.3 percent, while North American commercial and industrial motor sales decreased 3.6 percent. Mechanical segment sales in North America decreased 6.7 percent, primarily related to lower sales to the natural gas fracturing end market.
First-quarter sales to regions outside the U.S. were flat year-over-year.