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Manufacturer Regal Beloit Corp. (NYSE: RBC), Beloit, WI, reported sales for the third quarter of $829.8 million, up 8 percent from the prior-year quarter. Profit decreased 5.2 percent to $74.7 million.
Regal CEO Mark GliebeOverall cited "strong growth in our residential HVAC and mechanical businesses" and the divestment of "an underperforming joint venture in China" for the strong quarter.
Electrical sales were up 7.5 percent year-over-year, while mechanical segment sales were down 14 percent.
North American residential HVAC sales increased 8.4 percent, while North American commercial and industrial motor sales decreased 1.3 percent. Mechanical segment sales in North America increased 18 percent.
Third-quarter sales to regions outside the U.S. were up 8 percent year-over-year.
Year to date, sales have increased 4.8 percent to $2.5 billion. Electrical sales are up 4.9 percent, and mechanical segment sales are up 3.3 percent. Profit is down 1.6 percent to $232.1 million.