Manufacturer Regal Beloit Corp. (NYSE: RBC), Beloit, WI, reported full year sales for 2014 of $3.3 billion, an increase of 5.2 percent from the previous year. The company reported a profit of $36.1 million, compared to $126 million a year ago.
Sales for the fourth quarter were $775.6 million, a 6.6 percent increase over the same period a year ago. The company reported a loss of $115.8 million for the quarter, compared to a loss of $32.8 million from the prior-year quarter.
In the fourth quarter, power transmission sales were up 13 percent year-over-year to $68 million, driven by strength in North America partially offset by weakness in EMEA.
Commercial and industrial systems sales increased 5 percent to $451 million. North American motor sales grew mid-single digits but were offset by weakness in oil and gas and Asia Pacific.
"Recent changes in the global environment resulting from rapidly declining oil prices led us to further reduce our exposure in Venezuela, clouding what was otherwise a quarter operationally in line with our guidance," said CEO Mark Gliebe. "At the end of the year, we announced the transformational acquisition of Emerson's PTS business which will significantly contribute to 2015 earnings."
