Regal-Beloit Corp., Beloit, WI, reported a 21.5% sales increase to $419.5 million in the third quarter ended Sept. 30, 2006, and a 60.5% jump in profit for the same period.
In the Electrical Segment, sales increased 24.9% to $370.4 million. Included in the results for the quarter were $11.7 million of sales attributable to the Sinya motor business acquired during the second quarter 2006. The sales increase was again driven by strong channel demand in commercial and industrial motors, generators, and HVAC motors.
Sales in the Mechanical Segment decreased 0.8% to $48.9 million. Sales in the Mechanical Segment were impacted by the May 2006 sale of the Cutting Tools business which reduced sales by approximately $3.9 million from the comparable period of 2005.
‘While the housing-related and HVAC markets were more challenging, the contributions from new and higher value content products more than offset those market challenges,” said Henry Knueppel, chairman and CEO. ‘We expect normal seasonal sales in the fourth quarter, noting that HVAC business will face a tougher comparison because of the strong sales in the fourth quarter of 2005.”
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