Beloit, WI - Regal Beloit Corporation reported financial results for the first quarter 2014. Net sales for the first quarter 2014 were $801.2 million compared to $778.2 million for the first quarter 2013. Net income for the first quarter 2014 was $43.8 million compared to $49.5 million for the first quarter 2013. Diluted earnings per share for the first quarter 2014 were $0.96 compared to $1.09 for the first quarter of 2013. Adjusted diluted earnings per share were $1.04 for the first quarter 2014 compared to $1.08 for the first quarter 2013.
"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 Regal Chairman and CEO Mark Gliebe. "Our profitability for the quarter was in line with our expectations as we continued to execute on our Simplification initiative by consolidating our manufacturing footprint, our design platforms and our ERP systems. Last week we were pleased to announce a 10% increase in our dividend, reflecting our confidence in the future as well as our commitment to returning value to our shareholders."
Electrical segment net sales in the first quarter 2014 included $23.4 million from businesses acquired within the last year. North American residential HVAC net sales increased 5.3% for the first quarter 2014 compared to the first quarter 2013. North American commercial and industrial motor net sales decreased 3.6% for the first quarter 2014 compared to the first quarter 2013.
Mechanical segment net sales in North America decreased 6.7% for the first quarter 2014 compared to the first quarter 2013, primarily related to lower sales to the natural gas fracturing end market.
Foreign currency exchange rates negatively impacted total net sales by 1.0% for the first quarter 2014 compared to the first quarter 2013, excluding the businesses acquired within the last year. In the first quarter 2014, sales of high efficiency products represented 19.9% of total net sales.
First quarter 2014 net sales to regions outside the United States were flat compared to the first quarter 2013, and represented 33.9% of net sales. Excluding the impact of the businesses acquired in the last twelve months, net sales to regions outside the United States decreased 3.8% compared to first quarter 2013.
Foreign currency exchange rates negatively impacted international sales by 2.9% for the first quarter 2014 compared to the first quarter 2013.
