(RTTNews) - Regal Beloit Corp. (RBC) Monday reported second-quarter net income of $28.1 million or $0.69 per share, down from $66.6 million or $1.55 per share last year.
Adjusted earnings for the quarter dropped to $0.95 per share from $1.49 per share last year.
Net sales for the quarter dropped to $634.1 million from $873.7 million last year.
Analysts polled by Thomson Reuters expected earnings of $0.67 per share on revenues of $645.75 million for the quarter. Analysts' estimates typically exclude special items.
Looking forward the the third quarter, the company expects its net sales to decline between 8% and 12% compared to the prior year.
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