Regal Beloit Corporation (NYSE: RBC), Beloit, WI, reported full year sales for 2013 of $3.1 billion, a decrease of 2.2 percent from the previous year. The company reported a profit of $120 million in 2013, a decrease of 38.7 percent from 2012.
Sales for the fourth quarter were $727.3 million, a 1.6 percent increase over the same period a year ago. The company reported a loss of $33.2 million for the quarter, compared to a profit of $29.9 million in fourth quarter of 2012.
North American residential HVAC sales increased 4.8 percent in the fourth quarter year-over-year. North American commercial and industrial motor sales decreased 3.5 percent, while mechanical segment sales in North America decreased 6.7 percent, primarily due to lower sales to the natural gas fracturing end market.
Fourth quarter 2013 sales to regions outside the U.S. increased 1 percent compared to fourth quarter 2012.
“We experienced revenue growth in our North American residential HVAC, power generation, oil and gas and China-based businesses, which offset weaker revenue in our North American commercial & industrial motors and our India- and Australia-based businesses," said Mark Gliebe, CEO of Regal Beloit.
