BELOIT, Wis. (AP) — BELOIT, Wis. (AP) — Regal Beloit Corp. (RRX) on Thursday reported a loss of $5.9 million in its first quarter.
The Beloit, Wisconsin-based company said it had a loss of 9 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, came to $2.22 per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.20 per share.
The maker of controls for electric motors posted revenue of $1.22 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $1.24 billion.
Regal Beloit expects full-year earnings in the range of $10.20 to $11.10 per share.
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