BELOIT, Wis. (AP) _ Regal Beloit Corp. (RBC) on Monday reported first-quarter earnings of $65.6 million.
On a per-share basis, the Beloit, Wisconsin-based company said it had profit of $1.60. Earnings, adjusted for non-recurring costs, were $1.98 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.
The maker of controls for electric motors posted revenue of $814.1 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $780 million.
For the current quarter ending in July, Regal Beloit expects its per-share earnings to range from $1.85 to $2.05.
Regal Beloit shares have increased 18% since the beginning of the year. In the final minutes of trading on Monday, shares hit $144.74, more than doubling in the last 12 months.