Regal-Beloit Corp. today reported fourth quarter net income of $7.0 million, 28 cents per share, up 14 percent from $6.1 million, or 24 cents per share, in the same period a year ago. The Beloit-based manufacturer of mechanical and electrical motion control and power generation products reported quarterly net sales of $221.9 million, up 46 percent from $152.1 million a year earlier. For the full year, Regal-Beloit's net income increased to $30.4 million from $25.2 million, and its sales grew to $756.6 million from $619.1 million. "While 2004 certainly presented challenges related to raw material costs, we are extremely pleased with our overall results and are excited about the future for REGAL-BELOIT," said James Packard, chairman and chief executive officer of the company. "We have continued to execute our strategy and are continuing to see the benefits. The recent acquisitions ※ have doubled the size of our company on an annualized basis and firmly positioned Regal-Beloit as a market leader in both the electric motor and the mechanical power transmission businesses."
Acquisitions fuel Regal-Beloit's growth
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