Regal Rexnord Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 04:15 pm EDT
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Regal Rexnord Corporation reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 1,649.8 million compared to USD 1,325.3 million a year ago. Net loss was USD 139.5 million compared to net income of USD 119.8 million a year ago. Basic loss per share from continuing operations was USD 2.1 compared to basic earnings per share from continuing operations of USD 1.81 a year ago. Diluted loss per share from continuing operations was USD 2.1 compared to diluted earnings per share from continuing operations of USD 1.8 a year ago.
For the nine months, sales was USD 4,642.5 million compared to USD 3,973.2 million a year ago. Net loss was USD 113.3 million compared to net income of USD 387.4 million a year ago. Basic loss per share from continuing operations was USD 1.71 compared to basic earnings per share from continuing operations of USD 5.8 a year ago. Diluted loss per share from continuing operations was USD 1.71 compared to diluted earnings per share from continuing operations of USD 5.76 a year ago.
Regal Rexnord Corporation is engaged in the engineering and manufacturing of factory automation sub-systems, industrial powertrain solutions, automation and mechanical power transmission components, electric motors and electronic controls, air-moving products, and specialty electrical components and systems. Its segments consists of Industrial Powertrain Solutions (IPS), Power Efficiency Solutions (PES), and Automation & Motion Control (AMC). Its IPS segment designs, produces and services mounted and unmounted bearings, couplings, mechanical power transmission drives, gearboxes and gear motors, clutches, brakes, and industrial powertrain components. Its PES segment designs and produces fractional to approximately five horsepower alternating current and direct current motors, electronic variable speed controls, and more. Its AMC segment designs, produces and services conveyor products, conveying automation subsystems, aerospace components, rotary precision motion solution, and more.