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FOR RELEASE ON: August 6, 2018        

CONTACT:    Robert Cherry, VP - Business Development & Investor Relations
608-361-7530                    
robert.cherry@regalbeloit.com

Regal Beloit Corporation Announces Second Quarter 2018 Financial Results

Strong Organic Sales Growth
Operating Margin Up 80 Basis Points
Diluted Earnings Per Share Up 27%
Board of Directors Approved New Share Purchase Authorization

BELOIT, WI - Regal Beloit Corporation (NYSE: RBC) today reported second quarter 2018 diluted earnings per share of $1.50, up 27% from the prior year. Second quarter 2018 adjusted diluted earnings per share* were $1.60, up 24% from the prior year.
 
Key financial results for the second quarter 2018 included:

Total net sales of $959.7 million increased 10.4% from the prior year and included a positive 1.3% impact from foreign currency translation and a positive 3.5% impact from acquisitions, net of divestitures. The result was a positive organic sales growth rate of 5.7%.
Income from operations was $99.6 million or 10.4% of net sales, up 80 basis points from prior year. Adjusted income from operations was $106.1 million or 11.1% of net sales, up 70 basis points from prior year.
Net cash provided by operating activities was $101.8 million and capital expenditures totaled $21.2 million, resulting in free cash flow of $80.6 million or 122.3% of net income.
Repurchased 579,005 shares for a total of $46.1 million.
The Board of Directors on July 24, 2018 approved a new $250 million share purchase authorization replacing the previous authorization.

Second quarter 2018 segment results versus the prior year second quarter included:

Commercial and Industrial Systems Segment net sales were $469.0 million, an increase of 15.1%. Acquisitions, net of divestitures had a positive impact of 7.4%. Foreign currency had a positive 2.1% translation impact. The result was a positive organic sales growth rate of 5.7% driven by strength in a number of end markets including power generation, oil & gas, commercial HVAC, and Asia. Operating margin was 6.5%. Excluding $5.1 million in purchase accounting and transaction costs, $0.7 million in restructuring and related costs and a $0.1 million gain on sale of assets, adjusted operating margin was 7.7%.

Climate Solutions Segment net sales were $277.3 million, an increase of 2.5%. Foreign currency had a positive 0.1% translation impact. The result was an organic sales growth rate of 2.4% driven by strength in North American residential HVAC partially offset by weakness in the Middle East and residential hermetic motor components. Operating margin was 15.9%. Excluding restructuring and related costs of $0.7 million, adjusted operating margin was 16.1%.

Power Transmission Solutions Segment net sales were $213.4 million, an increase of 11.6%. Foreign currency had a positive 1.2% translation impact. The result was a positive organic sales growth rate of 10.4% driven by increased demand in the oil & gas, material handling, and aerospace end markets. Operating margin was 11.8%. Excluding restructuring and related costs of $0.1 million, adjusted operating margin was 11.8%.

*This earnings release includes non-GAAP financial measures. Descriptions of why we believe these non-GAAP measures are useful and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included with this earnings release.




The following information was filed by Regal Beloit Corp (RBC) on Tuesday, August 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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