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As Of Filer Filing For·On·As Docs:Size 2/04/20 Regal Beloit Corp 8-K:2,7,9 2/03/20 14:6.5M |
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Exhibit |
• | Improving Deleverage |
• | Strong Free Cash Flow |
• | Reorganized Segments by Separating Commercial and Industrial Systems |
• | Total net sales of $738.2 million decreased 16.3% from the prior year and included a negative 0.5% impact from foreign currency and a negative 6.5% impact from
businesses divested/to be exited. The result was a negative organic sales growth rate of 9.3%. |
• | Income from operations was $61.7 million or 8.4% of net sales. Adjusted income from operations was $77.5 million or 10.5% of adjusted net sales. |
• | Adjusted income from operations delevered at 12.2% from prior year. |
• | Net
cash provided by operating activities was $137.3 million and capital expenditures totaled $15.1 million, resulting in free cash flow of $122.2 million. |
• | Inventories down $47.3 million from the end of the third quarter 2019. |
• | Debt decreased $63.4 million from $1,200.9 million at the end of the third quarter 2019 to $1,137.5 million. Net debt decreased $101.8 million from $907.9 million at the end of the third quarter 2019 to $806.1 million. |
• | Debt
to EBITDA was 2.3, unchanged from the end of the third quarter 2019. Net debt to adjusted EBITDA was 1.7 down from 1.9 at the end of the third quarter 2019. |
• | Purchased 180,763 shares for a total of $15.0 million. |
• | Income from operations was $351.1 million or 10.8% of net sales. Adjusted income
from operations was $342.1 million or 10.7% of adjusted net sales. |
• | Adjusted income from operations delevered at 15.5% from prior year. |
• | Net cash provided by operating activities was $408.5 million and capital expenditures totaled $92.4 million, resulting in free cash flow of $316.1 million as compared to $285.1 million in 2018. |
• | Debt
decreased $169.6 million from $1,307.1 million at the end of 2018 to $1,137.5 million. Net debt decreased $252.4 million from $1,058.5 million at the end of 2018 to $806.1 million. |
• | Debt to EBITDA was 2.3, down from 2.7 at the end of the end of 2018. Net debt to adjusted EBITDA was 1.7 down from 2.1 at the end of 2018. |
• | Purchased 2,194,545 shares for a total of $165.0 million. |
• | Commercial Systems segment net sales were $202.0 million, a decrease of 26.1%. Businesses divested/to be exited had a negative 15.1% impact, and foreign currency had a negative 0.6% impact. The result was a negative organic sales growth rate of 10.4% driven by continued inventory de-stocking in the North American pool pump market, weakness in North American general industry, and the impact of 80/20 account pruning. Operating margin was 3.9%. After net adjustments of
$7.2 million, adjusted operating margin was 7.5% of adjusted net sales. Adjusted income from operations delevered at 28.7% from prior year. |
• | Industrial Systems segment net sales were $138.0 million, a decrease of 15.6%. Businesses divested/to be exited had a negative 0.7% impact, and foreign currency had a negative 0.7% impact. The result was a negative organic sales growth rate of 14.2% driven by continued power generation project delays due to end market overcapacity and the oil & gas downturn, weak North American and China industrial demand due to trade uncertainty, and the impact of 80/20 account pruning. Operating margin was negative 1.0%. After net adjustments of $3.0 million, adjusted operating
margin was 1.2% of adjusted net sales. Adjusted income from operations delevered at 18.3% from prior year. |
• | Climate Solutions segment net sales were $206.4 million, a decrease of 11.1%. The businesses divested/to be exited had a negative 4.4% impact, and foreign currency had a negative 0.2% impact. The result was a negative organic sales growth rate of 6.5% driven by a mild start to the winter in North America, the impact from the FER pre-buy in residential HVAC in the first half of the year, inventory reductions by HVAC OEMs and 80/20 account pruning efforts, which were partially offset by improving demand in Asia Pacific. Operating margin was 17.3%. After net adjustments of $0.4 million, adjusted operating
margin was 17.1% of adjusted net sales. Adjusted income from operations grew despite the 6.5% organic sales decline in the quarter. |
• | Power Transmission Solutions segment net sales were $191.8 million, a decrease of 9.9%. The businesses divested/to be exited had a negative 2.3% impact, and foreign currency had a negative 0.4% impact. The result was a negative organic sales growth rate of 7.2% driven by a significant slowdown in upstream and midstream oil & gas, continued weakness in the industrial distribution channel, and 80/20 account pruning efforts, which were partially offset by strong demand in renewable energy. Operating margin was 10.2%. After net adjustments of $6.0 million, adjusted operating
margin was 13.3% of adjusted net sales. Adjusted income from operations grew despite the 7.2% organic sales decline in the quarter. |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
Unaudited | ||||||||||||||||
(Dollars
in Millions, Except per Share Data) | ||||||||||||||||
Three
Months Ended | Twelve Months Ended | |||||||||||||||
Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | |||||||||||||
Net Sales | $ | 738.2 | $ | 881.7 | $ | 3,238.0 | $ | 3,645.6 | ||||||||
Cost
of Sales | 548.0 | 642.0 | 2,377.3 | 2,681.0 | ||||||||||||
Gross Profit | 190.2 | 239.7 | 860.7 | 964.6 | ||||||||||||
Operating
Expenses | 128.5 | 149.9 | 499.6 | 599.4 | ||||||||||||
Goodwill Impairment | — | — | — | 9.5 | ||||||||||||
Asset
Impairments | — | — | 10.0 | 8.7 | ||||||||||||
Total Operating Expenses | 128.5 | 149.9 | 509.6 | 617.6 | ||||||||||||
Income
from Operations | 61.7 | 89.8 | 351.1 | 347.0 | ||||||||||||
Other (Income) Expenses, net | (0.5 | ) | 0.3 | (0.1 | ) | 1.5 | ||||||||||
Interest
Expense | 12.5 | 14.3 | 53.0 | 55.2 | ||||||||||||
Interest Income | 1.6 | 0.1 | 5.6 | 1.9 | ||||||||||||
Income
before Taxes | 51.3 | 75.3 | 303.8 | 292.2 | ||||||||||||
Provision for Income Taxes | 13.7 | 18.8 | 61.2 | 56.4 | ||||||||||||
Net
Income | 37.6 | 56.5 | 242.6 | 235.8 | ||||||||||||
Less: Net Income Attributable to Noncontrolling
Interests | 0.9 | 0.9 | 3.7 | 4.6 | ||||||||||||
Net Income Attributable to Regal Beloit Corporation | $ | 36.7 | $ | 55.6 | $ | 238.9 | $ | 231.2 | ||||||||
Earnings
Per Share Attributable to Regal Beloit Corporation: | ||||||||||||||||
Basic | $ | 0.90 | $ | 1.29 | $ | 5.69 | $ | 5.30 | ||||||||
Assuming
Dilution | $ | 0.89 | $ | 1.28 | $ | 5.66 | $ | 5.26 | ||||||||
Cash
Dividends Declared Per Share | $ | 0.30 | $ | 0.28 | $ | 1.18 | $ | 1.10 | ||||||||
Weighted
Average Number of Shares Outstanding: | ||||||||||||||||
Basic | 40.9 | 43.1 | 42.0 | 43.6 | ||||||||||||
Assuming
Dilution | 41.1 | 43.4 | 42.2 | 43.9 |
CONDENSED
CONSOLIDATED BALANCE SHEETS | ||||||||
Unaudited | ||||||||
(Dollars in Millions) | ||||||||
Dec 28,
2019 | Dec 29, 2018 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 331.4 | $ | 248.6 | ||||
Trade
Receivables, less Allowances of $9.7 Million in 2019 and $13.3 Million in 2018 | 461.4 | 551.9 | ||||||
Inventories | 678.4 | 767.2 | ||||||
Prepaid
Expenses and Other Current Assets | 136.5 | 250.0 | ||||||
Total Current Assets | 1,607.7 | 1,817.7 | ||||||
Net
Property, Plant, Equipment and Noncurrent Assets | 2,823.0 | 2,806.1 | ||||||
Total Assets | $ | 4,430.7 | $ | 4,623.8 | ||||
LIABILITIES
AND EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 337.0 | $ | 424.8 | ||||
Other
Accrued Expenses | 222.9 | 258.2 | ||||||
Current Maturities of Debt | 0.6 | 0.5 | ||||||
Total
Current Liabilities | 560.5 | 683.5 | ||||||
Long-Term Debt | 1,136.9 | 1,306.6 | ||||||
Other
Noncurrent Liabilities | 352.9 | 295.2 | ||||||
Equity: | ||||||||
Total Regal Beloit Corporation Shareholders' Equity | 2,351.1 | 2,310.5 | ||||||
Noncontrolling
Interests | 29.3 | 28.0 | ||||||
Total Equity | 2,380.4 | 2,338.5 | ||||||
Total
Liabilities and Equity | $ | 4,430.7 | $ | 4,623.8 |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW | ||||||||||||||||
Unaudited | ||||||||||||||||
(Dollars
in Millions) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
Dec 28,
2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net
Income | 37.6 | 56.5 | 242.6 | 235.8 | ||||||||||||
Adjustments to Reconcile Net Income and Changes
in Assets and Liabilities (Net of Acquisitions and Divestitures) to Net Cash Provided by Operating Activities: | ||||||||||||||||
Depreciation and Amortization | 34.1 | 36.1 | 134.5 | 142.4 | ||||||||||||
(Gain)
Loss on Disposal of Assets | (2.4 | ) | (2.4 | ) | (0.7 | ) | 1.1 | |||||||||
(Gain) Loss on Businesses Divested and
Assets to be Exited | 0.5 | — | (34.7 | ) | 34.9 | |||||||||||
Share-Based Compensation Expense | 3.0 | 6.4 | 13.0 | 16.9 | ||||||||||||
Change
in Operating Assets and Liabilities | 64.5 | 15.8 | 53.8 | (68.4 | ) | |||||||||||
Net Cash Provided by Operating
Activities | 137.3 | 112.4 | 408.5 | 362.7 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Additions
to Property, Plant and Equipment | (15.1 | ) | (18.4 | ) | (92.4 | ) | (77.6 | ) | ||||||||
Proceeds Received from Sales of
Property, Plant and Equipment | 7.1 | 5.6 | 8.8 | 10.0 | ||||||||||||
Net Sales of Investment Securities | — | — | — | 0.5 | ||||||||||||
Business
Acquisitions, Net of Cash Acquired | — | — | — | (161.5 | ) | |||||||||||
Proceeds Received from (Settlement
of) Disposal of Businesses | (1.7 | ) | 0.7 | 157.9 | 0.7 | |||||||||||
Net Cash (Used in) Provided by Investing
Activities | (9.7 | ) | (12.1 | ) | 74.3 | (227.9 | ) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Net
(Repayments) Borrowings Under Revolving Credit Facility | 2.4 | 53.0 | (80.7 | ) | 78.6 | |||||||||||
Net
Repayments of Short-Term Borrowings | — | (0.1 | ) | — | (0.7 | ) | ||||||||||
Proceeds from Long-Term Debt | — | — | — | 900.2 | ||||||||||||
Repayments
of Long-Term Debt | (66.1 | ) | (25.1 | ) | (90.3 | ) | (811.4 | ) | ||||||||
Dividends Paid to Shareholders | (12.3 | ) | (12.1 | ) | (48.9 | ) | (47.2 | ) | ||||||||
Proceeds
from the Exercise of Stock Options | 0.3 | — | 0.3 | — | ||||||||||||
Repurchase of Common Stock | (15.0 | ) | (49.5 | ) | (165.1 | ) | (127.8 | ) | ||||||||
Distributions
to Noncontrolling Interest | — | — | (1.8 | ) | (1.6 | ) | ||||||||||
Shares Surrendered for Taxes | (2.9 | ) | (0.1 | ) | (10.9 | ) | (3.5 | ) | ||||||||
Purchase
of Subsidiary Shares from Noncontrolling Interest | — | — | — | (0.8 | ) | |||||||||||
Financing Fees Paid | — | — | — | (3.5 | ) | |||||||||||
Net
Cash Used in Financing Activities | (93.6 | ) | (33.9 | ) | (397.4 | ) | (17.7 | ) | ||||||||
EFFECT OF EXCHANGE RATES ON CASH
AND CASH EQUIVALENTS | 4.4 | (2.2 | ) | (2.6 | ) | (8.1 | ) | |||||||||
Net Increase in Cash and Cash Equivalents | 38.4 | 64.2 | 82.8 | 109.0 | ||||||||||||
Cash
and Cash Equivalents at Beginning of Period | 293.0 | 184.4 | 248.6 | 139.6 | ||||||||||||
Cash and
Cash Equivalents at End of Period | $ | 331.4 | $ | 248.6 | $ | 331.4 | $ | 248.6 |
SEGMENT
INFORMATION | ||||||||||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||
(Dollars
in Millions) | ||||||||||||||||||||||||||||||||||||||||
Three
Months Ended | ||||||||||||||||||||||||||||||||||||||||
Commercial Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||||||||||||||||||||||
Dec 28,
2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29,
2018 | Dec 28, 2019 | Dec 29, 2018 | |||||||||||||||||||||||||||||||
Net Sales | $ | 202.0 | $ | 273.2 | $ | 138.0 | $ | 163.5 | $ | 206.4 | $ | 232.2 | $ | 191.8 | $ | 212.8 | $ | 738.2 | $ | 881.7 | ||||||||||||||||||||
Net
Sales from Businesses Divested/to be Exited | — | (46.1 | ) | — | (1.4 | ) | (0.2 | ) | (11.2 | ) | — | (5.2 | ) | (0.2 | ) | (63.9 | ) | |||||||||||||||||||||||
Adjusted
Net Sales* | $ | 202.0 | $ | 227.1 | $ | 138.0 | $ | 162.1 | $ | 206.2 | $ | 221.0 | $ | 191.8 | $ | 207.6 | $ | 738.0 | $ | 817.8 | ||||||||||||||||||||
GAAP
Operating Margin | 3.9 | % | 10.1 | % | (1.0 | )% | 2.7 | % | 17.3 | % | 14.3 | % | 10.2 | % | 11.5 | % | 8.4 | % | 10.2 | % | ||||||||||||||||||||
Adjusted
Operating Margin* | 7.5 | % | 10.4 | % | 1.2 | % | 3.7 | % | 17.1 | % | 14.7 | % | 13.3 | % | 12.1 | % | 10.5 | % | 10.7 | % | ||||||||||||||||||||
Components
of Net Sales: | ||||||||||||||||||||||||||||||||||||||||
Organic
Sales Growth* | (10.4 | )% | 1.2 | % | (14.2 | )% | (0.9 | )% | (6.5 | )% | 9.3 | % | (7.2 | )% | 8.4 | % | (9.3 | )% | 4.7 | % | ||||||||||||||||||||
Acquisitions | — | % | 16.1 | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | 4.1 | % | ||||||||||||||||||||
Businesses
Divested/to be Exited | (15.1 | )% | (1.5 | )% | (0.7 | )% | (0.1 | )% | (4.4 | )% | (1.0 | )% | (2.3 | )% | 0.6 | % | (6.5 | )% | (0.1 | )% | ||||||||||||||||||||
Foreign
Currency Impact | (0.6 | )% | (0.9 | )% | (0.7 | )% | (2.8 | )% | (0.2 | )% | (1.0 | )% | (0.4 | )% | (0.7 | )% | (0.5 | )% | (1.3 | )% | ||||||||||||||||||||
SEGMENT
INFORMATION | ||||||||||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||
(Dollars
in Millions) | ||||||||||||||||||||||||||||||||||||||||
Twelve
Months Ended | ||||||||||||||||||||||||||||||||||||||||
Commercial Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||||||||||||||||||||||
Dec 28,
2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29,
2018 | Dec 28, 2019 | Dec 29, 2018 | |||||||||||||||||||||||||||||||
Net Sales | $ | 905.3 | $ | 1,110.9 | $ | 575.4 | $ | 671.1 | $ | 968.5 | $ | 1,024.8 | $ | 788.8 | $ | 838.8 | $ | 3,238.0 | $ | 3,645.6 | ||||||||||||||||||||
Net
Sales from Businesses Divested/to be Exited | (25.0 | ) | (175.5 | ) | — | (6.3 | ) | (22.2 | ) | (61.7 | ) | (5.6 | ) | (19.9 | ) | (52.8 | ) | (263.4 | ) | |||||||||||||||||||||
Adjusted
Net Sales* | $ | 880.3 | $ | 935.4 | $ | 575.4 | $ | 664.8 | $ | 946.3 | $ | 963.1 | $ | 783.2 | $ | 818.9 | $ | 3,185.2 | $ | 3,382.2 | ||||||||||||||||||||
GAAP
Operating Margin | 11.4 | % | 9.2 | % | (1.6 | )% | 3.7 | % | 16.9 | % | 11.3 | % | 11.8 | % | 12.4 | % | 10.8 | % | 9.5 | % | ||||||||||||||||||||
Adjusted
Operating Margin* | 9.1 | % | 9.9 | % | 0.1 | % | 4.3 | % | 16.9 | % | 15.1 | % | 13.0 | % | 12.8 | % | 10.7 | % | 11.0 | % | ||||||||||||||||||||
Components
of Net Sales: | ||||||||||||||||||||||||||||||||||||||||
Organic
Sales Growth | (8.1 | )% | 3.9 | % | (11.4 | )% | 3.3 | % | (1.2 | )% | 4.7 | % | (3.5 | )% | 8.9 | % | (5.7 | )% | 5.2 | % | ||||||||||||||||||||
Acquisitions | 3.4 | % | 12.0 | % | — | % | — | % | — | % | — | % | — | % | — | % | 0.9 | % | 3.1 | % | ||||||||||||||||||||
Businesses
Divested/to be Exited | (12.6 | )% | (0.3 | )% | (0.8 | )% | (0.2 | )% | (3.7 | )% | (1.1 | )% | (1.6 | )% | 0.1 | % | (5.3 | )% | (0.2 | )% | ||||||||||||||||||||
Foreign
Currency Impact | (1.2 | )% | 0.5 | % | (2.1 | )% | 0.6 | % | (0.6 | )% | (0.1 | )% | (0.9 | )% | 0.5 | % | (1.1 | )% | 0.3 | % |
ADJUSTED
DILUTED EARNINGS PER SHARE | Three Months Ended | Twelve Months Ended | ||||||||||||||
Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29,
2018 | |||||||||||||
GAAP Diluted Earnings Per Share | $ | 0.89 | $ | 1.28 | $ | 5.66 | $ | 5.26 | ||||||||
Restructuring
and Related Costs | 0.33 | 0.04 | 0.57 | 0.13 | ||||||||||||
Purchase Accounting and Transaction
Costs | — | — | — | 0.09 | ||||||||||||
(Gain) Loss on Businesses Divested and Assets to be Exited | 0.01 | — | (0.69 | ) | 0.61 | |||||||||||
Net
(Income) Loss from Businesses Divested/to be Exited | 0.01 | (0.11 | ) | (0.07 | ) | (0.40 | ) | |||||||||
Executive
Transition Costs | 0.07 | 0.07 | 0.08 | 0.07 | ||||||||||||
Gain on Sale of Assets | (0.06 | ) | (0.04 | ) | (0.06 | ) | (0.04 | ) | ||||||||
Impact
of the New US Tax Legislation | — | 0.07 | — | (0.08 | ) | |||||||||||
Adjusted Diluted Earnings Per
Share | $ | 1.25 | $ | 1.31 | $ | 5.49 | $ | 5.64 | ||||||||
2020
ADJUSTED ANNUAL GUIDANCE | Minimum | Maximum | ||||||
2020 Diluted EPS Annual Guidance | $ | 5.35 | $ | 5.75 | ||||
Restructuring
and Related Costs | 0.28 | 0.28 | ||||||
Gain on Businesses Divested and Assets to be Exited | (0.01 | ) | (0.01 | ) | ||||
Executive
Transition Costs | 0.03 | 0.03 | ||||||
2020 Adjusted Diluted EPS Annual Guidance | $ | 5.65 | $ | 6.05 |
ADJUSTED
INCOME FROM OPERATIONS | ||||||||||||||||||||||||||||||||||||||||
Three
Months Ended | ||||||||||||||||||||||||||||||||||||||||
Commercial Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||||||||||||||||||||||
Dec 28,
2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29,
2018 | Dec 28, 2019 | Dec 29, 2018 | |||||||||||||||||||||||||||||||
GAAP Income (Loss) from Operations | $ | 7.9 | $ | 27.7 | $ | (1.4 | ) | $ | 4.4 | $ | 35.7 | $ | 33.3 | $ | 19.5 | $ | 24.4 | $ | 61.7 | $ | 89.8 | |||||||||||||||||||
Restructuring
and Related Costs | 7.0 | 1.1 | 2.9 | 0.6 | 2.7 | 0.4 | 5.5 | 0.1 | 18.1 | 2.2 | ||||||||||||||||||||||||||||||
Purchase
Accounting and Transaction Costs | — | 0.1 | — | — | — | — | — | — | — | 0.1 | ||||||||||||||||||||||||||||||
Loss
on Businesses Divested and Assets to be Exited | 0.1 | — | — | — | — | — | 0.4 | — | 0.5 | — | ||||||||||||||||||||||||||||||
Gain
on Sale of Assets | — | (1.5 | ) | — | — | (3.8 | ) | (0.7 | ) | — | — | (3.8 | ) | (2.2 | ) | |||||||||||||||||||||||||
Operating
(Income) Loss from Businesses Divested/to be Exited | — | (4.9 | ) | — | 0.3 | 0.6 | (1.6 | ) | — | (0.3 | ) | 0.6 | (6.5 | ) | ||||||||||||||||||||||||||
Executive
Transition Costs | 0.1 | 1.1 | 0.1 | 0.7 | 0.1 | 1.1 | 0.1 | 0.9 | 0.4 | 3.8 | ||||||||||||||||||||||||||||||
Adjusted
Income from Operations | $ | 15.1 | $ | 23.6 | $ | 1.6 | $ | 6.0 | $ | 35.3 | $ | 32.5 | $ | 25.5 | $ | 25.1 | $ | 77.5 | $ | 87.2 | ||||||||||||||||||||
GAAP
Operating Margin % | 3.9% | 10.1% | (1.0)% | 2.7% | 17.3% | 14.3% | 10.2% | 11.5% | 8.4% | 10.2% | ||||||||||||||||||||||||||||||
Adjusted
Operating Margin % | 7.5% | 10.4% | 1.2% | 3.7% | 17.1% | 14.7% | 13.3% | 12.1% | 10.5% | 10.7% | ||||||||||||||||||||||||||||||
ADJUSTED
INCOME FROM OPERATIONS | ||||||||||||||||||||||||||||||||||||||||
Twelve
Months Ended | ||||||||||||||||||||||||||||||||||||||||
Commercial Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||||||||||||||||||||||
Dec 28,
2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29,
2018 | Dec 28, 2019 | Dec 29, 2018 | |||||||||||||||||||||||||||||||
GAAP Income (Loss) from Operations | $ | 103.1 | $ | 102.2 | $ | (9.3 | ) | $ | 24.8 | $ | 163.9 | $ | 115.6 | $ | 93.4 | $ | 104.4 | $ | 351.1 | $ | 347.0 | |||||||||||||||||||
Restructuring
and Related Costs | 11.8 | 2.9 | 8.4 | 2.7 | 4.2 | 1.8 | 6.9 | 0.3 | 31.3 | 7.7 | ||||||||||||||||||||||||||||||
Purchase
Accounting and Transaction Costs | 0.1 | 5.4 | — | — | — | — | — | — | 0.1 | 5.4 | ||||||||||||||||||||||||||||||
(Gain)
Loss on Businesses Divested and Assets to be Exited | (32.6 | ) | — | 1.0 | — | (4.7 | ) | 34.9 | 1.6 | — | (34.7 | ) | 34.9 | |||||||||||||||||||||||||||
Gain
on Sale of Assets | — | (1.5 | ) | — | — | (3.8 | ) | (0.7 | ) | — | — | (3.8 | ) | (2.2 | ) | |||||||||||||||||||||||||
Operating
(Income) Loss from Businesses Divested/to be Exited | (3.3 | ) | (17.1 | ) | — | 0.5 | (0.5 | ) | (6.8 | ) | (0.3 | ) | (0.5 | ) | (4.1 | ) | (23.9 | ) | ||||||||||||||||||||||
Executive
Transition Costs | 0.6 | 1.1 | 0.5 | 0.7 | 0.6 | 1.1 | 0.5 | 0.9 | 2.2 | 3.8 | ||||||||||||||||||||||||||||||
Adjusted
Income from Operations | $ | 79.7 | $ | 93.0 | $ | 0.6 | $ | 28.7 | $ | 159.7 | $ | 145.9 | $ | 102.1 | $ | 105.1 | $ | 342.1 | $ | 372.7 | ||||||||||||||||||||
GAAP
Operating Margin % | 11.4% | 9.2% | (1.6)% | 3.7% | 16.9% | 11.3% | 11.8% | 12.4% | 10.8% | 9.5% | ||||||||||||||||||||||||||||||
Adjusted
Operating Margin % | 9.1% | 9.9% | 0.1% | 4.3% | 16.9% | 15.1% | 13.0% | 12.8% | 10.7% | 11.0% |
DEBT
TO EBITDA | Last Twelve Months | |||||||||
Dec 28, 2019 | Dec 29, 2018 | |||||||||
Net Income | $ | 242.6 | $ | 235.8 | ||||||
Interest
Expense | 53.0 | 55.2 | ||||||||
Interest Income | (5.6 | ) | (1.9 | ) | ||||||
Taxes | 61.2 | 56.4 | ||||||||
Depreciation
and Amortization | 134.5 | 142.4 | ||||||||
EBITDA | $ | 485.7 | $ | 487.9 | ||||||
Restructuring
and Related Costs | 31.3 | 7.7 | ||||||||
Purchase Accounting and Transactions Costs | 0.1 | 5.4 | ||||||||
Impairment
and Exit Related Costs | 10.0 | 34.9 | ||||||||
Executive Transition Costs | 2.2 | 3.8 | ||||||||
Operating
Income from Businesses Divested/to be Exited | (4.1 | ) | (23.9 | ) | ||||||
Gain on Sale of Assets | (3.8 | ) | (2.2 | ) | ||||||
Gain
on Divestiture of Businesses | (44.7 | ) | — | |||||||
Adjusted EBITDA | $ | 476.7 | $ | 513.6 | ||||||
Current
Maturities of Long-Term Debt | $ | 0.6 | $ | 0.5 | ||||||
Long-Term Debt | 1,136.9 | 1,306.6 | ||||||||
Total
Gross Debt | $ | 1,137.5 | $ | 1,307.1 | ||||||
Cash | (331.4 | ) | (248.6 | ) | ||||||
Net
Debt | $ | 806.1 | $ | 1,058.5 | ||||||
Gross
Debt/EBITDA | 2.3 | 2.7 | ||||||||
Gross Debt/Adjusted EBITDA | 2.4 | 2.5 | ||||||||
Net
Debt/EBITDA | 1.7 | 2.2 | ||||||||
Net Debt/Adjusted EBITDA | 1.7 | 2.1 |
OPERATING
LEVERAGE-TOTAL REGAL | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
(Dollars in Millions) | Dec 28, 2019 | Dec 29, 2018 | Change | Dec 28,
2019 | Dec 29, 2018 | Change | ||||||||||||||||||
GAAP Income from Operations | $ | 61.7 | $ | 89.8 | $ | (28.1 | ) | $ | 351.1 | $ | 347.0 | $ | 4.1 | |||||||||||
Adjusted
Income from Operations | $ | 77.5 | $ | 87.2 | $ | (9.7 | ) | $ | 342.1 | $ | 372.7 | $ | (30.6 | ) | ||||||||||
Net
Sales | $ | 738.2 | $ | 881.7 | $ | (143.5 | ) | $ | 3,238.0 | $ | 3,645.6 | $ | (407.6 | ) | ||||||||||
Adjusted
Net Sales | $ | 738.0 | $ | 817.8 | $ | (79.8 | ) | $ | 3,185.2 | $ | 3,382.2 | $ | (197.0 | ) | ||||||||||
GAAP
Operating Leverage | 19.6 | % | (1.0 | )% | ||||||||||||||||||||
Adjusted
Operating Leverage | 12.2 | % | 15.5 | % |
OPERATING
LEVERAGE-COMMERCIAL SYSTEMS | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
(Dollars in Millions) | Dec 28, 2019 | Dec 29, 2018 | Change | Dec 28,
2019 | Dec 29, 2018 | Change | ||||||||||||||||||
GAAP Income from Operations | $ | 7.9 | $ | 27.7 | $ | (19.8 | ) | $ | 103.1 | $ | 102.2 | $ | 0.9 | |||||||||||
Adjusted
Income from Operations | $ | 15.1 | $ | 23.6 | $ | (8.5 | ) | $ | 79.7 | $ | 93.0 | $ | (13.3 | ) | ||||||||||
2019
Corporate Allocation to 2018 Acquisition | $ | 1.3 | $ | — | $ | 5.4 | $ | — | ||||||||||||||||
Adjusted
Income from Operations Excluding Corporate Allocation to 2018 Acquisition | $ | 16.4 | $ | 23.6 | $ | (7.2 | ) | $ | 85.1 | $ | 93.0 | $ | (7.9 | ) | ||||||||||
Net
Sales | $ | 202.0 | $ | 273.2 | $ | (71.2 | ) | $ | 905.3 | $ | 1,110.9 | $ | (205.6 | ) | ||||||||||
Adjusted
Net Sales | $ | 202.0 | $ | 227.1 | $ | (25.1 | ) | $ | 880.3 | $ | 935.4 | $ | (55.1 | ) | ||||||||||
GAAP
Operating Leverage | 27.8 | % | (0.4 | )% | ||||||||||||||||||||
Adjusted
Operating Leverage | 33.9 | % | 24.1 | % | ||||||||||||||||||||
Adjusted
Operating Leverage Excluding Corporate Allocation to 2018 Acquisition | 28.7 | % | 14.3 | % |
OPERATING
LEVERAGE-INDUSTRIAL SYSTEMS | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
(Dollars in Millions) | Dec 28, 2019 | Dec 29, 2018 | Change | Dec 28,
2019 | Dec 29, 2018 | Change | ||||||||||||||||||
GAAP Income (Loss) from Operations | $ | (1.4 | ) | $ | 4.4 | $ | (5.8 | ) | $ | (9.3 | ) | $ | 24.8 | $ | (34.1 | ) | ||||||||
Adjusted
Income from Operations | $ | 1.6 | $ | 6.0 | $ | (4.4 | ) | $ | 0.6 | $ | 28.7 | $ | (28.1 | ) | ||||||||||
Net
Sales | $ | 138.0 | $ | 163.5 | $ | (25.5 | ) | $ | 575.4 | $ | 671.1 | $ | (95.7 | ) | ||||||||||
Adjusted
Net Sales | $ | 138.0 | $ | 162.1 | $ | (24.1 | ) | $ | 575.4 | $ | 664.8 | $ | (89.4 | ) | ||||||||||
GAAP
Operating Leverage | 22.7 | % | 35.6 | % | ||||||||||||||||||||
Adjusted
Operating Leverage | 18.3 | % | 31.4 | % |
FREE
CASH FLOW | Three Months Ended | Twelve Months Ended | ||||||||||||||
Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29,
2018 | |||||||||||||
Net Cash Provided by Operating Activities | $ | 137.3 | $ | 112.4 | $ | 408.5 | $ | 362.7 | ||||||||
Additions
to Property Plant and Equipment | (15.1 | ) | (18.4 | ) | (92.4 | ) | (77.6 | ) | ||||||||
Free Cash Flow | $ | 122.2 | $ | 94.0 | $ | 316.1 | $ | 285.1 | ||||||||
GAAP
Net Income Attributable to Regal Beloit Corporation | $ | 36.7 | $ | 55.6 | $ | 238.9 | $ | 231.2 | ||||||||
(Gain)
Loss on Businesses Divested and Impairments | 0.5 | — | (34.7 | ) | 18.2 | |||||||||||
Tax Effect from
(Gain) Loss on Businesses Divested and Impairments | (0.1 | ) | — | 5.4 | (4.0 | ) | ||||||||||
Adjusted
Net Income Attributable to Regal Beloit Corporation1 | $ | 37.1 | $ | 55.6 | $ | 209.6 | $ | 245.4 | ||||||||
Free
Cash Flow as a Percentage of Adjusted Net Income Attributable to Regal Beloit Corporation | 329.4 | % | 169.1 | % | 150.8 | % | 116.2 | % | ||||||||
1 The
Net Income Attributable to Regal Beloit Corporation is adjusted for the gains and losses on divested businesses and goodwill and asset impairments related to the business to be exited and used in the Free Cash Flow Calculation. |
ADJUSTED EFFECTIVE TAX RATE | Three
Months Ended | Twelve Months Ended | ||||||||||||||
Dec 28, 2019 | Dec 29, 2018 | Dec 28, 2019 | Dec 29, 2018 | |||||||||||||
Income before Taxes | $ | 51.3 | $ | 75.3 | $ | 303.8 | $ | 292.2 | ||||||||
Provision
for Income Taxes | 13.7 | 18.8 | 61.2 | 56.4 | ||||||||||||
Effective Tax Rate | 26.7 | % | 25.0 | % | 20.1 | % | 19.3 | % | ||||||||
Income
before Taxes | $ | 51.3 | $ | 75.3 | $ | 303.8 | $ | 292.2 | ||||||||
(Gain)
Loss on Businesses Divested and Assets to be Exited | 0.5 | — | (34.7 | ) | 34.9 | |||||||||||
Adjusted
Income before Taxes | $ | 51.8 | $ | 75.3 | $ | 269.1 | $ | 327.1 | ||||||||
Provision
for Income Taxes | $ | 13.7 | $ | 18.8 | $ | 61.2 | $ | 56.4 | ||||||||
Tax
Effect from (Gain) Loss on Businesses Divested and Assets to be Exited | 0.1 | — | (5.4 | ) | 8.2 | |||||||||||
Impact
of the New US Tax Legislation | — | (3.0 | ) | — | 3.6 | |||||||||||
Non-deductible Portion of Executive
Transition Costs | (2.3 | ) | — | (2.3 | ) | — | ||||||||||
Adjusted Provision for Income Taxes | $ | 11.5 | $ | 15.8 | $ | 53.5 | $ | 68.2 | ||||||||
Adjusted
Effective Tax Rate | 22.2 | % | 21.0 | % | 19.9 | % | 20.8 | % |
ORGANIC
SALES GROWTH | Three Months Ended | ||||||||||||||||||||
Commercial Systems | Industrial Systems | Climate
Solutions | Power Transmission Solutions | Total Regal | |||||||||||||||||
Net Sales Three Months Ended Dec 28, 2019 | $ | 202.0 | $ | 138.0 | $ | 206.4 | $ | 191.8 | $ | 738.2 | |||||||||||
Net
Sales from Businesses Divested/to be Exited | — | — | (0.2 | ) | — | (0.2 | ) | ||||||||||||||
Impact
from Foreign Currency Exchange Rates | 1.4 | 1.1 | 0.4 | 0.9 | 3.8 | ||||||||||||||||
Organic
Sales Three Months Ended Dec 28, 2019 | $ | 203.4 | $ | 139.1 | $ | 206.6 | $ | 192.7 | $ | 741.8 | |||||||||||
Net
Sales Three Months Ended Dec 29, 2018 | $ | 273.2 | $ | 163.5 | $ | 232.2 | $ | 212.8 | $ | 881.7 | |||||||||||
Net
Sales from Businesses Divested/to be Exited | (46.1 | ) | (1.4 | ) | (11.2 | ) | (5.2 | ) | (63.9 | ) | |||||||||||
Adjusted
Net Sales Three Months Ended Dec 29, 2018 | $ | 227.1 | $ | 162.1 | $ | 221.0 | $ | 207.6 | $ | 817.8 | |||||||||||
Three
Months Ended Dec 28, 2019 Organic Sales Growth % | (10.4 | )% | (14.2 | )% | (6.5 | )% | (7.2 | )% | (9.3 | )% | |||||||||||
Three
Months Ended Dec 28, 2019 Net Sales Growth % | (26.1 | )% | (15.6 | )% | (11.1 | )% | (9.9 | )% | (16.3 | )% | |||||||||||
ORGANIC
SALES GROWTH | Twelve Months Ended | ||||||||||||||||||||
Commercial Systems | Industrial Systems | Climate
Solutions | Power Transmission Solutions | Total Regal | |||||||||||||||||
Net Sales Twelve Months Ended Dec 28, 2019 | $ | 905.3 | $ | 575.4 | $ | 968.5 | $ | 788.8 | $ | 3,238.0 | |||||||||||
Net
Sales from Business Acquired | (31.7 | ) | — | — | — | (31.7 | ) | ||||||||||||||
Net
Sales from Businesses Divested/to be Exited | (25.0 | ) | — | (22.2 | ) | (5.6 | ) | (52.8 | ) | ||||||||||||
Impact
from Foreign Currency Exchange Rates | 10.8 | 13.7 | 5.7 | 7.1 | 37.3 | ||||||||||||||||
Organic
Sales Twelve Months Ended Dec 28, 2019 | $ | 859.4 | $ | 589.1 | $ | 952.0 | $ | 790.3 | $ | 3,190.8 | |||||||||||
Net
Sales Twelve Months Ended Dec 29, 2018 | $ | 1,110.9 | $ | 671.1 | $ | 1,024.8 | $ | 838.8 | $ | 3,645.6 | |||||||||||
Net
Sales from Businesses Divested/to be Exited | (175.5 | ) | (6.3 | ) | (61.7 | ) | (19.9 | ) | (263.4 | ) | |||||||||||
Adjusted
Net Sales Twelve Months Ended Dec 29, 2018 | $ | 935.4 | $ | 664.8 | $ | 963.1 | $ | 818.9 | $ | 3,382.2 | |||||||||||
Twelve
Months Ended Dec 28, 2019 Organic Sales Growth % | (8.1 | )% | (11.4 | )% | (1.2 | )% | (3.5 | )% | (5.7 | )% | |||||||||||
Twelve
Months Ended Dec 28, 2019 Net Sales Growth % | (18.5 | )% | (14.3 | )% | (5.5 | )% | (6.0 | )% | (11.2 | )% |
Commercial
Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||
Fiscal 2019 First Quarter Schedule for Ongoing Business | ||||||||||||||||||||
Net
Sales Three Months Ended March 30, 2019 | $ | 242.2 | $ | 138.1 | $ | 263.3 | $ | 210.2 | $ | 853.8 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | (12.4 | ) | — | (15.5 | ) | (5.6 | ) | (33.5 | ) | |||||||||||
Net
Sales from Ongoing Business | $ | 229.8 | $ | 138.1 | $ | 247.8 | $ | 204.6 | $ | 820.3 | ||||||||||
GAAP
Income (Loss) from Operations Three Months Ended March 30, 2019 | $ | 57.8 | $ | (4.3 | ) | $ | 38.9 | $ | 28.2 | $ | 120.6 | |||||||||
Restructuring
and Related Costs | 1.2 | 0.9 | 0.1 | 0.1 | 2.3 | |||||||||||||||
Purchase
Accounting and Transaction Costs | 0.1 | — | — | — | 0.1 | |||||||||||||||
(Gain)
Loss on Businesses Divested and Assets to be Exited | (34.6 | ) | 1.0 | 1.3 | 1.1 | (31.2 | ) | |||||||||||||
Income
from Operations of Businesses Divested/to be Exited | (1.7 | ) | — | (1.9 | ) | (0.3 | ) | (3.9 | ) | |||||||||||
Executive
Transition Costs | 0.4 | 0.3 | 0.5 | 0.4 | 1.6 | |||||||||||||||
Adjusted
Income (Loss) from Operations of Ongoing Business | $ | 23.2 | $ | (2.1 | ) | $ | 38.9 | $ | 29.5 | $ | 89.5 | |||||||||
Ongoing
Business Adjusted Operating Margin % | 10.1 | % | (1.5 | )% | 15.7 | % | 14.4 | % | 10.9 | % | ||||||||||
Fiscal
2019 Second Quarter Schedule for Ongoing Business | ||||||||||||||||||||
Net Sales Three Months Ended June 29, 2019 | $ | 246.3 | $ | 155.5 | $ | 267.9 | $ | 204.0 | $ | 873.7 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | (12.6 | ) | — | (5.6 | ) | — | (18.2 | ) | ||||||||||||
Net
Sales from Ongoing Business | $ | 233.7 | $ | 155.5 | $ | 262.3 | $ | 204.0 | $ | 855.5 | ||||||||||
GAAP
Income (Loss) from Operations Three Months Ended June 29, 2019 | $ | 20.8 | $ | (1.3 | ) | $ | 51.7 | $ | 24.8 | $ | 96.0 | |||||||||
Restructuring
and Related Costs | 1.1 | 1.5 | 0.6 | 0.4 | 3.6 | |||||||||||||||
(Gain)
Loss on Businesses Divested and Assets to be Exited | 1.8 | — | (6.1 | ) | 0.1 | (4.2 | ) | |||||||||||||
Income
from Operations of Businesses Divested/to be Exited | (1.6 | ) | — | (0.1 | ) | — | (1.7 | ) | ||||||||||||
Executive
Transition Costs | 0.1 | — | — | — | 0.1 | |||||||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 22.2 | $ | 0.2 | $ | 46.1 | $ | 25.3 | $ | 93.8 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 9.5 | % | 0.1 | % | 17.6 | % | 12.4 | % | 11.0 | % |
Commercial
Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||
Fiscal 2019 Third Quarter Schedule for Ongoing Business | ||||||||||||||||||||
Net
Sales Three Months Ended September 28, 2019 | $ | 214.8 | $ | 143.8 | $ | 230.9 | $ | 182.8 | $ | 772.3 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | — | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||
Net
Sales from Ongoing Business | $ | 214.8 | $ | 143.8 | $ | 230.0 | $ | 182.8 | $ | 771.4 | ||||||||||
GAAP
Income (Loss) from Operations Three Months Ended September 28, 2019 | $ | 16.6 | $ | (2.3 | ) | $ | 37.6 | $ | 20.9 | $ | 72.8 | |||||||||
Restructuring
and Related Costs | 2.5 | 3.1 | 0.8 | 0.9 | 7.3 | |||||||||||||||
Loss
on Businesses Divested and Assets to be Exited | 0.1 | — | 0.1 | — | 0.2 | |||||||||||||||
Loss
from Operations of Businesses Divested/to be Exited | — | — | 0.9 | — | 0.9 | |||||||||||||||
Executive
Transition Costs | — | 0.1 | — | — | 0.1 | |||||||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 19.2 | $ | 0.9 | $ | 39.4 | $ | 21.8 | $ | 81.3 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 8.9 | % | 0.6 | % | 17.1 | % | 11.9 | % | 10.5 | % | ||||||||||
Fiscal
2019 Fourth Quarter Schedule for Ongoing Business | ||||||||||||||||||||
Net Sales Three Months Ended December 28, 2019 | $ | 202.0 | $ | 138.0 | $ | 206.4 | $ | 191.8 | $ | 738.2 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||
Net
Sales from Ongoing Business | $ | 202.0 | $ | 138.0 | $ | 206.2 | $ | 191.8 | $ | 738.0 | ||||||||||
GAAP
Income (Loss) from Operations Three Months Ended December 28, 2019 | $ | 7.9 | $ | (1.4 | ) | $ | 35.7 | $ | 19.5 | $ | 61.7 | |||||||||
Restructuring
and Related Costs | 7.0 | 2.9 | 2.7 | 5.5 | 18.1 | |||||||||||||||
Gain
on Sale of Assets | — | — | (3.8 | ) | — | (3.8 | ) | |||||||||||||
Loss
on Businesses Divested and Assets to be Exited | 0.1 | — | — | 0.4 | 0.5 | |||||||||||||||
Loss
from Operations of Businesses Divested/to be Exited | — | — | 0.6 | — | 0.6 | |||||||||||||||
Executive
Transition Costs | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | |||||||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 15.1 | $ | 1.6 | $ | 35.3 | $ | 25.5 | $ | 77.5 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 7.5 | % | 1.2 | % | 17.1 | % | 13.3 | % | 10.5 | % |
Commercial
Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||
Fiscal 2019 Full Year Schedule for Ongoing Business | ||||||||||||||||||||
Net
Sales Twelve Months Ended December 28, 2019 | $ | 905.3 | $ | 575.4 | $ | 968.5 | $ | 788.8 | $ | 3,238.0 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | (25.0 | ) | — | (22.2 | ) | (5.6 | ) | (52.8 | ) | |||||||||||
Net
Sales from Ongoing Business | $ | 880.3 | $ | 575.4 | $ | 946.3 | $ | 783.2 | $ | 3,185.2 | ||||||||||
GAAP
Income (Loss) from Operations Twelve Months Ended December 28, 2019 | $ | 103.1 | $ | (9.3 | ) | $ | 163.9 | $ | 93.4 | $ | 351.1 | |||||||||
Restructuring
and Related Costs | 11.8 | 8.4 | 4.2 | 6.9 | 31.3 | |||||||||||||||
Purchase
Accounting and Transaction Costs | 0.1 | — | — | — | 0.1 | |||||||||||||||
Gain
on Sale of Assets | — | — | (3.8 | ) | — | (3.8 | ) | |||||||||||||
(Gain)
Loss on Businesses Divested and Assets to be Exited | (32.6 | ) | 1.0 | (4.7 | ) | 1.6 | (34.7 | ) | ||||||||||||
Income
from Operations of Businesses Divested/to be Exited | (3.3 | ) | — | (0.5 | ) | (0.3 | ) | (4.1 | ) | |||||||||||
Executive
Transition Costs | 0.6 | 0.5 | 0.6 | 0.5 | 2.2 | |||||||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 79.7 | $ | 0.6 | $ | 159.7 | $ | 102.1 | $ | 342.1 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 9.1 | % | 0.1 | % | 16.9 | % | 13.0 | % | 10.7 | % |
2019
ADJUSTED DILUTED EARNINGS PER SHARE FOR ONGOING BUSINESS | Three Months Ended | Twelve Months Ended Dec 28, 2019 | ||||||||||||||||||
Mar 30, 2019 | Jun 29, 2019 | Sep 28, 2019 | Dec 28,
2019 | |||||||||||||||||
Adjusted Diluted Earnings Per Share | $ | 1.43 | $ | 1.52 | $ | 1.35 | $ | 1.25 | $ | 5.55 | ||||||||||
Earnings
Per Share from Businesses Divested/to be Exited | (0.03 | ) | (0.03 | ) | — | — | (0.06 | ) | ||||||||||||
Adjusted
Diluted Earnings Per Share for Ongoing Business | $ | 1.40 | $ | 1.49 | $ | 1.35 | $ | 1.25 | $ | 5.49 |
Commercial
Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||
Fiscal
2018 First Quarter Schedule for Ongoing Business | ||||||||||||||||||||
Net Sales Three Months Ended March 31, 2018 | $ | 249.0 | $ | 165.0 | $ | 259.9 | $ | 204.9 | $ | 878.8 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | (42.3 | ) | (1.6 | ) | (18.0 | ) | (4.3 | ) | (66.2 | ) | ||||||||||
Net
Sales from Ongoing Business | $ | 206.7 | $ | 163.4 | $ | 241.9 | $ | 200.6 | $ | 812.6 | ||||||||||
GAAP
Income from Operations Three Months Ended March 31, 2018 | $ | 19.7 | $ | 9.4 | $ | 32.3 | $ | 26.8 | $ | 88.2 | ||||||||||
Restructuring
and Related Costs | 0.8 | 0.5 | 0.4 | — | 1.7 | |||||||||||||||
(Income)
Loss from Operations of Businesses Divested/to be Exited | (2.9 | ) | 0.1 | (1.6 | ) | 0.4 | (4.0 | ) | ||||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 17.6 | $ | 10.0 | $ | 31.1 | $ | 27.2 | $ | 85.9 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 8.5 | % | 6.1 | % | 12.9 | % | 13.6 | % | 10.6 | % | ||||||||||
Fiscal
2018 Second Quarter Schedule for Ongoing Business | ||||||||||||||||||||
Net Sales Three Months Ended June 30, 2018 | $ | 292.2 | $ | 176.8 | $ | 277.3 | $ | 213.4 | $ | 959.7 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | (42.0 | ) | (1.7 | ) | (19.2 | ) | (5.6 | ) | (68.5 | ) | ||||||||||
Net
Sales from Ongoing Business | $ | 250.2 | $ | 175.1 | $ | 258.1 | $ | 207.8 | $ | 891.2 | ||||||||||
GAAP
Income from Operations Three Months Ended June 30, 2018 | $ | 23.6 | $ | 6.9 | $ | 44.0 | $ | 25.1 | $ | 99.6 | ||||||||||
Restructuring
and Related Costs | 0.2 | 0.5 | 0.7 | 0.1 | 1.5 | |||||||||||||||
Purchase
Accounting and Transaction Costs | 5.1 | — | — | — | 5.1 | |||||||||||||||
(Income)
Loss from Operations of Businesses Divested/to be Exited | (4.1 | ) | 0.1 | (2.1 | ) | (0.3 | ) | (6.4 | ) | |||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 24.8 | $ | 7.5 | $ | 42.6 | $ | 24.9 | $ | 99.8 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 9.9 | % | 4.3 | % | 16.5 | % | 12.0 | % | 11.2 | % | ||||||||||
Commercial
Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||
Fiscal
2018 Third Quarter Schedule for Ongoing Business | ||||||||||||||||||||
Net Sales Three Months Ended September 29, 2018 | $ | 296.5 | $ | 165.8 | $ | 255.4 | $ | 207.7 | $ | 925.4 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | (45.1 | ) | (1.6 | ) | (13.3 | ) | (4.8 | ) | (64.8 | ) | ||||||||||
Net
Sales from Ongoing Business | $ | 251.4 | $ | 164.2 | $ | 242.1 | $ | 202.9 | $ | 860.6 | ||||||||||
GAAP
Income from Operations Three Months Ended September 29, 2018 | $ | 31.2 | $ | 4.1 | $ | 6.0 | $ | 28.1 | $ | 69.4 | ||||||||||
Restructuring
and Related Costs | 0.8 | 1.1 | 0.3 | 0.1 | 2.3 | |||||||||||||||
Purchase
Accounting and Transaction Costs | 0.2 | — | — | — | 0.2 | |||||||||||||||
Impairment
and Exit Related Costs | — | — | 34.9 | — | 34.9 | |||||||||||||||
Income
from Operations of Businesses Divested/to be Exited | (5.2 | ) | — | (1.5 | ) | (0.3 | ) | (7.0 | ) | |||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 27.0 | $ | 5.2 | $ | 39.7 | $ | 27.9 | $ | 99.8 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 10.7 | % | 3.2 | % | 16.4 | % | 13.8 | % | 11.6 | % | ||||||||||
Fiscal
2018 Fourth Quarter Schedule for Ongoing Business | ||||||||||||||||||||
Net Sales Three Months Ended December 29, 2018 | $ | 273.2 | $ | 163.5 | $ | 232.2 | $ | 212.8 | $ | 881.7 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | (46.1 | ) | (1.4 | ) | (11.2 | ) | (5.2 | ) | (63.9 | ) | ||||||||||
Net
Sales from Ongoing Business | $ | 227.1 | $ | 162.1 | $ | 221.0 | $ | 207.6 | $ | 817.8 | ||||||||||
GAAP
Income from Operations Three Months Ended December 29, 2018 | $ | 27.7 | $ | 4.4 | $ | 33.3 | $ | 24.4 | $ | 89.8 | ||||||||||
Restructuring
and Related Costs | 1.1 | 0.6 | 0.4 | 0.1 | 2.2 | |||||||||||||||
Purchase
Accounting and Transaction Costs | 0.1 | — | — | — | 0.1 | |||||||||||||||
Gain
on Sale of Assets | (1.5 | ) | — | (0.7 | ) | — | (2.2 | ) | ||||||||||||
Executive
Transition Costs | 1.1 | 0.7 | 1.1 | 0.9 | 3.8 | |||||||||||||||
(Income)
Loss from Operations of Businesses Divested/to be Exited | (4.9 | ) | 0.3 | (1.6 | ) | (0.3 | ) | (6.5 | ) | |||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 23.6 | $ | 6.0 | $ | 32.5 | $ | 25.1 | $ | 87.2 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 10.4 | % | 3.7 | % | 14.7 | % | 12.1 | % | 10.7 | % |
Commercial
Systems | Industrial Systems | Climate Solutions | Power Transmission Solutions | Total Regal | ||||||||||||||||
Fiscal
2018 Full Year Schedule for Ongoing Business | ||||||||||||||||||||
Net Sales Twelve Months Ended December 29, 2018 | $ | 1,110.9 | $ | 671.1 | $ | 1,024.8 | $ | 838.8 | $ | 3,645.6 | ||||||||||
Net
Sales from Businesses Divested/to be Exited | (175.5 | ) | (6.3 | ) | (61.7 | ) | (19.9 | ) | (263.4 | ) | ||||||||||
Net
Sales from Ongoing Business | $ | 935.4 | $ | 664.8 | $ | 963.1 | $ | 818.9 | $ | 3,382.2 | ||||||||||
GAAP
Income from Operations Twelve Months Ended December 29, 2018 | $ | 102.2 | $ | 24.8 | $ | 115.6 | $ | 104.4 | $ | 347.0 | ||||||||||
Restructuring
and Related Costs | 2.9 | 2.7 | 1.8 | 0.3 | 7.7 | |||||||||||||||
Purchase
Accounting and Transaction Costs | 5.4 | — | — | — | 5.4 | |||||||||||||||
Gain
on Sale of Assets | (1.5 | ) | — | (0.7 | ) | — | (2.2 | ) | ||||||||||||
Executive
Transition Costs | 1.1 | 0.7 | 1.1 | 0.9 | 3.8 | |||||||||||||||
Impairment
and Exit Related Costs | — | — | 34.9 | — | 34.9 | |||||||||||||||
(Income)
Loss from Operations of Businesses Divested/to be Exited | (17.1 | ) | 0.5 | (6.8 | ) | (0.5 | ) | (23.9 | ) | |||||||||||
Adjusted
Income from Operations of Ongoing Business | $ | 93.0 | $ | 28.7 | $ | 145.9 | $ | 105.1 | $ | 372.7 | ||||||||||
Ongoing
Business Adjusted Operating Margin % | 9.9 | % | 4.3 | % | 15.1 | % | 12.8 | % | 11.0 | % |
2018
ADJUSTED DILUTED EARNINGS PER SHARE FOR ONGOING BUSINESS | Three Months Ended | Twelve Months Ended Dec 29, 2018 | ||||||||||||||||||
Mar 31, 2018 | Jun 30, 2018 | Sep 29, 2018 | Dec 29,
2018 | |||||||||||||||||
Adjusted Diluted Earnings Per Share | $ | 1.33 | $ | 1.59 | $ | 1.67 | $ | 1.41 | $ | 6.00 | ||||||||||
Earnings
Per Share from Businesses Divested/to be Exited | (0.06 | ) | (0.09 | ) | (0.11 | ) | (0.10 | ) | (0.36 | ) | ||||||||||
Adjusted
Diluted Earnings Per Share for Ongoing Business | $ | 1.27 | $ | 1.50 | $ | 1.56 | $ | 1.31 | $ | 5.64 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
5/4/20 | 8-K | |||
Filed on: | 2/4/20 | SC 13G/A | ||
For Period end: | 2/3/20 | |||
12/28/19 | 10-K | |||
9/28/19 | 10-Q | |||
6/29/19 | 10-Q | |||
3/30/19 | 10-Q | |||
2/26/19 | 10-K | |||
12/29/18 | 10-K | |||
9/29/18 | 10-Q | |||
6/30/18 | 10-Q | |||
3/31/18 | 10-Q, 8-K | |||
List all Filings |