BELOIT, Wis. (WSAU) – Despite higher sales, profits for the parent company of Marathon Electric dropped in the second quarter compared to the same time a year ago.
Beloit-based Regal Beloit Corporation reported net earnings from April to June of $35.8 million or $0.88 a share. The company had $42.7 million in profits or $1.07 a share in the second quarter of 2010.
Profits slid 16 percent due to a previously announced incremental warranty expense.
Year-over-year sales increased nearly 17 percent to $681.8 million in the latest quarter. The company said its sales were driven by higher international sales growth and by increased domestic demand for commercial and industrial motors, generators and mechanical products.
Company officials said they planned to complete their acquisition of A.O. Smith’s electrical products company by the end of the month.