BELOIT, WI (WTAQ) – Falling oil prices are not good for everyone.
The Regal-Beloit Corporation said the trend reduced the company’s exposure in Venezuela in the fourth quarter of last year.
As a result, Regal-Beloit reported a loss of $116 million for the period, a larger loss than the $33 million reported from October through December the previous year. Stockholders lost $2.61 a share in the last quarter, compared to a 34 cent loss a year ago.
Regal-Beloit said it had impairment charges of $117 million, plus another $42 million for long-lived assets – and those charges were primarily due to sharp declines in prices for oil and other commodities.
Its sales rose by 6.6 percent, and it still had positive earnings for the year of $31 million. However, that was down from $120 million for 2013.
Regal-Beloit is based in Beloit. It makes electric motors, motion controls, power generation, and power transmission products.
(Story courtesy of Wheeler News Service)