Regal beloit corporation announces record second quarter 2021 financial results

Beloit, wis., july 28, 2021 /prnewswire/ -- regal beloit corporation (nyse: rbc) second quarter highlights sales growth accelerates, up 40% versus py and up 37% on an organic basis record adjusted operating margin* of 14.0% up 460 bps versus py (gaap operating margin 12.3%) achieving "300-in-3"1 margin expansion target well ahead of schedule record adjusted diluted eps* of $2.28 up 140% versus py (gaap diluted eps of $1.94) daily orders up 57% in 2q and tracking up mid-20's in july versus py net debt to adjusted ebitda of 0.7x, with free cash flow of $73.5m for conversion of 90.3% expect 2021 adjusted diluted eps* range of $8.70 to $9.00 (gaap diluted eps range of $7.29 to $7.59) update on rexnord pmc merger closing is on track for the second half of 2021 all required regulatory approvals received special meeting of shareholders scheduled for september 1, 2021 raising expected 2022 pro forma adjusted ebitda to greater than $1.0 billion and reiterating adjusted ebitda margin of ~ 21% ceo louis pinkham commented, "regal's performance in q2 was very strong – setting a record for operating margin two quarters in a row and exceeding our expectations – with organic sales growth yoy approaching 40% and up low-single digits compared to 2019.
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