Regal-Beloit (NYSE: RBC) reported Q3 EPS of $1.15, in-line with the analyst estimate of $1.15. Revenue for the quarter came in at $829.8 million versus the consensus estimate of $815.1 million.

"Overall we performed as expected in the third quarter with strong growth in our residential HVAC and mechanical businesses," said Regal Chairman and CEO Mark Gliebe. "During the quarter, we continued to execute on our simplification initiative and we also divested an underperforming joint venture in China. We remain focused on actions to improve our operating profit margins across the company."

"We generated free cash flow of 135% of net income," continued Mark Gliebe. "Additionally, we repurchased 500,000 shares in the quarter. Our strong financial position enables us to both return value to shareholders through share repurchases and pursue strategic acquisitions that add long term value to the company."

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