Earnings Call Excerpt
Regal-Beloit Corp. (RBC)
Q4 2007 Earnings Call
February 6, 2008 1:30 pm CST
Executives
Henry Knueppel - Chairman, Chief Exec.
Mark Gliebe - Pres, Chief Operating Officer
Dave Barta - Chief Financial Officer
Analysts
Alexander Paris Sr. - Barrington Research
Robert Lagaipa - Oppenheimer & Co.
Jeffrey Hammond - Keybanc Capital Mkts
Michael Schneider - Robert W. Baird & Co., Inc.
Holden Lewis - BB&T
Presentation
Ken Kaplan
Good afternoon everyone and welcome to the Regal-Beloit Fourth Quarter Earnings Conference call. Joining me today are Henry Kneuppel, Chairman and CEO and Mark Bliebe, President and COO. Before I turn the call over to Henry, I would like to remind you that the statements made in this conference call that are not historical in nature are forward-looking statements. Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results and actual results could differ materially from those expressed or implied in forward-looking statements. For a list of these factors that could cause actual results to differ materially from projected results, please refer to today’s earnings release and our filings with the SEC.
Now, I will turn the call over to Henry.
Henry Knueppel
The agenda today will be as we have followed in the past, I will make a few opening comments, Dave Barta, our Chief Financial Officer will talk about the financial aspects of the quarter in the year, Mark Gliebe, our Chief Operating Officer will give you some color on products, markets and operations and then I will finish with a few comments about the quarter ahead in the outlook.
For the quarter, we were very pleased with our record financial performance especially in light of this lower than expected residential HVAC market, $4 million of inflation uncovered by prices that we talked about last quarter and $1 million foreign exchange. We believe that investors and potential investors should take note of this record performance. Put in perspective with the housing market in its position in decades, our record performance speaks to the fundamental transformation that has taken place in the company and the strength of our disciplines and initiatives.
We are also pleased with our record cash flow performance and the progress that our team has made on improving our cash cycle days. Cash flow speaks to the purity of earnings and cash cycle days to the fundamental disciplines in place. We are also please to report that our four acquisitions Fasco, Jakel, Morrill and Alstom are all off to a great start. Our integration teams have teamed well with the talented people that came from each acquisition and we are currently at or ahead of where we expected to be at this time and we are confident of achieving the targets that we laid out.
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