On slide 2, we mentioned that we are presenting certain non-GAAP financial measures related to the adjusted diluted earnings per share, adjusted gross profit, adjusted gross profit as a percentage of net sales and free cash flow. We believe that these measures are useful financial measures for providing you with additional insight into our operating performance. Please read this slide for information regarding these non-GAAP financial measures and please see the appendix where you can find reconciliation of these measures to the most comparable measures in accordance with GAAP.
Now I’ll turn the call over to Mark.
Mark J. Gliebe
Thank you John and welcome everyone. Thank you for joining the call and for your interest in Regal Beloit. I will follow our normal agenda here. I’ll make a few opening comments; Chuck Hinrichs will give a financial update; Jon Schlemmer will add color on products, markets and operations. At the end, I’ll summarize and then I’ll also add a few comments on the recent change to our corporate brand and then we’ll move on to our Q&A.Overall, we felt good about our performance in the first quarter. The bottom line as that our businesses preformed pretty much as we would expected, plus we have the added benefit of a gain on the property sale, as well as a one time benefit from a tax provision. In terms of our operating performance during the quarter, we achieved record first quarter revenues and record first quarter net income.Our North America C&I, mechanical and our global Unico businesses grew, I mean quarter offsetting headwinds in our HVAC and China businesses. Outside of our operating performance, recent highlights included first this past Monday, the company declare a 5.6% dividend increase representing our seventh increase in the last eight years. Second was the acquisition of Milwaukee Gear.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV