RBC Bearings Reports 1.3% Sales Increase For 3Q
RBC Bearings Incorporated has reported 3Q net sales of $96.3 million, an increase of 1.3% from the $95.1 million in the same quarter in fiscal 2012. RBC, headquartered in Oxford, Conn., is an international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries.
“We are pleased with the momentum of our aerospace products, the strong execution and expense control demonstrated by our factories and the excellent cash flow during the period,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Overall, industrial product sales reflected a more normalized picture of demand for our mining products in the current environment.”
The increase in net sales was mainly the result of a 15.8% increase in aerospace and defense driven by commercial aircraft build rates and the aerospace aftermarket offset by a 12.2% decline in industrial sales driven by slowing activity in mining and military vehicles. Gross margin for the third quarter was $36.3 million compared to $33.6 million for the same period last year. Gross margin as a percentage of net sales was 37.7% in the third quarter of fiscal 2013 compared to 35.4% for the same period last year.