OXFORD, Conn. — RBC Bearings Inc., a leading manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, on Thursday reported results for the fourth quarter of fiscal year 2022.
Net sales for the quarter were $358.9 million, an increase of 123.9% from $160.3 million in the fourth quarter of fiscal 2021. Net sales for the industrial segment increased 297.3% — including sales of approximately $181.9 million from Dodge — while the aerospace and defense segment increased 8.9%.
“The record performance of our company in the fourth quarter demonstrated the value created by the merger of Dodge Industrial with RBC Bearings. We are very encouraged with the speed of integration and management cohesion achieved by these two extraordinary and complementary businesses,” said Chairman and CEO Michael Hartnett.
Gross margin for the fourth quarter was $137.5 million compared to $62.5 million for the same period last year. On an adjusted basis, gross margin was $144.3 million for the fourth quarter compared to an adjusted $62.7 million for the same quarter last year.
Operating income $57.8 million, up from $29.7 million last year. Excluding approximately $12.5 million of acquisition costs, adjusted operating income for the fourth quarter of fiscal 2022 was $70.4 million. Net income for the fourth quarter of fiscal 2022 was $32.2 million compared to net income of $25.0 million for the same period last year.
Diluted EPS was $0.92 per share compared to $0.99 per share for the same period last year. On an adjusted basis, diluted EPS was $1.26 per share compared to $1.08 per share for the same period last year.
The backlog as of April 2 was $603.1 million, up from $394.8 million the year earlier and and $552.7 million as of Jan. 1.
The company expects net sales to be approximately $355 million to $365 million in the first quarter of fiscal 2023, compared to $156.2 million last year, a growth rate of 127.3% to 133.7%.