RBC Bearings Says its Q2 Sales Increased 130%

The company reversed a loss during the same period last year.

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OXFORD, Conn. — RBC Bearings Inc., a manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, on Thursday reported results for the second quarter of fiscal 2023.

Net sales for the second quarter of fiscal 2023 were $369.2 million, an increase of 129.4% from $160.9 million in the second quarter of fiscal 2022, including 9.9% growth in organic net sales. Net sales for the Industrial segment increased 290.7%, including sales of approximately $192.3 million from Dodge, while the Aerospace/Defense segment increased 11.4%. Gross margin for the second quarter of fiscal 2023 was $151.1 million compared to $62.5 million for the same period last year.

Operating income for the second quarter of fiscal 2023 was $72.0 million compared to $16.6 million for the same period last year. Excluding approximately $4.0 million of acquisition related costs, adjusted operating income for the second quarter of fiscal 2023 was $76.0 million; excluding $2.0 million of other restructuring charges and related items and $1.4 million of acquisition costs, adjusted operating income for the second quarter of fiscal 2022 was $20.0 million. Adjusted operating income as a percentage of net sales was 20.6% for the second quarter of fiscal 2023 compared to 12.4% for the same period last year.

Net income for the second quarter of fiscal 2023 was $43.8 million compared to a net loss of $1.4 million for the same period last year. On an adjusted basis, net income was $61.9 million for the second quarter of fiscal 2023 compared to $30.5 million for the same period last year. Net income available to common stockholders for the second quarter of fiscal 2023 was $38.1 million compared to a net loss of $1.9 million for the same period last year. On an adjusted basis, net income available to common stockholders for the second quarter of fiscal 2023 was $56.2 million compared to $29.9 million for the same period last year.

Diluted EPS for the second quarter of fiscal 2023 was $1.31 compared to a loss of $0.07 for the same period last year. On an adjusted basis, diluted EPS was $1.93 for the second quarter of fiscal 2023 compared to $1.16 for the same period last year.

Backlog as of October 1, 2022 was $653.2 million compared to $456.7 million as of October 2, 2021 and $635.7 million as of July 2, 2022.

The company expects net sales to be approximately $348.0 million to $360.0 million in the third quarter of fiscal 2023, compared to $267.0 million last year, a growth rate of 30.4% to 34.9%. Keep in mind our third quarter on average has less production days than the fourth quarter.

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