RBC Bearings Posts Strong Quarter

The company reported nearly $414 million in sales during the period.

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RBC Bearings Inc.

OXFORD, Conn. (AP) — RBC Bearings Inc. on Friday reported fiscal fourth-quarter net income of $61.7 million.

The Connecticut-based maker of bearings and components said it had profit of $1.91 per share. Earnings, adjusted for one-time gains and costs, came to $2.47 per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.32 per share.

The company posted revenue of $413.7 million in the period.

For the year, the company reported profit of $209.9 million, or $6.41 per share. Revenue was reported as $1.56 billion.

For the current quarter ending in June, RBC Bearings said it expects revenue in the range of $415 million to $420 million, topping analysts' expectations.

Shares of RBC rose $17.14 to $284.70 in Friday trading.

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