RBC Bearings saw stronger sales and earnings in its latest fiscal quarter and anticipates double-digit growth in the current quarter, company officials said Friday.
The Connecticut-based bearings supplier posted net sales of $436 million in the first quarter of its new fiscal year, a 7.3% increase over the totals from the same window last year. The companyâs industrial sales were up 5.5% over that span, while its aerospace and defense segment saw a 10.4% increase.
Operating income climbed from $97.5 million in the previous Q1 up to $101.1 million in the latest three-month winds, while net income rose from $61.4 million to $68.5 million year-over-year. RBCâs gross margin, however, dipped from 45.3% last year down to 44.8%, although it was up narrowly on an adjusted basis.
RBC Chairman and CEO Michael Hartnett called the results âsolidâ and highlighted the companyâs driving of âsynergiesâ between its industrial segment and the Dodge business acquired from ABB nearly four years ago.
RBC officials said that the company expects net sales of between $445 million and $455 million in its second quarter, which would translate to growth of 11.8% to 14.4%. Its gross margin outlook ranges between 44% to 44.25% for the quarter.
