RBC Bearings saw a sharp increase in sales in its most recent quarter amid what officials called a “generational expansion” in the markets for its aerospace and defense components.
The company’s industrial segment, however, saw a much more modest revenue increase.
RBC posted net sales of $455.3 million in its fiscal second quarter, up 14.4% compared to the same period last year. Aerospace and defense sales were up 38.8% over that span, while industrial sales climbed by 0.7%.
The company’s July acquisition of VACCO contributed $24.7 million to the revenue total.
RBC’s operating income climbed 8.3% to $198.9 million and net income increased by 11.2% to $128.5 million. Its gross margin rose 40 basis points to 44.1%.
“Our performance during the second quarter achieved a very high standard as demand from many of our core markets reached unprecedented levels,” RBC Chairman and CEO Michael Hartnett said in a statement. “We were well prepared to support the generational expansion taking place in these aerospace and defense markets.”
Hartnett added that the company looks forward to “delivering a record year to our shareholders.” RBC anticipates net sales in the current quarter of $454 million to $462 million, which would translate to year-over-year Q3 growth of 15.1% to 17.1%.
