RBC Bearings Inc. posted a higher-than-expected increase in sales and a nearly 50% jump in earnings in its latest fiscal quarter, company officials said Friday.
The Connecticut-based maker of bearings, components and other systems reported $519.5 million in net sales for the first quarter of its fiscal year, a 19.2% increase compared to the same window last year and well ahead of its May forecast for $500 million to $510 million in quarterly sales.
RBC said that sales in its industrial division were up 8.4% year-over-year, while sales to defense and aerospace customers jumped by 36.9%. The company attributed $34.4 million of its overall total to operations acquired through its purchase of VACCO last summer.
RBC reported $140.8 million in operating income and $101.5 million in net income for the quarter, which represented increases of 39.3% and 48.2%, respectively. Its gross margin percentage came in at 47.7%, compared to 44.8% in its previous first quarter.
RBC Chairman and CEO Michael Hartnett said that the company’s “margins, cash flow and backlog achieved record levels” in the quarter.
“Today we are operating extremely well in a robust commercial environment where the vast majority of our end markets are expanding,” Hartnett said in a statement.
RBC officials anticipate second-quarter sales of between $505 million and $515 million, which would translate to 10.9% to 13.1% growth year-over-year.
