RBC Bearings on Friday reported an over 15% increase in sales in its latest quarter and said that it is poised for a stronger remainder of its fiscal year.
The engineered bearings and components manufacturer reported net sales of $524.6 million in its fiscal second quarter, up 15.2% compared to the same three-month window last year. The company’s industrial segment posted a 14.8% increase in sales, while its aerospace and defense operations saw a 15.8% increase.
The company’s operating income and net income were both up, as well — to $131.6 million and $93.8 million, respectively, from $97.8 million and $60 million — while its gross margin climbed to 45.6% from the previous 44.1%.
RBC Chairman and CEO Michael Hartnett said in a statement that the company is also “positioned to show an even better second half.” The company expects fiscal third-quarter sales growth of between 12.7% to 13.7%.
“RBC seems to be operating in an environment that is tailor-made for our products,” Hartnett said. “Revenues in both A&D and industrial products grew at mid-teen levels while year on year gross margins expanded. Backlog increased and considerable debt was retired.”
