RBC Bearings Reports Sales Gain, Income Loss

The negative net income was largely due to the after tax impact of costs from consolidation and restructuring of facilities.

Id 5377 Rbc

OXFORD, Conn. — RBC Bearings Incorporated (Nasdaq: ROLL), a international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, reported on Thursday its results for the second quarter of fiscal year 2015.

Net sales for the quarter were $112.6 million, an increase of 10.4 percent from $102.0 million in Q2 2014. The increase was mainly the result of a 16.5 percent increase in industrial sales driven by construction, oil and gas, the general industrial markets, and the inclusion of CMP. Aerospace and defense increased 6.0 percent mainly due to commercial aircraft build rates. Gross margin for the second quarter was $39.8 million, compared to $40.6 million in Q2 2014. Adjusted gross margin as a percentage of net sales was 38.6 percent in the second quarter.

Operating income for the second quarter of fiscal 2015 was $18.3 million, compared to $21.5 million for Q2 2014.

Net income for the second quarter of fiscal 2015 was $13.2 million, compared to $14.1 million for the same period last year. Excluding the after tax impact of costs associated with consolidation and restructuring of facilities net income would have been $16.5 million for the second quarter of fiscal 2015, compared to an adjusted net income of $14.8 million for the same period last year.

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