RBC Bearings sales up 1.7 percent
RBC Bearings said its net sales for the third quarter of fiscal 2017 were $146.7 million, an increase of 1.7% from $144.2 million in the third quarter of fiscal 2016.
Net sales for the aerospace markets increased 1.2% and the industrial markets increased 2.7%.
Net income was $12.8 million compared to $17.0 million for the same period last year. Diluted EPS was 54 cents per share compared to 73 cents per share for the same period last year.
In the quarter, RBC decided to integrate and restructure its industrial manufacturing operation in South Carolina. The company will exit a few smaller product offerings and consolidate two manufacturing facilities into one to better align manufacturing capacity and market focus. RBC recorded a charge of $7.1 million associated with the integration and restructuring activity attributable to the Roller Bearings segment.
“Our restructuring activities are driven by a strategy to achieve better alignment and rationalization of our manufacturing resources to more efficiently support a period of increasing industrial demand,” said Dr. Michael J. Hartnett, chairman and chief executive officer.