RBC Bearings income jumps by 60.2%
RBC Bearings reported net sales for the first quarter of fiscal 2013 were $103.3 million, an increase of 10.7% from the first quarter of fiscal 2012.
The increase was mainly the result of a 6.7% increase in industrial sales driven by volume in the general industrial markets and industrial distribution and a 15.3% increase in aerospace and defense driven by commercial aircraft build rates and the aerospace aftermarket.
Net income for the quarter increased 60.2% to $17.2 million compared to $10.7 million for the same period last year. Diluted EPS for the quarter increased 58.3% to 76 cents per share compared to 48 cents per share for the same period last year.
During the quarter, RBC Bearings received approximately $3.6 million in payments under the U.S. Continued Dumping and Subsidy Offset Act. The CDSOA distributes antidumping duties paid by overseas companies to qualified domestic firms hurt by unfair trade.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
