RBC Bearings sales up, earnings down
RBC Bearings said its sales increased by 10.4 percent to $112.6 million for its most recent quarter.
Net income of $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, the company said 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.
Diluted EPS for the second quarter of fiscal 2015 was 57 cents per share compared to 61 cents per share for the same period last year.
The increase in net sales was mainly the result of a 16.5% 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% mainly due to commercial aircraft build rates.
“We are very pleased with our performance for the quarter as well as the outlook for the year,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Both our aerospace and industrial businesses are performing well and the structured changes made this quarter will bring improved scale and alignment to our large bearing operations.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
