RBC Bearings sales up 32.1%
RBC Bearings posted net sales for the second quarter of fiscal 2016 of $148.7 million, an increase of 32.1% from $112.6 million in the second quarter of fiscal 2015.
Net sales for the aerospace markets increased 59.6%, offset by a 2.4% decrease in industrial markets.
The increase includes sales from Sargent Aerospace & Defense, which was acquired from Dover Corporation in April.
Net income for the quarter was $14.5 million compared to $13.2 million for the same period last year. Diluted EPS for the second quarter of fiscal 2016 was 62 cents per share compared to 57 cents per share for the same period last year.
“We achieved solid operating performance in the second quarter,” said Dr. Michael J. Hartnett, chairman and chief executive officer. “During the quarter, we saw strength in the aerospace sector in both commercial OEM and aftermarket activity. This performance was partially offset by softness in defense and industrial markets. We continue to be pleased with our progress on the Sargent integration and expect to see continued improvement in the performance of this business.”
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.
