Posted February 1, 2021

RBC Bearings sales fall 17.6 percent

RBC Bearings reported net sales for the third quarter of fiscal 2021 were $145.9 million, a decrease of 17.6 percent from $177.0 million in the third quarter of fiscal 2020.

Net sales for the aerospace markets decreased 29.7 percent while industrial market net sales increased 5.5 percent. 

Net income for the quarter was $21.6 million, or 86 cents per share, compared to $30.5 million, or $1.22, for the same period last year. 

“I am pleased to report during the period we demonstrated very good performance at all levels of the operating statements,” said Michael J. Hartnett, chairman and chief executive officer. “This resulted from outstanding expense control and execution coupled with an expansion of demand for industrial products. Customer requirements for aircraft products were stable and at the levels we expected. Clearly we see this quarter as a turning point and foreshadows a positive outlook for our fiscal 2022 as the economy recovers from the pandemic.”