RBC Bearings sales increase 3.2 percent
RBC Bearings reported net sales for the third quarter of fiscal 2020 were $177.0 million, an increase of 3.2 percent from $171.5 million in the third quarter of fiscal 2019.
Organic net sales increased 3.6 percent year over year. Net sales for the aerospace markets increased 9.9 percent in total and 13.0 percent on an organic basis. Industrial market sales declined 7.5 percent, 11.0 percent on an organic basis.
Net income for the quarter was $30.5 million, or $1.22 per diluted share, compared to $16.2 million, or 65 cents, for the same period last year.
“Our operational performance was in line with our expectations for the third quarter. The aerospace markets continue to grow organically at double-digit levels, driven by additional manufacturing capacity and contracts now converting to revenues,” said Dr. Michael J. Hartnett, chairman and chief executive officer. “While the industrial markets remain challenged, we have new contracts coming onto existing accounts, which will help increase industrial volumes throughout the calendar year.”
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.
