RBC Bearings reports 4.9% rise in sales
RBC Bearings Inc. reported fourth quarter net sales of $413.7 million, an increase of 4.9% over last year. Aerospace/Defense was up 16.8%, and Industrial dipped 0.4%.
“Fiscal 2024 marked another record year for RBC and we expect to carry that momentum into fiscal 2025,” said Chairman and Chief Executive Officer Dr. Michael J. Hartnett. “Our Aerospace and Defense segment continued its strong secular growth with revenues expanding 20.7% in the year, and our Industrial segment continued to outpace broader industry trends with notable outgrowth relative to peers. We also delivered healthy margin expansion fueled by operating efficiencies and ongoing Dodge synergies coupled with record levels of free cash flow generation, which was used to further reduce debt to a post-Dodge low. We look to another year of strong free cash flow generation and debt reduction, with the Company poised to finish Fiscal 2025 with net leverage nicely below 2.0x.”
Net sales for the fourth quarter of fiscal 2024 were $413.7 million, an increase of 4.9% from $394.4 million in the fourth quarter of fiscal 2023. Net sales for the Industrial segment decreased 0.4%, while net sales for the Aerospace/Defense segment increased 16.8%. Gross margin for the fourth quarter of fiscal 2024 was $178.3 million compared to $166.5 million for the same period last year.
SG&A for the fourth quarter of fiscal 2024 was $64.4 million, an increase of $4.8 million from $59.6 million for the same period last year. As a percentage of net sales, SG&A was 15.6% for the fourth quarter of fiscal 2024 compared to 15.1% for the same period last year.
Net income for the fourth quarter of fiscal 2024 was $61.6 million compared to $49.2 million for the same period last year. On an adjusted basis, net income was $78.0 million for the fourth quarter of fiscal 2024 compared to $67.7 million for the same period last year.
Backlog as of March 30, 2024, was $726.1 million compared to $652.1 million as of December 30, 2023 and $663.8 million as of April 1, 2023. The $726.1 million backlog amount excluded $95.4 million of orders the company expected to fulfill beyond 12 months from March 30, 2024; the $652.1 million backlog amount excluded $118.6 million of orders that we expected to fulfill beyond 12 months from December 30, 2023; the $663.8 million backlog amount excluded $95.6 million of orders that we expected to fulfill beyond 12 months from April 1, 2023.
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