Industrial sales up about 10% at RBC Bearings
RBC Bearings Inc. reported net sales of $394.4 million for its fourth fiscal quarter of 2023, an increase of 9.9% over last year.
Net sales for its industrial segment increased 7.4%, while net sales for its aerospace/defense segment increased 16.0%. Gross margin for the fourth quarter of fiscal 2023 was $166.5 million compared to $137.5 million for the same period last year.
Full-year net sales of $1,469.3 million increased 55.8% over 2022, an increase of 11.5% excluding Dodge.
Net income for the fourth quarter of fiscal 2023 was $49.2 million compared to $31.5 million for the same period last year. On an adjusted basis, net income was $67.7 million for the fourth quarter of fiscal 2023 compared to $61.7 million for the same period last year. Fourth-quarter net income as a percentage of net sales was 12.5% versus 8.8% last year.
“We are pleased with our fourth quarter results, which contributed to a record-setting year for RBC,” said Dr. Michael J. Hartnett, chairman and chief executive officer. “Our net sales exceeded our expectations in the quarter as we continued to experience strong growth in both our Industrial and Aerospace/Defense segments. As we look ahead to fiscal 2024, our focus remains on delivering sustainable growth as we continue to navigate through a dynamic macro environment.”
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.
