RBC Bearings net sales rise 3.8 percent
RBC Bearings reported net sales for the first quarter of fiscal 2020 were $182.7 million, an increase of 3.8 percent from $176.0 million in the first quarter of fiscal 2019.
Organic net sales increased 6.5 percent year over year. Net sales for the aerospace markets increased 11.3 percent in total and 16.3 percent on an organic basis. Industrial market sales declined 7.2 percent.
Net income for the quarter was $30.5 million compared to $27.5 million for the same period last year. Diluted earnings per share of $1.23 compared to $1.12 per share for the same period last year.
“Double digit revenue growth from the aerospace market helped drive total organic net sales growth of 6.5 percent. Our revenue and earnings momentum, paired with a robust backlog, have us on track for a strong fiscal year 2020,” said Dr. Michael J. Hartnett, chairman and CEO.
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.
