Dodge acquisition helps power 126.7% sales gain for RBC Bearings
The acquisition of the Dodge mechanical power transmission business helped fuel a 126.7 percent sales gain for RBC Bearings.
The company reported net sales of $354.1 million for the first quarter of fiscal 2023 compared to $156.2 million last year.
Organic net sales up 13.1 percent.
Net income for the first quarter of fiscal 2023 was $37.4 million compared to net income of $24.0 million for the same period last year. Diluted EPS for the first quarter of fiscal 2023 was $1.09 compared to 95 cents for the same period last year.
Net sales for the Industrial segment increased 286.8 percent, including sales of approximately $177.5 million from Dodge, while the Aerospace/Defense segment increased 10.0 percent.
“We are pleased to report, revenues were strong across the majority of our end markets in both the industrial and aerospace sectors,” said Dr. Michael J. Hartnett, chairman and chief executive officer. “Matching this strength in demand was excellent execution at the plant level and exceptional margin performance. Our outlook for the balance of the fiscal year remains on this positive track.”
The company expects net sales to be approximately $355 million to $365 million in the second quarter of fiscal 2023, compared to $160.9 million last year, a growth rate of 121 percent to 127 percent.
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.
