Posted October 30, 2020

RBC Bearings sales fall 19.6 percent

RBC Bearings said its net sales for the second quarter of fiscal 2021 were $146.3 million, a decrease of 19.6 percent from $181.9 million in the second quarter of fiscal 2020.

Net sales for the aerospace markets decreased 25.8 percent while industrial market net sales declined 8.3 percent or 8.9 percent on an organic basis.

Net income for quarter was $20.4 million, or 82 cents per diluted share, compared to $31.3 million, or $1.26, for the same period last year. 

During the second quarter, the company consolidated two of its manufacturing facilities. This resulted in $2.6 million of non-cash restructuring charges comprised of $2.0 million of inventory rationalization charges within cost of sales and $0.6 million of other charges within other operating expenses.