Posted November 3, 2017

RBC Bearings posts 6.7 percent sales gain

An increase in sales to industrial markets drove a 6.7 percent sales gain for precision bearing manufacturer RBC Bearings.

Net sales for the second quarter of fiscal 2018 were $164.3 million, compared to $153.9 million in the second quarter of fiscal 2017.

Net sales for the aerospace markets decreased 1.2 percent and the industrial markets increased by 22. percent. 

Net income of $14.8 million, or 61 cents per share, compared to $18.2 million, or 77 cents, for the same period last year. 

The company expects to close its Montreal location and consolidate certain assets into other locations by the end of this fiscal year. As a result, RBC recorded an after-tax charge of $5.6 million associated with the restructuring in the second quarter of fiscal 2018 attributable to the Engineered Products segment. 

In a separate announcement, RBC Bearings announced the promotion of Patrick Bannon to vice president and general manager, replacing the retiring Tom Crainer.

Bannon is a 26-year veteran of RBC Bearings with extensive operating experience. He has a Bachelor of Science degree in Mechanical Engineering with High Distinction from Worcester Polytechnic Institute.