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.
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.
