RBC Bearings sales climb on strength of Dodge acquisition
RBC Bearings said its fiscal 2023 second-quarter net sales of $369.2 million increased 129.4% over last year from $160.9 million.
Organic net sales were up 9.9%.
Net sales for the Industrial segment increased 290.7%, including sales of approximately $192.3 million from Dodge, while the Aerospace/Defense segment increased 11.4%.
“We are pleased to report that revenues in our second quarter were strong in both the industrial and aerospace sectors,” said Dr. Michael J. Hartnett, chairman and chief executive officer. “In addition, excellent execution by our manufacturing base coupled with better supply chain performance produced these record breaking operating results.”
Net income for the second quarter of fiscal 2023 was $43.8 million compared to a net loss of $1.4 million for the same period last year. On an adjusted basis, net income was $61.9 million, compared to $30.5 million for the same period last year.
Net income available to common stockholders for the quarter was $38.1 million compared to a net loss of $1.9 million for the same period last year. On an adjusted basis, net income available to common stockholders for the second quarter of fiscal 2023 was $56.2 million compared to $29.9 million for the same period last year.
Diluted EPS for the second quarter of fiscal 2023 was $1.31 compared to a loss of cents for the same period last year. On an adjusted basis, diluted EPS was $1.93, compared to $1.16 for the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
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