Posted November 12, 2021

RBC Bearings sales up 10 percent

RBC Bearings reported that its second-quarter net sales of $160.9 million increased 10.0 percent from $146.3 million in the same period last year.

Net sales for the industrial markets increased 31.1 percent while aerospace market net sales declined 4.4 percent.

Net income of $6.9 million, or 25 cents per diluted share, declined from $20.4 million, or 82 cents, in last year's second quarter. On an adjusted basis, net income was $23.5 million for the second quarter of fiscal 2022 compared to $23.2 million for the same period last year.

“We are pleased with our second quarter results which demonstrated exceptional growth in our industrial markets and strong order flow for our aerospace and defense products. We began expanding capacity in the aerospace and defense plants during the period to support this expanded demand,” said Dr. Michael J. Hartnett, chairman and chief executive officer. “As we consider the second half of our fiscal year, we expect robust strength for industrial products and strong and continuing growth in aerospace and defense.”