Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
+2.73%
$566.35
100% positive prob.
5-Day Prediction
+4.39%
$575.52
100% positive prob.
20-Day Prediction
+5.88%
$583.75
95% positive prob.
SEC 8-K filings with transcript text
Jul 31, 2026 · 100% conf.
1D
+2.73%
$566.35
Act: +3.44%
5D
+4.39%
$575.52
Act: +2.89%
20D
+5.88%
$583.75
2 ea029998301ex99-1.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal First Quarter 2027 Results
Oxford, CT – July 31, 2026 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, aerospace and defense markets, today reported results for the first quarter fiscal 2027.
First Quarter Financial Highlights
●First quarter net sales of $519.5 million increased 19.2% over last year, Aerospace & Defense up 36.9% and Industrial up 8.4%.
●Gross margin of 47.7% for the first quarter of fiscal 2027 compared to 44.8% last year; Adjusted gross margin of 47.7% compared to 45.4% last year.
●First quarter net income as a percentage of net sales of 19.5% vs 15.7% last year; Adjusted EBITDA as a percentage of net sales of 34.9% vs 32.5% last year.
Three Month Financial Highlights
Fiscal 2027 Fiscal 2026 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $519.5
$436.0
19.2%
Gross margin $247.8 $247.8 $195.2 $198.1 26.9% 25.1%
Gross margin % 47.7% 47.7% 44.8% 45.4%
Operating income $140.8 $141.2 $101.1 $105.3 39.3% 34.1%
Operating income % 27.1% 27.2% 23.2% 24.2%
Net income $101.5 $123.0 $68.5 $89.6 48.2% 37.3%
Diluted EPS $3.20 $3.88 $2.17 $2.84 47.5% 36.6%
(1)Results exclude items in reconciliation below.
Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, stated, “Sales in our first quarter expanded by 19% as margins, cash flow and backlog achieved record levels. Today we are operating extremely well in a robust commercial environment where the vast majority of our end markets are expanding. I am proud of our many teams and their dedication to maintain the high levels of service expected of RBC in these demanding markets. Clearly, we are excited and confident in the positive outlook for the balance of the year.”
First Quarter Results
Net sales for the first quarter of fiscal 2027 were $519.5 million, an increase of 19.2% from $436.0 million in the first quarter of fiscal 2026. $34.4 of net sales this quarter came from VACCO, which we acquired on July 18, 2025. Net sales for the Industrial segment increased 8.4%, while net sales for the Aerospace & Defense segment increased 36.9%. Gross margin for the first quarter of fiscal 2027 was $247.8 million compared to $195.2 million for the same period last year. On an adjusted basis, gross margin was $247.8 million for the first quarter of fiscal 2027 compared to $198.1 million for the same period last year.
for the first quarter of fiscal 2027 was $85.8 million, an increase of $11.9 million from $73.9 million for the same period last year. As a percentage of net sales, SG&A was 16.5% for the first quarter of fiscal 2027 compared to 16.9% for the same period last year.
Other operating expenses for the first quarter of fiscal 2027 totaled $21.2 million compared to $20.2 million for the same period last year. For the first quarter of fiscal 2027, other operating expenses included $21.0 million of amortization of intangible assets and $0.4 of restructuring costs offset by $0.2 million of other items. For the first quarter of fiscal 2026, other operating expenses included $17.9 million of amortization of intangible assets, $1.2 million of restructuring costs, $0.1 of acquisition costs and $1.0 million of other expense items.
Operating income for the first quarter of fiscal 2027 was $140.8 million compared to $101.1 million for the same period last year. On an adjusted basis, operating income was $141.2 million for the first quarter of fiscal 2027 compared to $105.3 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to derive adjusted operating income.
Interest expense, net, was $10.1 million for the first quarter of fiscal 2027 compared to $12.2 million for the same period last year. The decrease in interest expense between the periods was primarily due to continued debt reduction efforts.
Other non-operating expense was $0.5 million for the first quarter of fiscal 2027 compared to $1.2 million for the same period last year.
Income tax expense for the first quarter of fiscal 2027 was $28.7 compared to $19.2 for the same period last year. The effective income tax rate for the first quarter of fiscal 2027 was 22.1% compared to 21.9% for the same period last year. The effective income tax rate for the first quarter of fiscal 2027 of 22.1% included $1.4 of discrete tax benefits associated with stock-based compensation and $0.1 of other items. The effective income tax rate without discrete items for the first quarter of fiscal 2027 would have been 23.2%. The effective income tax rate for the first quarter of fiscal 2026 of 21.9% included $2.3 of discrete tax benefits associated with stock-based compensation partially offset by $1.3 of other items. Th
May 15, 2026
2 ea029100901ex99-1.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal Fourth Quarter and Full Year 2026 Results
Oxford, CT – May 15, 2026 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, aerospace and defense markets, today reported results for the fourth quarter and full year fiscal 2026.
Fourth Quarter Financial Highlights
●Fourth quarter net sales of $518.0 million increased 18.3% over last year, Aerospace & Defense up 41.2% and Industrial up 5.5%.
●Gross margin of 44.4% for the fourth quarter of fiscal 2026 compared to 44.2% last year; Adjusted gross margin of 45.3% compared to 44.2% last year.
●Fourth quarter net income attributable to common stockholders as a percentage of net sales of 17.7% vs 16.6% last year; Adjusted EBITDA as a percentage of net sales of 32.6% vs 31.9% last year.
Three Month Financial Highlights
Fiscal 2026 Fiscal 2025 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $518.0
$437.7
18.3%
Gross margin $230.0 $234.9 $193.4 $193.4 18.9% 21.5%
Gross margin % 44.4% 45.3% 44.2% 44.2%
Operating income $119.1 $124.3 $100.7 $101.6 18.3% 22.3%
Operating income % 23.0% 24.0% 23.0% 23.2%
Net income $91.7 $114.9 $72.7 $89.3 26.1% 28.7%
Diluted EPS $2.89 $3.62 $2.30 $2.83 25.7% 27.9%
(1)Results exclude items in reconciliation below.
Fiscal 2026 Financial Highlights
●Fiscal 2026 net sales of $1,870.9 million increased 14.3% over last year, Aerospace & Defense up 32.9% and Industrial up 3.8%.
●Gross margin of 44.4% for fiscal 2026 compared to 44.4% last year; Adjusted gross margin of 45.2% compared to 44.4% last year.
●Fiscal 2026 net income attributable to common stockholders as a percentage of net sales of 15.4% vs 14.3% last year; Adjusted EBITDA as a percentage of net sales of 32.4% vs 31.8% last year.
Twelve Month Financial Highlights
Fiscal 2026 Fiscal 2025 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $1,870.9
$1,636.3
14.3%
Gross margin $830.2 $845.5 $726.1 $726.1 14.3% 16.4%
Gross margin % 44.4% 45.2% 44.4% 44.4%
Operating income $421.0 $442.0 $369.9 $371.4 13.8% 19.0%
Operating income % 22.5% 23.6% 22.6% 22.7%
Net income $287.6 $392.0 $246.2 $316.2 16.8% 24.0%
Net income attributable to common stockholders $287.6 $392.0 $233.8 $303.8 23.0% 29.0%
Diluted EPS $9.09 $12.39 $7.70 $10.01 18.1% 23.8%
(1)Results exclude items in reconciliation below.
Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, stated, “We closed out fiscal year 2026 with another strong quarter, driven by continued expansion in our Aerospace & Defense segment and accelerating growth in our Industrial business. As we look ahead to fiscal year 2027, we remain highly encouraged by the strength of our operating environment and the momentum we are seeing across the businesses. This record year for RBC was a true team effort, and I want to thank our employees across the organization for their hard work, dedication, and continued commitment to serving our customers with excellence.”
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2026 were $518.0 million, an increase of 18.3% from $437.7 million in the fourth quarter of fiscal 2025. $30.0 of net sales this quarter came from VACCO, which we acquired on July 18, 2025. Net sales for the Industrial segment increased 5.5%, while net sales for the Aerospace & Defense segment increased 41.2%. Gross margin for the fourth quarter of fiscal 2026 was $230.0 million compared to $193.4 million for the same period last year. On an adjusted basis, gross margin was $234.9 million for the fourth quarter of fiscal 2026 compared to $193.4 million for the same period last year.
SG&A for the fourth quarter of fiscal 2026 was $86.9 million, an increase of $14.8 million from $72.1 million for the same period last year. As a percentage of net sales, SG&A was 16.8% for the fourth quarter of fiscal 2026 compared to 16.5% for the same period last year.
Other operating expenses for the fourth quarter of fiscal 2026 totaled $24.0 million compared to $20.6 million for the same period last year. For the fourth quarter of fiscal 2026, other operating expenses included $21.4 million of amortization of intangible assets, $0.2 million of acquisition costs, $0.1 of restructuring costs and $2.3 million of other items. For the fourth quarter of fiscal 2025, other operating expenses included $18.2 million of amortization of intangible assets, $0.9 million of restructuring costs, and $1.5 million of other items.
2
Operating income for the fourth quarter of fiscal 2026 was $119.1 million compared to $100.7 million for the same period last year. On an adjusted basis, operating income was $124.3 million for the fourth quarter of fiscal 2026 compared to $101.6 million for
Feb 5, 2026
2 ea027571601ex99-1_rbcbear.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal Third Quarter 2026 Results
Oxford, CT – February 5, 2026 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the third quarter fiscal 2026.
Third Quarter Financial Highlights
●Third quarter net sales of $461.6 million increased 17.0% over last year, Aerospace/Defense up 41.5% and Industrial up 3.1%.
●Gross margin of 44.3% for the third quarter of fiscal 2026 compared to 44.3% last year; Adjusted gross margin of 45.1% compared to 44.3% last year.
●Third quarter net income attributable to common stockholders as a percentage of net sales of 14.6% vs 14.4% last year; Adjusted EBITDA as a percentage of net sales of 32.4% vs 31.1% last year.
●Free cash flow of $99.1 million vs $73.6 million last year; Free cash flow conversion of 147.0% vs 127.1% last year.
Three Month Financial Highlights
Fiscal 2026 Fiscal 2025 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $461.6
$394.4
17.0%
Gross margin $204.4 $208.2 $174.9 $174.9 16.9% 19.0%
Gross margin % 44.3% 45.1% 44.3% 44.3%
Operating income $103.0 $107.4 $85.6 $85.7 20.3% 25.3%
Operating income % 22.3% 23.3% 21.7% 21.7%
Net income $67.4 $96.3 $57.9 $74.0 16.4% 30.1%
Net income attributable to common stockholders $67.4 $96.3 $56.9 $73.0 18.5% 31.9%
Diluted EPS $2.13 $3.04 $1.82 $2.34 17.0% 29.9%
(1)Results exclude items in reconciliation below.
Nine Month Financial Highlights
Fiscal 2026 Fiscal 2025 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $1,352.9
$1,198.6
12.9%
Gross margin $600.2 $610.6 $532.7 $532.7 12.7% 14.6%
Gross margin % 44.4% 45.1% 44.4% 44.4%
Operating income $301.9 $317.7 $269.2 $269.8 12.1% 17.8%
Operating income % 22.3% 23.5% 22.5% 22.5%
Net income $195.9 $277.1 $173.5 $226.9 12.9% 22.1%
Net income attributable to common stockholders $195.9 $277.1 $161.1 $214.5 21.6% 29.2%
Diluted EPS $6.20 $8.77 $5.38 $7.16 15.2% 22.5%
(1)Results exclude items in reconciliation below.
Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, stated, “We are pleased that we were able to deliver another strong quarter of results, driven by continued momentum in our Aerospace & Defense business and steady performance in our Industrial business. We are well-positioned for growth in calendar year 2026 and beyond, given our robust, growing backlog, which has continued to benefit from recent contract wins within the A&D space. As we look ahead, we are continuing to remain focused on strategic, profitable growth, increasing our production capacity, and delivering strong free cash flow that will help create long-term value for all our stakeholders. I would like to thank our employees for their continued dedication and disciplined execution, which has been key in helping deliver the strong performance we have achieved over the past several quarters that has positioned RBC for a record year.”
Third Quarter Results
Net sales for the third quarter of fiscal 2026 were $461.6 million, an increase of 17.0% from $394.4 million in the third quarter of fiscal 2025. $29.2 of net sales this quarter came from VACCO, which we acquired on July 18, 2025. Net sales for the Industrial segment increased 3.1%, while net sales for the Aerospace/Defense segment increased 41.5%. Gross margin for the third quarter of fiscal 2026 was $204.4 million compared to $174.9 million for the same period last year. On an adjusted basis, gross margin was $208.2 million for the third quarter of fiscal 2026 compared to $174.9 million for the same period last year.
SG&A for the third quarter of fiscal 2026 was $77.9 million, an increase of $7.8 million from $70.1 million for the same period last year. As a percentage of net sales, SG&A was 16.9% for the third quarter of fiscal 2026 compared to 17.8% for the same period last year.
Other operating expenses for the third quarter of fiscal 2026 totaled $23.5 million compared to $19.2 million for the same period last year. For the third quarter of fiscal 2026, other operating expenses included $21.0 million of amortization of intangible assets, $0.4 million of acquisition costs, $0.2 of restructuring costs and $1.9 million of other items. For the third quarter of fiscal 2025, other operating expenses included $17.9 million of amortization of intangible assets, $0.1 million of restructuring costs, and $1.2 million of other items.
2
Operating income for the third quarter of fiscal 2026 was $103.0 million compared to $85.6 million for the same period last year. On an adjusted basis, operating income was $107.4 million for the third quarter of fiscal 2026 compared to $85.7 million for the same period last yea
Oct 31, 2025
2 ea026253801ex99-1_rbcbear.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal Second Quarter 2026 Results
Oxford, CT – October 31, 2025 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the second quarter fiscal 2026.
Second Quarter Financial Highlights
●Second quarter net sales of $455.3 million increased 14.4% over last year, Aerospace/Defense up 38.8% and Industrial up 0.7%.
●Gross margin of 44.1% for the second quarter of fiscal 2026 compared to 43.7% last year; Adjusted gross margin of 44.9% compared to 43.7% last year.
●Second quarter net income attributable to common stockholders as a percentage of net sales of 13.2% vs 12.2% last year; Adjusted EBITDA as a percentage of net sales of 31.9% vs 31.0% last year.
●Free cash flow of $71.7 million vs $26.8 million last year; Free cash flow conversion of 119.5% vs 49.4% last year.
Three Month Financial Highlights
Fiscal 2026 Fiscal 2025 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $455.3
$397.9
14.4%
Gross margin $200.6 $204.3 $173.8 $173.8 15.4% 17.5%
Gross margin % 44.1% 44.9% 43.7% 43.7%
Operating income $97.8 $105.0 $86.1 $86.6 13.6% 21.2%
Operating income % 21.5% 23.1% 21.6% 21.8%
Net income $60.0 $91.2 $54.2 $72.7 10.7% 25.4%
Net income attributable to common stockholders $60.0 $91.2 $48.5 $67.0 23.7% 36.1%
Diluted EPS $1.90 $2.88 $1.65 $2.29 15.2% 25.8%
(1)Results exclude items in reconciliation below.
Six Month Financial Highlights
Fiscal 2026 Fiscal 2025 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $891.3
$804.2
10.8%
Gross margin $395.8 $402.4 $357.8 $357.8 10.6% 12.5%
Gross margin % 44.4% 45.1% 44.5% 44.5%
Operating income $198.9 $210.3 $183.6 $184.1 8.3% 14.2%
Operating income % 22.3% 23.6% 22.8% 22.9%
Net income $128.5 $180.8 $115.6 $152.9 11.2% 18.2%
Net income attributable to common stockholders $128.5 $180.8 $104.2 $141.5 23.3% 27.8%
Diluted EPS $4.07 $5.72 $3.55 $4.83 14.6% 18.4%
(1)Results exclude items in reconciliation below.
Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, stated, “Our performance during the second quarter achieved a very high standard as demand from many of our core markets reached unprecedented levels. We were well prepared to support the generational expansion taking place in these aerospace and defense markets and are pleased to recognize the outstanding performance reached by our factories and offices. Clearly, we have entered a unique period in our business cycle and look forward to delivering a record year to our shareholders.”
Second Quarter Results
Net sales for the second quarter of fiscal 2026 were $455.3 million, an increase of 14.4% from $397.9 million in the second quarter of fiscal 2025. $24.7 of net sales this quarter came from VACCO, which we acquired on July 18, 2025. Net sales for the Industrial segment increased 0.7%, while net sales for the Aerospace/Defense segment increased 38.8%. Gross margin for the second quarter of fiscal 2026 was $200.6 million compared to $173.8 million for the same period last year. On an adjusted basis, gross margin was $204.3 million for the second quarter of fiscal 2026 compared to $173.8 million for the same period last year.
SG&A for the second quarter of fiscal 2026 was $77.4 million, an increase of $7.9 million from $69.5 million for the same period last year. As a percentage of net sales, SG&A was 17.0% for the second quarter of fiscal 2026 compared to 17.5% for the same period last year.
Other operating expenses for the second quarter of fiscal 2026 totaled $25.4 million compared to $18.2 million for the same period last year. For the second quarter of fiscal 2026, other operating expenses included $20.7 million of amortization of intangible assets, $2.6 million of restructuring costs, $0.9 million of acquisition costs and $1.2 million of other expense items. For the second quarter of fiscal 2025, other operating expenses included $17.9 million of amortization of intangible assets and $0.5 million of restructuring costs offset by $0.2 million of other items.
Operating income for the second quarter of fiscal 2026 was $97.8 million compared to $86.1 million for the same period last year. On an adjusted basis, operating income was $105.0 million for the second quarter of fiscal 2026 compared to $86.6 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to derive adjusted operating income.
2
Interest expense, net, was $13.4 million for the second quarter of fiscal 2026 compared to $15.6 million for the same period last year. The decrease in interest expense between the periods was due to the debt redu
Aug 1, 2025
2 ea025122601ex99-1_rbcbear.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal First Quarter 2026 Results
Oxford, CT – August 1, 2025 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the first quarter fiscal 2026.
First Quarter Financial Highlights
●First quarter net sales of $436.0 million increased 7.3% over last year, Aerospace/Defense up 10.4% and Industrial up 5.5%.
●Gross margin of 44.8% for the first quarter of fiscal 2026 compared to 45.3% last year; Adjusted gross margin of 45.4% compared to 45.3% last year.
●First quarter net income attributable to common stockholders as a percentage of net sales of 15.7% vs 13.7% last year; Adjusted EBITDA as a percentage of net sales of 32.5% vs 33.0% last year.
●Free cash flow of $104.3 million vs $88.4 million last year; Free cash flow conversion of 152.3% vs 144.0% last year.
Three Month Financial Highlights
Fiscal 2026 Fiscal 2025 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $436.0
$406.3
7.3%
Gross margin $195.2 $198.1 $184.0 $184.0 6.1% 7.7%
Gross margin % 44.8% 45.4% 45.3% 45.3%
Operating income $101.1 $105.3 $97.5 $97.5 3.7% 8.0%
Operating income % 23.2% 24.2% 24.0% 24.0%
Net income $68.5 $89.6 $61.4 $80.2 11.6% 11.7%
Net income attributable to common stockholders $68.5 $89.6 $55.7 $74.5 23.0% 20.3%
Diluted EPS $2.17 $2.84 $1.90 $2.54 14.2% 11.8%
(1)Results exclude items in reconciliation below.
“Our first quarter performance was solid with A&D and Industrial segment sales up 10.4% and 5.5%, respectively. Additionally, gross margin performance remained strong during the quarter due to our Industrial segment, highlighting the team’s hard work in driving synergies between Dodge and our broader Industrial business, combined with expansion in Aerospace,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer.
First Quarter Results
Net sales for the first quarter of fiscal 2026 were $436.0 million, an increase of 7.3% from $406.3 million in the first quarter of fiscal 2025. Net sales for the Industrial segment increased 5.5%, while net sales for the Aerospace/Defense segment increased 10.4%. Gross margin for the first quarter of fiscal 2026 was $195.2 million compared to $184.0 million for the same period last year.
SG&A for the first quarter of fiscal 2026 was $73.9 million, an increase of $6.3 million from $67.6 million for the same period last year. As a percentage of net sales, SG&A was 16.9% for the first quarter of fiscal 2026 compared to 16.6% for the same period last year.
Other operating expenses for the first quarter of fiscal 2026 totaled $20.2 million compared to $18.9 million for the same period last year. For the first quarter of fiscal 2026, other operating expenses included $17.9 million of amortization of intangible assets, $1.2 million of restructuring costs, $0.1 million of acquisition costs and $1.0 million of other expense items. For the first quarter of fiscal 2025, other operating expenses included $17.8 million of amortization of intangible assets and $1.1 million of other items.
Operating income for the first quarter of fiscal 2026 was $101.1 million compared to $97.5 million for the same period last year. On an adjusted basis, operating income was $105.3 million for the first quarter of fiscal 2026 compared to $97.5 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to arrive at adjusted operating income.
Interest expense, net, was $12.2 million for the first quarter of fiscal 2026 compared to $17.2 million for the same period last year. The decrease is primarily due to debt reduction efforts and comparatively lower interest rates.
Other non-operating
expense was $1.2 million for the first quarter of fiscal 2026 compared to $0.4 million for the same period last year.
Income tax expense for the first quarter of fiscal 2026 was $19.2 million compared to $18.5 million for the same period last year. The effective income tax rate for the first quarter of fiscal 2026 was 21.9% compared to 23.1% for the same period last year.
Net income for the first quarter of fiscal 2026 was $68.5 million compared to $61.4 million for the same period last year. On an adjusted basis, net income was $89.6 million for the first quarter of fiscal 2026 compared to $80.2 million for the same period last year. Refer to the tables below for details on the adjustments made to net income to arrive at adjusted net income. Net income attributable to common stockholders for the first quarter of fiscal 2026 was $68.5 million compared to $55.7 million for the same period last year. On an adjusted basis, net income attributable to common stockholders for the
May 16, 2025
2 ea024240001ex99-1_rbcbear.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal Fourth Quarter and Full Year 2025 Results
Oxford, CT – May 16, 2025 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the fourth quarter and full year fiscal 2025.
Fourth Quarter Financial Highlights
●Fourth quarter net sales of $437.7 million increased 5.8% over last year, Aerospace/Defense up 10.6% and Industrial up 3.3%.
●Gross margin of 44.2% for the fourth quarter of fiscal 2025 compared to 43.1% last year.
●Fourth quarter net income attributable to common stockholders as a percentage of net sales of 16.6% vs 13.5% last year; Adjusted EBITDA as a percentage of net sales of 31.9% vs 31.4% last year.
Three Month Financial Highlights
Fiscal 2025 Fiscal 2024 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $437.7
$413.7
5.8%
Gross margin $193.4 $193.4 $178.3 $178.3 8.5% 8.5%
Gross margin % 44.2% 44.2% 43.1% 43.1%
Operating income $100.7 $101.6 $94.2 $96.4 7.0% 5.4%
Operating income % 23.0% 23.2% 22.8% 23.3%
Net income $72.7 $89.3 $61.6 $78.0 17.8% 14.5%
Net income attributable to common stockholders $72.7 $89.3 $55.9 $72.3 29.8% 23.5%
Diluted EPS $2.30 $2.83 $1.91 $2.47 20.4% 14.6%
(1)Results exclude items in reconciliation below.
Fiscal 2025 Financial Highlights
●Fiscal 2025 net sales of $1,636.3 million increased 4.9% over last year, Aerospace/Defense up 14.1% and Industrial up 0.2%.
●Gross margin of 44.4% for fiscal 2025 compared to 43.0% last year.
●Fiscal 2025 net income attributable to common stockholders as a percentage of net sales of 14.3% vs 12.0% last year; Adjusted EBITDA as a percentage of net sales of 31.8% vs 30.9% last year.
Twelve Month Financial Highlights
Fiscal 2025 Fiscal 2024 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $1,636.3
$1,560.3
4.9%
Gross margin $726.1 $726.1 $670.5 $670.8 8.3% 8.2%
Gross margin % 44.4% 44.4% 43.0% 43.0%
Operating income $369.9 $371.4 $342.2 $345.5 8.1% 7.5%
Operating income % 22.6% 22.7% 21.9% 22.1%
Net income $246.2 $316.2 $209.9 $274.6 17.3% 15.1%
Net income attributable to common stockholders $233.8 $303.8 $186.9 $251.6 25.0% 20.7%
Diluted EPS $7.70 $10.01 $6.41 $8.62 20.1% 16.1%
(1)Results exclude items in reconciliation below.
“I am proud of our team’s outstanding performance in Fiscal 2025,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “We executed flawlessly in an aerospace production environment that included multiple disruptions, and our intense focus on organic growth as a cornerstone of the RBC Ops Management System enabled us to significantly outgrow Industrial markets that mostly contracted throughout the year. In true RBC fashion, we delivered a stronger than expected operating performance, translating revenue growth of roughly five percent to Adjusted EBITDA growth of 7.8 percent, and Adjusted EPS growth of 16.1 percent. That translated into another record year for free cash flow generation, which we used to pay down an additional $275 million of debt, taking trailing net leverage to a post-Dodge low of 1.7x. We expect to carry this momentum into Fiscal 2026, in what I believe will be another strong year for RBC.”
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2025 were $437.7 million, an increase of 5.8% from $413.7 million in the fourth quarter of fiscal 2024. Net sales for the Industrial segment increased 3.3%, while net sales for the Aerospace/Defense segment increased 10.6%. Gross margin for the fourth quarter of fiscal 2025 was $193.4 million compared to $178.3 million for the same period last year.
2
SG&A for the fourth quarter of fiscal 2025 was $72.1 million, an increase of $7.7 million from $64.4 million for the same period last year. As a percentage of net sales, SG&A was 16.5% for the fourth quarter of fiscal 2025 compared to 15.6% for the same period last year.
Other operating expenses for the fourth quarter of fiscal 2025 totaled $20.6 million compared to $19.7 million for the same period last year. For the fourth quarter of fiscal 2025, other operating expenses included $18.2 million of amortization of intangible assets, $0.9 million of restructuring costs and $1.5 million of other expense items. For the fourth quarter of fiscal 2024, other operating expenses included $17.7 million of amortization of intangible assets, $2.0 million of restructuring costs and $0.1 million of acquisition costs offset by $0.1 million of other income items.
Operating income for the fourth quarter of fiscal 2025 was $100.7 million compared to $94.2 million for the same period last year. On an adjusted basis, operating income was $101.6 million for th
Jan 31, 2025
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Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal Third Quarter 2025 Results
Oxford, CT – January 31, 2025 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the third quarter of fiscal 2025.
Third Quarter Financial Highlights
●Net sales of $394.4 million increased 5.5% over last year; Aerospace/Defense segment up 10.7% and Industrial segment up 2.7%.
●Gross margin of 44.3% compared to 42.3% last year.
●Net income attributable to common stockholders increased 39.6% over last year, up 34.7% on an adjusted basis.
●Diluted EPS was $1.82, a 30.9% increase over last year; Adjusted Diluted EPS was $2.34, a 26.5% increase over last year.
●Free cash flow conversion of 127% vs 152% last year.
Three Month Financial Highlights
Fiscal 2025 Fiscal 2024 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $394.4
$373.9
5.5%
Gross margin $174.9 $174.9 $158.0 $158.0 10.6% 10.6%
Gross margin % 44.3% 44.3% 42.3% 42.3%
Operating income $85.6 $85.7 $75.2 $75.4 13.7% 13.7%
Operating income % 21.7% 21.7% 20.1% 20.2%
Net income $57.9 $74.0 $46.6 $60.0 24.4% 23.3%
Net income attributable to common stockholders $56.9 $73.0 $40.8 $54.2 39.6% 34.7%
Diluted EPS $1.82 $2.34 $1.39 $1.85 30.9% 26.5%
(1)Results exclude items in reconciliation below.
Nine Month Financial Highlights
Fiscal 2025 Fiscal 2024 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $1,198.6
$1,146.6
4.5%
Gross margin $532.7 $532.7 $492.2 $492.5 8.2% 8.2%
Gross margin % 44.4% 44.4% 42.9% 43.0%
Operating income $269.2 $269.8 $248.0 $249.1 8.5% 8.3%
Operating income % 22.5% 22.5% 21.6% 21.7%
Net income $173.5 $226.9 $148.3 $196.6 17.1% 15.4%
Net income attributable to common stockholders $161.1 $214.5 $131.0 $179.3 23.0% 19.6%
Diluted EPS $5.38 $7.16 $4.49 $6.15 19.8% 16.4%
(1)Results exclude items in reconciliation below.
“RBC delivered another quarter of strong operational performance with A&D segment sales up 10.7% year over year and Industrial segment sales up 2.7%,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “On the A&D side, sales trends were robust despite headwinds from a commercial aerospace OEM strike as broader demand for our production capacity remained strong and customers begin to prepare for an expected volume recovery as we move through calendar 2025. On the Industrial side, we delivered on our outlook for returning to growth in our fiscal third quarter fueled by a combination of organic growth initiatives, expected share gains, and continued favorable end market mix. Additionally, it was another great quarter for free cash flow conversion, coming in at 127%, and we used that cash to continue to de-leverage our balance sheet, with trailing net leverage finishing the quarter at 1.8x.”
Third Quarter Results
Net sales for the third quarter of fiscal 2025 were $394.4 million, an increase of 5.5% from $373.9 million in the third quarter of fiscal 2024. Net sales for the Industrial segment increased 2.7%, while net sales for the Aerospace/Defense segment increased 10.7%. Gross margin for the third quarter of fiscal 2025 was $174.9 million compared to $158.0 million for the same period last year.
SG&A for the third quarter of fiscal 2025 was $70.1 million, an increase of $6.2 million from $63.9 million for the same period last year. As a percentage of net sales, SG&A was 17.8% for the third quarter of fiscal 2025 compared to 17.1% for the same period last year.
Other operating expenses for the third quarter of fiscal 2025 totaled $19.2 million compared to $18.9 million for the same period last year. For the third quarter of fiscal 2025, other operating expenses consisted of $17.9 million of amortization of intangible assets, $0.1 million of restructuring costs, and $1.2 million of other items. For the third quarter of fiscal 2024, other operating expenses consisted of $17.7 million of amortization of intangible assets, $0.1 million of restructuring costs, and $1.1 million of other items.
2
Operating income for the third quarter of fiscal 2025 was $85.6 million compared to $75.2 million for the same period last year. On an adjusted basis, operating income was $85.7 million for the third quarter of fiscal 2025 compared to $75.4 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to arrive at adjusted operating income.
Interest expense, net, was $14.2 million for the third quarter of fiscal 2025 compared to $19.3 million for the same period last year. The decrease is primarily due to debt reduction efforts, comparatively lower interest rates and the interest hedging str
Nov 1, 2024
2 ea021953501ex99-1_rbcbear.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal Second Quarter 2025 Results
Oxford, CT – November 1, 2024 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the second quarter of fiscal 2025.
Second Quarter Financial Highlights
●Net sales of $397.9 million increased 3.2% over last year, Aerospace/Defense up 12.5% and Industrial down 1.4%.
●Gross margin of 43.7% compared to 43.1% last year.
●Net income attributable to common stockholders increased 5.6% over last year, up 6.2% on an adjusted basis.
●Diluted EPS was $1.65, a 4.4% increase over last year; Adjusted Diluted EPS was $2.29, a 5.1% increase over last year.
Three Month Financial Highlights
Fiscal 2025 Fiscal 2024 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $397.9
$385.6
3.2%
Gross margin $173.8 $173.8 $166.3 $166.6 4.5% 4.3%
Gross margin % 43.7% 43.7% 43.1% 43.2%
Operating income $86.1 $86.6 $87.8 $88.4 (1.9)% (2.0)%
Operating income % 21.6% 21.8% 22.8% 22.9%
Net income $54.2 $72.7 $51.7 $68.9 5.0% 5.5%
Net income attributable to common stockholders $48.5 $67.0 $45.9 $63.1 5.6% 6.2%
Diluted EPS $1.65 $2.29 $1.58 $2.17 4.4% 5.1%
(1)Results exclude items in reconciliation below.
Six Month Financial Highlights
Fiscal 2025 Fiscal 2024 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $804.2
$772.7
4.1%
Gross margin $357.8 $357.8 $334.2 $334.5 7.1% 7.0%
Gross margin % 44.5% 44.5% 43.2% 43.3%
Operating income $183.6 $184.1 $172.8 $173.7 6.3% 6.0%
Operating income % 22.8% 22.9% 22.4% 22.5%
Net income $115.6 $152.9 $101.7 $136.6 13.7% 11.9%
Net income attributable to common stockholders $104.2 $141.5 $90.2 $125.1 15.5% 13.1%
Diluted EPS $3.55 $4.83 $3.10 $4.30 14.5% 12.3%
(1)Results exclude items in reconciliation below.
“RBC delivered another quarter of strong operational performance with total A&D sales up 12.5% year over year and Industrial sales down only 1.4% year over year,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “On the A&D side, demand for our capacity remains robust and I am proud to say that the RBC team was able to meaningfully mitigate headwinds from a commercial aerospace OEM strike with strong demand from other customers, and we expect to continue to do so in the third quarter. On the Industrial side, we are confident that our results continued to outperform peers and broader industry trends, and that the segment can return to growth this year.”
Second Quarter Results
Net sales for the second quarter of fiscal 2025 were $397.9 million, an increase of 3.2% from $385.6 million in the second quarter of fiscal 2024. Net sales for the Industrial segment decreased 1.4%, while net sales for the Aerospace/Defense segment increased 12.5%. Gross margin for the second quarter of fiscal 2025 was $173.8 million compared to $166.3 million for the same period last year.
SG&A for the second quarter of fiscal 2025 was $69.5 million, an increase of $9.0 million from $60.5 million for the same period last year. As a percentage of net sales, SG&A was 17.5% for the second quarter of fiscal 2025 compared to 15.7% for the same period last year.
Other operating expenses for the second quarter of fiscal 2025 totaled $18.2 million compared to $18.0 million for the same period last year. For the second quarter of fiscal 2025, other operating expenses consisted of $17.9 million of amortization of intangible assets and $0.5 million of restructuring costs offset by $0.2 million of other items. For the second quarter of fiscal 2024, other operating expenses consisted of $17.6 million of amortization of intangible assets, $0.3 million of restructuring costs, and $0.1 million of other items.
2
Operating income for the second quarter of fiscal 2025 was $86.1 million compared to $87.8 million for the same period last year. On an adjusted basis, operating income was $86.6 million for the second quarter of fiscal 2025 compared to $88.4 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to arrive at adjusted operating income.
Interest expense, net, was $15.6 million for the second quarter of fiscal 2025 compared to $20.1 million for the same period last year.
Income tax expense for the second quarter of fiscal 2025 was $15.2 million compared to $15.2 million for the same period last year. The effective income tax rate for the second quarter of fiscal 2025 was 21.9% compared to 22.7% for the same period last year.
Net income for the second quarter of fiscal 2025 was $54.2 million compared to $51.7 million for the same period last year. On an adjusted basis, net income was
Aug 2, 2024
2 ea021045201ex99-1_rbcbear.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal First Quarter 2025 Results
Oxford, CT – August 2, 2024 – RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the first quarter fiscal 2025.
First Quarter Financial Highlights
●First quarter net sales of $406.3 million increased 5.0% over last year, Aerospace/Defense up 23.7% and Industrial down 3.5%.
●Gross margin of 45.3% for the first quarter of fiscal 2025 compared to 43.4% last year.
●First quarter net income attributable to common stockholders as a percentage of net sales of 13.7% vs 11.4% last year.
●Adjusted EBITDA as a percentage of net sales of 33.0% vs 31.1% last year.
●First quarter free cash flow conversion of 144.0% vs 110.0% last year.
Three Month Financial Highlights
Fiscal 2025 Fiscal 2024 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $406.3
$387.1
5.0%
Gross margin $184.0
$167.9
9.6%
Gross margin % 45.3%
43.4%
Operating income $97.5 $97.5 $85.0 $85.3 14.7% 14.3%
Operating income % 24.0% 24.0% 22.0% 22.0%
Net income $61.4 $80.2 $50.0 $67.7 22.8% 18.5%
Net income attributable to common stockholders $55.7 $74.5 $44.3 $62.0 25.7% 20.2%
Diluted EPS $1.90 $2.54 $1.52 $2.13 25.0% 19.2%
(1)Results exclude items in reconciliation below.
“RBC continued to deliver strong operational performance in the first quarter with 5.0% sales growth, 11.3% adjusted EBITDA growth and 19.2% adjusted diluted earnings per share growth,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Customer demand for our capacity in the Aerospace and Defense end market remains robust, as evidenced by our 23.7% revenue growth, and our Industrial business continued to execute well and remains well poised for any acceleration in industrial end markets as we progress through the remainder of the year. Profit performance in the quarter was notable and continues to be driven by ongoing absorption of our aerospace and defense capacity and continued Dodge synergies, which are tailwinds that we believe will continue to benefit us through the remainder of the fiscal year.”
First Quarter Results
Net sales for the first quarter of fiscal 2025 were $406.3 million, an increase of 5.0% from $387.1 million in the first quarter of fiscal 2024. Net sales for the Industrial segment decreased 3.5%, while net sales for the Aerospace/Defense segment increased 23.7%. Gross margin for the first quarter of fiscal 2025 was $184.0 million compared to $167.9 million for the same period last year.
SG&A for the first quarter of fiscal 2025 was $67.6 million, an increase of $2.9 million from $64.7 million for the same period last year. As a percentage of net sales, SG&A was 16.6% for the first quarter of fiscal 2025 compared to 16.7% for the same period last year.
Other operating expenses for the first quarter of fiscal 2025 totaled $18.9 million compared to $18.2 million for the same period last year. For the first quarter of fiscal 2025, other operating expenses included $17.8 million of amortization of intangible assets and $1.1 million of other items. For the first quarter of fiscal 2024, other operating expenses included $17.5 million of amortization of intangible assets and $0.7 million of other items.
Operating income for the first quarter of fiscal 2025 was $97.5 million compared to $85.0 million for the same period last year. On an adjusted basis, operating income was $97.5 million for the first quarter of fiscal 2025 compared to $85.3 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to arrive at adjusted operating income.
Interest expense, net, was $17.2 million for the first quarter of fiscal 2025 compared to $20.5 million for the same period last year.
Income tax expense for the first quarter of fiscal 2025 was $18.5 million compared to $14.0 million for the same period last year. The effective income tax rate for the first quarter of fiscal 2025 was 23.1% compared to 21.9% for the same period last year.
Net income for the first quarter of fiscal 2025 was $61.4 million compared to $50.0 million for the same period last year. On an adjusted basis, net income was $80.2 million for the first quarter of fiscal 2025 compared to $67.7 million for the same period last year. Refer to the tables below for details on the adjustments made to net income to arrive at adjusted net income. Net income attributable to common stockholders for the first quarter of fiscal 2025 was $55.7 million compared to $44.3 million for the same period last year. On an adjusted basis, net income attributable to common stockholders for the first quarter of fiscal 2025 was $74.5
May 17, 2024
2 ea020643001ex99-1_rbcber.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal Fourth Quarter and Full Year 2024 Results
Oxford, CT – May 17, 2024 – RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the fourth quarter and full year fiscal 2024.
Fourth Quarter Financial Highlights
●Fourth quarter net sales of $413.7 million increased 4.9% over last year, Aerospace/Defense up 16.8% and Industrial down 0.4%.
●Gross margin of 43.1% for the fourth quarter of fiscal 2024 compared to 42.2% last year.
●Fourth quarter net income attributable to common stockholders as a percentage of net sales of 13.5% vs 11.0% last year; Adjusted EBITDA as a percentage of net sales of 31.4% vs 30.7% last year.
●Fourth quarter free cash flow conversion of 113.3% vs 120.0% last year.
Three Month Financial Highlights
Fiscal 2024 Fiscal 2023 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $413.7
$394.4
4.9%
Gross margin $178.3 $178.3 $166.5 $166.6 7.1% 7.0%
Gross margin % 43.1% 43.1% 42.2% 42.2%
Operating income $94.2 $96.3 $86.1 $88.6 9.3% 8.6%
Operating income % 22.8% 23.3% 21.8% 22.5%
Net income $61.6 $78.0 $49.2 $67.7 25.5% 15.3%
Net income attributable to common stockholders $55.9 $72.4 $43.4 $61.9 29.0% 16.8%
Diluted EPS $1.91 $2.47 $1.49 $2.13 28.2% 16.0%
(1)Results exclude items in reconciliation below.
Fiscal 2024 Financial Highlights
●Fiscal 2024 net sales of $1,560.3 million increased 6.2% over last year, Aerospace/Defense up 20.7% and Industrial up 0.2%.
●Gross margin of 43.0% for fiscal 2024 compared to 41.2% last year.
●Fiscal 2024 net income attributable to common stockholders as a percentage of net sales of 12.0% vs 9.8% last year; Adjusted EBITDA as a percentage of net sales of 30.9% vs 29.5% last year.
●Free cash flow conversion of 115.0% in fiscal 2024 vs 107.2% in fiscal 2023.
Twelve Month Financial Highlights
Fiscal 2024 Fiscal 2023 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $1,560.3
$1,469.3
6.2%
Gross margin $670.5 $670.8 $604.8 $604.9 10.9% 10.9%
Gross margin % 43.0% 43.0% 41.2% 41.2%
Operating income $342.2 $345.5 $293.0 $304.6 16.8% 13.4%
Operating income % 21.9% 22.1% 19.9% 20.7%
Net income $209.9 $274.6 $166.7 $240.5 25.9% 14.2%
Net income attributable to common stockholders $186.9 $251.7 $143.8 $217.6 30.1% 15.7%
Diluted EPS $6.41 $8.62 $4.94 $7.48 29.8% 15.2%
(1)Results exclude items in reconciliation below.
“Fiscal 2024 marked another record year for RBC and we expect to carry that momentum into fiscal 2025,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Our Aerospace and Defense segment continued its strong secular growth with revenues expanding 20.7% in the year, and our Industrial segment continued to outpace broader industry trends with notable outgrowth relative to peers. We also delivered healthy margin expansion fueled by operating efficiencies and ongoing Dodge synergies coupled with record levels of free cash flow generation, which was used to further reduce debt to a post-Dodge low. We look to another year of strong free cash flow generation and debt reduction, with the Company poised to finish Fiscal 2025 with net leverage nicely below 2.0x.”
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2024 were $413.7 million, an increase of 4.9% from $394.4 million in the fourth quarter of fiscal 2023. Net sales for the Industrial segment decreased 0.4%, while net sales for the Aerospace/Defense segment increased 16.8%. Gross margin for the fourth quarter of fiscal 2024 was $178.3 million compared to $166.5 million for the same period last year.
2
for the fourth quarter of fiscal 2024 was $64.4 million, an increase of $4.8 million from $59.6 million for the same period last year. As a percentage of net sales, SG&A was 15.6% for the fourth quarter of fiscal 2024 compared to 15.1% for the same period last year.
Other operating expenses for the fourth quarter of fiscal 2024 totaled $19.7 million compared to $20.7 million for the same period last year. For the fourth quarter of fiscal 2024, other operating expenses included $17.7 million of amortization of intangible assets, $2.0 million of restructuring costs and $0.1 million of acquisition costs offset by $0.1 million of other income items. For the fourth quarter of fiscal 2023, other operating expenses included $17.7 million of amortization of intangible assets, $2.5 million of restructuring costs, and $0.5 million of other items.
Operating income for the fourth quarter of fiscal 2024 was $94.2 million compared to $86.1 million for the same period last year. On an adjusted basis, operating income was $96.3 million for the f
Feb 8, 2024
2 ea192996ex99-1_rbcbearing.htm
Exhibit 99.1
Press Release
RBC Bearings Incorporated Announces Fiscal 2024 Third Quarter Results
Oxford, CT – February 8, 2024 – RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the third quarter of fiscal 2024.
Third Quarter Financial Highlights
●Third quarter net sales of $373.9 million increased 6.3% over last year, Aerospace/Defense up 22.5% and Industrial down 0.6%.
●Gross margin of 42.3% in the third quarter of fiscal 2024 compared to 41.5% for the same quarter last year.
●Third quarter net income as a percentage of net sales of 12.5% vs 10.3% last year; Adjusted EBITDA as a percentage of net sales of 29.3% vs 29.4% last year.
Fiscal 2024 Fiscal 2023 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $373.9
$351.6
6.3%
Gross margin $158.0 $158.0 $146.0 $146.0 8.2% 8.2%
Gross margin % 42.3% 42.3% 41.5% 41.5%
Operating income $75.2 $75.5 $70.4 $71.6 7.0% 5.3%
Operating income % 20.1% 20.2% 20.0% 20.4%
Net income $46.6 $60.0 $36.3 $53.3 28.4% 12.4%
Net income attributable to common stockholders $40.8 $54.2 $30.6 $47.7 33.2% 13.6%
Diluted EPS $1.39 $1.85 $1.05 $1.64 32.4% 12.8%
(1)Results exclude items in reconciliation below.
Nine Month Financial Highlights
Fiscal 2024 Fiscal 2023 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $1,146.6
$1,074.9
6.7%
Gross margin $492.2 $492.5 $438.3 $438.3 12.3% 12.4%
Gross margin % 42.9% 43.0% 40.8% 40.8%
Operating income $248.0 $249.2 $206.9 $215.9 19.9% 15.4%
Operating income % 21.6% 21.7% 19.2% 20.1%
Net income $148.3 $196.6 $117.5 $172.8 26.2% 13.7%
Net income attributable to common stockholders $131.0 $179.3 $100.4 $155.6 30.6% 15.2%
Diluted EPS $4.49 $6.15 $3.45 $5.36 30.1% 14.7%
(1)Results exclude items in reconciliation below.
“As expected, third quarter results showed a 6.3% increase in net sales during the quarter compared to the previous year,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Our aerospace and defense segment has continued to produce strong results as we continue to see an acceleration in volume, especially from major aircraft manufacturers and their supply chains.”
Third Quarter Results
Net sales for the third quarter of fiscal 2024 were $373.9 million, an increase of 6.3% from $351.6 million in the third quarter of fiscal 2023. Net sales for our Industrial segment decreased 0.6%, while net sales for our Aerospace/Defense segment increased 22.5%. Gross margin for the third quarter of fiscal 2024 was $158.0 million compared to $146.0 million for the same period last year.
SG&A for the third quarter of fiscal 2024 was $63.9 million, an increase of $7.1 million from $56.8 million for the same period last year. As a percentage of net sales, SG&A was 17.1% for the third quarter of fiscal 2024 compared to 16.1% for the same period last year.
Other operating expenses for the third quarter of fiscal 2024 totaled $18.9 million compared to $18.8 million for the same period last year. For the third quarter of fiscal 2024, other operating expenses included $17.7 million of amortization of intangible assets, $0.1 million of restructuring costs, and $1.1 million of other items. For the third quarter of fiscal 2023, other operating expenses included $17.4 million of amortization of intangible assets, $1.2 million of Dodge TSA costs and other costs associated with the Dodge acquisition, and $0.2 million of other items.
2
Operating income for the third quarter of fiscal 2024 was $75.2 million compared to $70.4 million for the same period last year. On an adjusted basis, operating income was $75.5 million for the third quarter of fiscal 2024 compared to $71.6 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to arrive at adjusted operating income.
Interest expense, net, was $19.3 million for the third quarter of fiscal 2024 compared to $20.9 million for the same period last year.
Income tax expense for the third quarter of fiscal 2024 was $10.2 million compared to $11.7 million for the same period last year. The effective income tax rate for the third quarter of fiscal 2024 was 18.1% compared to 24.4% for the same period last year. The effective income tax rate for the three-month period ended December 30, 2023 of 18.1% included $1.9 million of discrete tax benefits associated with stock-based compensation partially offset by $0.2 million of other items; the effective income tax rate without these net benefits would have been 21.2%. The effective income tax rate for the three-month period ended December 31, 2022 of 24.4% included $0.3 million of discrete tax benef
Nov 9, 2023
2 ea187842ex99-1_rbcbearing.htm
Exhibit 99.1
Press Release
RBC Bearings Incorporated Announces Fiscal 2024 Second Quarter Results
Oxford, CT – November 9, 2023 – RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the second quarter of fiscal 2024.
Second Quarter Financial Highlights
●Second quarter net sales of $385.6 million increased 4.4% over last year, Aerospace/Defense up 22.9 % and Industrial down 2.8 %.
●Gross margin of 43.1% in the second quarter of fiscal 2024 compared to 40.9 % for the same quarter last year.
●Second quarter net income as a percentage of net sales of 13.4% vs 11.9% last year; Adjusted EBITDA as a percentage of net sales of 31.7 % vs 29.5 % last year.
Fiscal 2024 Fiscal 2023 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $385.6
$369.2
4.4%
Gross margin $166.3 $166.6 $151.1 $151.1 10.0% 10.2%
Gross margin % 43.1% 43.2% 40.9% 40.9%
Operating income $87.8 $88.4 $72.0 $76.0 21.8% 16.3%
Operating income % 22.8% 22.9% 19.5% 20.6%
Net income $51.7 $68.9 $43.8 $61.9 17.9% 11.3%
Net income attributable to common stockholders $45.9 $63.2 $38.1 $56.2 20.8% 12.5%
Diluted EPS $1.58 $2.17 $1.31 $1.93 20.6% 12.4%
(1)Results exclude items in reconciliation below.
Six Month Financial Highlights
Fiscal 2024 Fiscal 2023 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $772.7
$723.3
6.8%
Gross margin $334.2 $334.5 $292.3 $292.3 14.3% 14.4%
Gross margin % 43.2% 43.3% 40.4% 40.4%
Operating income $172.8 $173.7 $136.5 $144.3 26.6% 20.4%
Operating income % 22.4% 22.5% 18.9% 19.9%
Net income $101.7 $136.6 $81.2 $119.5 25.2% 14.3%
Net income attributable to common stockholders $90.2 $125.1 $69.8 $108.0 29.4% 15.9%
Diluted EPS $3.10 $4.30 $2.40 $3.72 29.2% 15.6%
(1)Results exclude items in reconciliation below.
“We are pleased with our second quarter results, which were in line with our expectations for the period,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Our aerospace and defense segment experienced another strong quarter as we continue to benefit from strong OEM demand for our products and an improving supply chain. As we look toward the second half of fiscal 2024, we remain confident that we are on track to deliver record performance.”
Second Quarter Results
Net sales for the second quarter of fiscal 2024 were $385.6 million, an increase of 4.4% from $369.2 million in the second quarter of fiscal 2023. Net sales for our Industrial segment decreased 2.8%, while net sales for our Aerospace/Defense segment increased 22.9%. Gross margin for the second quarter of fiscal 2024 was $166.3 million compared to $151.1 million for the same period last year.
SG&A for the second quarter of fiscal 2024 was $60.5 million, an increase of $3.0 million from $57.5 million for the same period last year. As a percentage of net sales, SG&A was 15.7% for the second quarter of fiscal 2024 compared to 15.6% for the same period last year.
Other operating expenses for the second quarter of fiscal 2024 totaled $18.0 million compared to $21.6 million for the same period last year. For the second quarter of fiscal 2024, other operating expenses included $17.6 million of amortization of intangible assets, $0.3 million of restructuring costs, and $0.1 million of other items. For the second quarter of fiscal 2023, other operating expenses included $16.8 million of amortization of intangible assets, $4.0 million of costs associated with the Dodge acquisition, and $0.8 million of other items.
2
Operating income for the second quarter of fiscal 2024 was $87.8 million compared to $72.0 million for the same period last year. Excluding approximately $0.6 million of restructuring costs, adjusted operating income for the second quarter of fiscal 2024 was $88.4 million; excluding approximately $4.0 million of acquisition-related costs, adjusted operating income for the second quarter of fiscal 2023 was $76.0 million. Adjusted operating income as a percentage of net sales was 22.9% for the second quarter of fiscal 2024 compared to 20.6% for the same period last year.
Interest expense, net, was $20.1 million for the second quarter of fiscal 2024 compared to $18.3 million for the same period last year.
Income tax expense for the second quarter of fiscal 2024 was $15.2 million compared to $9.7 million for the same period last year. The effective income tax rate for the second quarter of fiscal 2024 was 22.7% compared to 18.1% for the same period last year.
Net income for the second quarter of fiscal 2024 was $51.7 million compared to $43.8 million for the same period last year. On an adjusted basis, net income was $68.9 million for the second quar
Aug 4, 2023
2 ea182863ex99-1_rbcbearings.htm
Exhibit 99.1
Press Release
RBC Bearings Incorporated Announces Fiscal 2024 First Quarter Results
Oxford, CT – August 4, 2023 – RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the first quarter of fiscal 2024.
First Quarter Financial Highlights
●First quarter net sales of $387.1 million increased 9.3% over last year, Aerospace/Defense up 21.2% and Industrial up 4.7%.
●Gross margin of 43.4% in the first quarter of fiscal 2024 compared to 39.9% for the same quarter last year. Up 400bps from adjusted gross margin for fiscal year 2022.
●First quarter net income as a percentage of net sales of 12.9% vs 10.6% last year; Adjusted EBITDA as a percentage of net sales of 31.1% vs 28.4% last year.
●Free cash flow of $55.1 million, net debt to TTM adjusted EBITDA reduced to 2.84.
diluted EPS of $1.52 and adjusted diluted EPS of $2.13.
Fiscal 2024 Fiscal 2023 % Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $387.1
$354.1
9.3%
Gross margin $167.9
$141.2
18.9%
Gross margin % 43.4%
39.9%
Operating income $85.0 $85.3 $64.5 $68.3 31.9% 25.0%
Operating income % 22.0% 22.0% 18.2% 19.3%
Net income $50.0 $67.7 $37.4 $57.5 33.6% 17.6%
Net income attributable to common stockholders $44.3 $61.9 $31.7 $51.8 39.7% 19.6%
Diluted EPS attributable to common stockholders $1.52 $2.13 $1.09 $1.79 39.4% 19.0%
(1) Results exclude items in reconciliation below.
“We are pleased with our first quarter results, as net sales increased 9.3% during the period,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “As anticipated, we see strong demand for products from the aerospace and defense marine sectors. Our aircraft customers’ pursuit of even greater plane build rates has pushed RBC sales growth well into the double digits; and our industrial sector experiences continuing benefit from healthy order rates for bearings servicing high-growth markets.”
First Quarter Results
Net sales for the first quarter of fiscal 2024 were $387.1 million, an increase of 9.3% from $354.1 million in the first quarter of fiscal 2023. Net sales for our Industrial segment increased 4.7%, while net sales for our Aerospace/Defense segment increased 21.2%. Gross margin for the first quarter of fiscal 2024 was $167.9 million compared to $141.2 million for the same period last year.
for the first quarter of fiscal 2024 was $64.7 million, an increase of $8.9 million from $55.8 million for the same period last year. As a percentage of net sales, SG&A was 16.7% for the first quarter of fiscal 2024 compared to 15.8% for the same period last year.
Other operating expenses for the first quarter of fiscal 2024 totaled $18.2 million compared to $20.9 million for the same period last year. For the first quarter of fiscal 2024, other operating expenses included $17.5 million of amortization of intangible assets, $0.3 million of restructuring costs, and $0.4 million of other items. For the first quarter of fiscal 2023, other operating expenses included $17.3 million of amortization of intangible assets and $3.8 million of costs associated with the Dodge acquisition, partially offset by $0.2 million of other income.
Operating income for the first quarter of fiscal 2024 was $85.0 million compared to $64.5 million for the same period last year. Excluding approximately $0.3 million of restructuring costs associated with the closing of a plant located in California, adjusted operating income for the first quarter of fiscal 2024 was $85.3 million; excluding approximately $3.8 million of acquisition costs associated with the Dodge acquisition, adjusted operating income for the first quarter of fiscal 2023 was $68.3 million. Adjusted operating income as a percentage of net sales was 22.0% for the first quarter of fiscal 2024 compared to 19.3% for the same period last year.
Interest expense, net, was $20.5 million for the first quarter of fiscal 2024 compared to $15.8 million for the same period last year.
Income tax expense for the first quarter of fiscal 2024 was $14.0 million compared to $10.5 million for the same period last year. The effective income tax rate for the first quarter of fiscal 2024 was 21.9% compared to 21.8% for the same period last year.
Net income for the first quarter of fiscal 2024 was $50.0 million compared to $37.4 million for the same period last year. On an adjusted basis, net income was $67.7 million for the first quarter of fiscal 2024 compared to $57.5 million for the same period last year. Net income attributable to common stockholders for the first quarter of fiscal 2024 was $44.3 million compared to $31.7 million for the same period last year. On an adjusted basis, net i
May 19, 2023
2 ea178917ex99-1_rbcbearings.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal 2023 Fourth Quarter Results
Oxford, CT – May 19, 2023 – RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the fourth quarter of fiscal 2023.
Key Highlights
●Fourth quarter net sales of $394.4 million increased 9.9% over last year.
●Full year net sales of $1,469.3 million increased 55.8%, increase of 11.5% excluding Dodge.
●Fourth quarter net income as a percentage of net sales of 12.5% vs 8.8% last year; Adjusted EBITDA as a percentage of net sales of 30.7% vs 29.1% last year.
●Full year net income as a percentage of net sales of 11.3% vs 5.8% last year; Adjusted EBITDA as a percentage of net sales of 29.5% vs 28.3% last year.
●Term loan principal reduction of $70.0 million in the fourth quarter; $400.0 million from November 1, 2021 to April 1, 2023.
Fourth Quarter Financial Highlights
Fiscal 2023 Fiscal 2022 % Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $394.4
$358.9
9.9%
Gross margin $166.5 $166.6 $137.5 $144.3 21.0% 15.4%
Gross margin % 42.2% 42.2% 38.3% 40.2%
Operating income $86.1 $88.6 $59.3 $71.9 45.1% 23.3%
Operating income % 21.8% 22.5% 16.5% 20.0%
Net income $49.2 $67.7 $31.5 $61.7 56.2% 9.7%
Net income attributable to common stockholders $43.4 $61.9 $25.7 $56.0 68.7% 10.6%
Diluted EPS attributable to common stockholders $1.49 $2.13 $0.89 $1.93 67.4% 10.4%
(1)Results exclude items in reconciliation below.
Twelve Month Financial Highlights
Fiscal 2023 Fiscal 2022 % Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $1,469.3
$942.9
55.8%
Gross margin $604.8 $604.9 $357.1 $371.8 69.4% 62.7%
Gross margin % 41.2% 41.2% 37.9% 39.4%
Operating income $293.0 $304.6 $121.1 $168.0 141.9% 81.2%
Operating income % 19.9% 20.7% 12.8% 17.8%
Net income $166.7 $240.5 $54.7 $163.8 204.6% 46.9%
Net income attributable to common stockholders $143.8 $217.6 $42.7 $151.8 236.6% 43.4%
Diluted EPS attributable to common stockholders $4.94 $7.48 $1.56 $5.56 216.7% 34.5%
(1)Results exclude items in reconciliation below.
“We are pleased with our fourth quarter results, which contributed to a record-setting year for RBC,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Our net sales exceeded our expectations in the quarter as we continued to experience strong growth in both our Industrial and Aerospace/Defense segments. As we look ahead to fiscal 2024, our focus remains on delivering sustainable growth as we continue to navigate through a dynamic macro environment.”
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2023 were $394.4 million, an increase of 9.9% from $358.9 million in the fourth quarter of fiscal 2022. Net sales for our Industrial segment increased 7.4%, while net sales for our Aerospace/Defense segment increased 16.0%. Gross margin for the fourth quarter of fiscal 2023 was $166.5 million compared to $137.5 million for the same period last year.
SG&A for the fourth quarter of fiscal 2023 was $59.6 million, an increase of $5.1 million from $54.5 million for the same period last year. As a percentage of net sales, SG&A was 15.1% for the fourth quarter of fiscal 2023 compared to 15.2% for the same period last year.
Other operating expenses for the fourth quarter of fiscal 2023 totaled $20.7 million compared to $23.7 million for the same period last year. For the fourth quarter of fiscal 2023, other operating expenses included $17.7 million of amortization of intangible assets, $2.5 million of restructuring costs associated with our South Carolina operations, and $0.5 million of other items. For the fourth quarter of fiscal 2022, other operating expenses included $17.2 million of amortization of intangible assets, $5.7 million of costs associated with the Dodge acquisition, and $0.8 million of other items.
Operating income for the fourth quarter of fiscal 2023 was $86.1 million compared to $59.3 million for the same period last year. Excluding approximately $2.6 million of restructuring costs associated with our South Carolina operations offset by a $0.1 million acquisition-related costs adjustment, adjusted operating income for the fourth quarter of fiscal 2023 was $88.6 million; excluding approximately $12.5 million of acquisition costs associated with the Dodge acquisition, adjusted operating income for the fourth quarter of fiscal 2022 was $71.9 million. Adjusted operating income as a percentage of net sales was 22.5% for the fourth quarter of fiscal 2023 compared to 20.0% for the same period last year.
2
Interest expense, net, was $21.7 million for the fourth quarter of fiscal 2023 compared to $13.6 million for th
Feb 9, 2023
2 ea173109ex99-1_rbcbearings.htm
Exhibit 99.1
RBC Bearings Incorporated Announces Fiscal 2023 Third Quarter Results
Oxford, CT – February 9, 2023 – RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the third quarter of fiscal 2023.
Key Highlights
●Third quarter net sales of $351.6 million increased 31.7% over last year; organic net sales up 12.7%.
●Industrial segment third quarter organic net sales up 11.8% year over year and Aerospace/Defense segment third quarter net sales up 13.2%.
●Third quarter net income as a percentage of net sales of 10.3% vs 0.2% last year; adjusted EBITDA as a percentage of net sales of 29.4% vs 26.7% last year.
●Term loan principal reduction of $60.0 million in the third quarter; $350.0 million from November 2021 to January 2023.
Third Quarter Financial Highlights
Fiscal 2023 Fiscal 2022 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $351.6
$267.0
31.7%
Gross margin $146.0 $146.0 $93.3 $100.3 56.5% 45.6%
Gross margin % 41.5% 41.5% 35.0% 37.6%
Operating income $70.4 $71.6 $15.9 $46.3 343.7% 54.7%
Operating income % 20.0% 20.4% 5.9% 17.3%
Net income $36.3 $53.3 $0.5 $40.6 6,541.8% 31.6%
Net income/(loss) attributable to common stockholders $30.6 $47.7 $(5.2) $34.8 687.5% 37.0%
Diluted EPS $1.05 $1.64 $(0.18) $1.20 683.3% 36.7%
(1)Results exclude items in reconciliation below.
Nine Month Financial Highlights
Fiscal 2023 Fiscal 2022 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $1,074.9
$584.1
84.0%
Gross margin $438.3 $438.3 $219.6 $227.5 99.6% 92.7%
Gross margin % 40.8% 40.8% 37.6% 38.9%
Operating income $206.9 $215.9 $61.8 $96.2 235.0% 124.5%
Operating income % 19.2% 20.1% 10.6% 16.5%
Net income $117.5 $172.8 $23.2 $102.0 405.8% 69.4%
Net income attributable to common stockholders $100.3 $155.6 $17.0 $95.8 491.1% 62.5%
Diluted EPS $3.45 $5.36 $0.63 $3.58 447.6% 49.7%
(1)Results exclude items in reconciliation below.
“We are pleased with our top- and bottom-line results during the third quarter and our overall performance throughout the fiscal year,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Net sales were in line with our expectations, and we continued to experience strong year-over-year revenue growth in both our Industrial and Aerospace/Defense sectors. For the remainder of the fiscal year, we remain confident in our ability to continue to navigate dynamic economic challenges and deliver sustainable growth.”
Third Quarter Results
Net sales for the third quarter of fiscal 2023 were $351.6 million, an increase of 31.7% from $267.0 million in the third quarter of fiscal 2022. Excluding Dodge, organic net sales increased 12.7% year over year. Net sales for our Industrial segment increased 41.6%, while net sales for our Aerospace/Defense segment increased 13.2%. Gross margin for the third quarter of fiscal 2023 was $146.0 million compared to $93.3 million for the same period last year.
SG&A for the third quarter of fiscal 2023 was $56.8 million, an increase of $15.1 million from $41.7 million for the same period last year. As a percentage of net sales, SG&A was 16.1% for the third quarter of fiscal 2023 compared to 15.6% for the same period last year.
Other operating expenses for the third quarter of fiscal 2023 totaled $18.9 million compared to $35.8 million for the same period last year. For the third quarter of fiscal 2023, other operating expenses included $17.4 million of amortization of intangible assets, $1.2 million of Dodge TSA costs and other costs associated with the Dodge acquisition, and $0.3 million of other items. For the third quarter of fiscal 2022, other operating expenses included $23.5 million of costs associated with the Dodge acquisition, $12.1 million of amortization of intangible assets, and $0.2 million of other items.
2
Operating income for the third quarter of fiscal 2023 was $70.4 million compared to $15.9 million for the same period last year. Excluding approximately $1.2 million of acquisition-related costs, adjusted operating income for the third quarter of fiscal 2023 was $71.6 million; excluding $30.4 million of acquisition costs, adjusted operating income for the third quarter of fiscal 2022 was $46.3 million. Adjusted operating income as a percentage of net sales was 20.4% for the third quarter of fiscal 2023 compared to 17.3% for the same period last year.
Interest expense, net, was $20.9 million for the third quarter of fiscal 2023 compared to $11.9 million for the same period last year.
Income tax expense for the third quarter of fiscal 2023 was $11.7 million compared to $2.1 million for the same period last year. The effective income tax r
Nov 10, 2022
2 ea168355ex99-1_rbcbearings.htm
Exhibit 99.1
Press release
RBC Bearings Incorporated Announces Fiscal 2023 Second Quarter Results
Oxford, CT – November 10, 2022 – RBC Bearings Incorporated (NYSE: RBC, RBCP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the second quarter of fiscal 2023.
Key Highlights
●Second quarter net sales of $369.2 million increased 129.4% over last year; organic net sales up 9.9%.
●Industrial segment organic net sales up 7.9% and Aerospace/Defense segment net sales up 11.4%.
●Second quarter EBITDA of 28.4% vs last year EBITDA of 26.1%; adjusted EBITDA of 29.5% vs last year adjusted EBITDA of 28.2%.
●Second quarter GAAP diluted EPS $1.31, adjusted diluted EPS $1.93.
Second Quarter Financial Highlights
Fiscal 2023 Fiscal 2022 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $369.2
$160.9
129.4%
Gross margin $151.1 $151.1 $62.5 $63.4 142.0% 138.4%
Gross margin % 40.9% 40.9% 38.8% 39.4%
Operating income $72.0 $76.0 $16.6 $20.0 334.5% 280.2%
Operating income % 19.5% 20.6% 10.3% 12.4%
Net income/(loss) $43.8 $61.9 $(1.4) $30.5 3,339.8% 103.2%
Net income/(loss) available to common stockholders $38.1 $56.2 $(1.9) $29.9 2,143.6% 87.5%
Diluted EPS $1.31 $1.93 $(0.07) $1.16 1,971.4% 66.4%
(1)Results exclude items in reconciliation below.
Six Month Financial Highlights
Fiscal 2023 Fiscal 2022 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $723.2
$317.1
128.1%
Gross margin $292.3 $292.3 $126.2 $127.2 131.5% 129.9%
Gross margin % 40.4% 40.4% 39.8% 40.1%
Operating income $136.5 $144.3 $45.9 $49.9 197.4% 189.3%
Operating income % 18.9% 19.9% 14.5% 15.7%
Net income $81.2 $119.5 $22.7 $61.5 258.1% 94.3%
Net income available to common stockholders $69.7 $108.0 $22.2 $61.0 214.5% 77.1%
Diluted EPS $2.40 $3.72 $0.87 $2.38 175.9% 56.3%
(1)Results exclude items in reconciliation below.
“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.”
Second Quarter Results
Net sales for the second quarter of fiscal 2023 were $369.2 million, an increase of 129.4% from $160.9 million in the second quarter of fiscal 2022, including 9.9% growth in organic net sales. Net sales for our Industrial segment increased 290.7%, including sales of approximately $192.3 million from Dodge, while our Aerospace/Defense segment increased 11.4%. Gross margin for the second quarter of fiscal 2023 was $151.1 million compared to $62.5 million for the same period last year.
SG&A for the second quarter of fiscal 2023 was $57.5 million, an increase of $17.3 million from $40.2 million for the same period last year. As a percentage of net sales, SG&A was 15.6% for the second quarter of fiscal 2023 compared to 25.0% for the same period last year.
Other operating expenses for the second quarter of fiscal 2023 totaled $21.6 million compared to $5.7 million for the same period last year. For the second quarter of fiscal 2023, other operating expenses included $16.8 million of amortization of intangible assets, $4.0 million of costs associated with the Dodge acquisition, and $0.8 million of other items. For the second quarter of fiscal 2022, other operating expenses consisted primarily of $2.8 million of amortization of intangible assets, $1.4 million of acquisition costs, $1.1 million of restructuring costs and related items, and $0.4 million of other costs.
2
Operating income for the second quarter of fiscal 2023 was $72.0 million compared to $16.6 million for the same period last year. Excluding approximately $4.0 million of acquisition related costs, adjusted operating income for the second quarter of fiscal 2023 was $76.0 million; excluding $2.0 million of other restructuring charges and related items and $1.4 million of acquisition costs, adjusted operating income for the second quarter of fiscal 2022 was $20.0 million. Adjusted operating income as a percentage of net sales was 20.6% for the second quarter of fiscal 2023 compared to 12.4% for the same period last year.
Interest expense, net, was $18.3 million for the second quarter of fiscal 2023 compared to $15.8 million for the same period last year.
Income tax expense for the second quarter of fiscal 2023 was $9.7 million compared to $2.4 million for the same period last year. The effective income tax rate for the second quarter of fiscal 2023 was 18.1% compared to 223.5% for the same period last year. The fiscal 2023 second quarter income tax expense included $2.4
Aug 4, 2022
4 ea163804ex99-1_rbcbear.htm
Exhibit 99.1
Press release
RBC Bearings Incorporated Announces Fiscal 2023 First Quarter Results
Oxford, CT – August 4, 2022 – RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the first quarter of fiscal 2023.
Key Highlights
●First quarter net sales of $354.1 million increased 126.7% over last year; organic net sales up 13.1%.
●First quarter gross margin of $141.2 million, 39.9%.
●First quarter EBITDA of 27.4%; adjusted EBITDA of 28.4% vs last year adjusted EBITDA of 29.0%.
●Second quarter outlook shows net sales of $355 million to $365 million, a growth rate of 121% to 127%.
●First quarter GAAP diluted EPS $1.09, adjusted diluted EPS $1.19, and new adjusted diluted EPS $1.79.
First Quarter Financial Highlights
Fiscal 2023 Fiscal 2022 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $354.1
$156.2
126.7%
Gross margin $141.2
$63.8
121.3%
Gross margin % 39.9%
40.8%
Operating income $64.5 $68.3 $29.3 $29.9 119.9% 128.5%
Operating income % 18.2% 19.3% 18.8% 19.1%
Net income $37.4 $40.2 $24.0 $24.3 55.7% 65.6%
Net income available to common stockholders $31.7 $34.5 $24.0 $24.3 31.8% 41.9%
Diluted EPS $1.09 $1.19 $0.95 $0.96 14.7% 24.0%
New Diluted EPS
$1.79
$1.22
46.7%
(1)Results exclude items in reconciliation below.
“We are pleased to report, revenues were strong across the majority of our end markets in both the industrial and aerospace sectors,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Matching this strength in demand was excellent execution at the plant level and exceptional margin performance. Our outlook for the balance of the fiscal year remains on this positive track.”
First Quarter Results
Net sales for the first quarter of fiscal 2023 were $354.1 million, an increase of 126.7% from $156.2 million in the first quarter of fiscal 2022. Net sales for our Industrial segment increased 286.8%, including sales of approximately $177.5 million from Dodge, while our Aerospace/Defense segment increased 10.0%. Gross margin for the first quarter of fiscal 2023 was $141.2 million compared to $63.8 million for the same period last year.
SG&A for the first quarter of fiscal 2023 was $55.8 million, an increase of $24.6 million from $31.2 million for the same period last year. As a percentage of net sales, SG&A was 15.8% for the first quarter of fiscal 2023 compared to 20.0% for the same period last year.
Other operating expenses for the first quarter of fiscal 2023 totaled $20.9 million compared to $3.2 million for the same period last year. For the first quarter of fiscal 2023, other operating expenses included $17.3 million of amortization of intangible assets and $3.8 million of costs associated with the Dodge acquisition, partially offset by $0.2 million of other income. For the first quarter of fiscal 2022, other operating expenses consisted primarily of $2.6 million of amortization of intangible assets and $0.6 million of restructuring costs and other items.
Operating income for the first quarter of fiscal 2023 was $64.5 million compared to $29.3 million for the same period last year. Excluding approximately $3.8 million of acquisition related costs, adjusted operating income for the first quarter of fiscal 2023 was $68.3 million. Excluding restructuring costs and other items of $0.6 million, adjusted operating income for the first quarter of fiscal 2022 was $29.9 million. Adjusted operating income as a percentage of net sales was 19.3% for the first quarter of fiscal 2023 compared to 19.1% for the same period last year.
Interest expense, net, was $15.8 million for the first quarter of fiscal 2023 compared to $0.3 million for the same period last year. The increase in interest cost during the period is a result of the quarterly impact of the permanent financing associated with the Dodge acquisition.
Income tax expense for the first quarter of fiscal 2023 was $10.5 million compared to $5.4 million for the same period last year. The effective income tax rate for the first quarter of fiscal 2023 was 21.8% compared to 18.4% for the same period last year. The fiscal 2023 first quarter income tax expense included $0.6 million of tax benefits from share-based stock compensation. Income tax expense for the first quarter of fiscal 2022 included $2.1 million of benefit from share-based stock compensation along with $0.2 million of tax benefit associated with the statute of limitations expiration with respect to certain items.
2
Net income for the first quarter of fiscal 2023 was $37.4 million compared to net income of $24.0 million for the same period last year. On an adjusted basis, net income was $40.2 million for the first quart
May 26, 2022
2 ea160566ex99-1_rbcbearings.htm
Exhibit 99.1
Press release
RBC Bearings Incorporated Announces Fiscal 2022 Fourth Quarter Results
Oxford, CT – May 26, 2022 – RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the fourth quarter of fiscal year 2022.
Key Highlights
●Fourth quarter net sales of $358.9 million increased 123.9% over last year; organic net sales up 10.4%.
●Fourth quarter gross margin of $137.5 million, 38.3%; adjusted gross margin of $144.3 million, 40.2% compared to 39.1% for the same period last year.
●Fourth quarter EBITDA of 25.6%; adjusted EBITDA of 29.1% vs last year adjusted EBITDA of 28.6%.
●First quarter outlook shows net sales of $355.0 million to $365.0 million, a growth rate of 127.3% to 133.7%.
●Fourth Quarter GAAP diluted EPS $0.92, adjusted diluted EPS $1.26, and adjusted cash diluted EPS $2.15
Fourth Quarter Financial Highlights
Fiscal 2022 Fiscal 2021 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $358.9
$160.3
123.9%
Gross margin $137.5 $144.3 $62.5 $62.7 120.1% 130.1%
Gross margin % 38.3% 40.2% 39.0% 39.1%
Operating income $57.8 $70.4 $29.7 $32.5 94.5% 116.4%
Operating income % 16.1% 19.6% 18.6% 20.3%
Net income $32.2 $42.0 $25.0 $27.4 29.0% 53.5%
Net income available to common stockholders $26.5 $36.3 $25.0 $27.4 6.0% 32.5%
Diluted EPS $0.92 $1.26 $0.99 $1.08 -7.1% 16.7%
(1)Results exclude items in reconciliation below.
Twelve Month Financial Highlights
Fiscal 2022 Fiscal 2021
Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $942.9
$609.0
54.8%
Gross margin $357.1 $371.8 $234.1 $237.2
52.5% 56.8%
Gross margin % 37.9% 39.4% 38.4% 38.9 %
Operating income $130.1 $177.0 $111.5 $120.2
16.7% 47.2%
Operating income % 13.8% 18.8% 18.3% 19.7 %
Net income $65.1 $118.0 $89.6 $96.9
-27.4% 21.7%
Net income available to common stockholders $53.1 $105.9 $89.6 $96.9
-40.8% 9.3%
Diluted EPS $1.95 $3.89 $3.58 $3.87
-45.5% 0.5%
(1)Results exclude items in reconciliation below.
“The record performance of our Company in the fourth quarter demonstrated the value created by the merger of Dodge Industrial with RBC Bearings. We are very encouraged with the speed of integration and management cohesion achieved by these two extraordinary and complementary businesses,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer.
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2022 were $358.9 million, an increase of 123.9% from $160.3 million in the fourth quarter of fiscal 2021. Net sales for our Industrial segment increased 297.3%, including sales of approximately $181.9 million from Dodge, while our Aerospace/Defense segment increased 8.9%. Gross margin for the fourth quarter of fiscal 2022 was $137.5 million compared to $62.5 million for the same period last year. On an adjusted basis, gross margin was $144.3 million for the fourth quarter of fiscal 2022 compared to an adjusted $62.7 million for the same quarter last year.
SG&A for the fourth quarter of fiscal 2022 was $56.0 million, an increase of $28.6 million from $27.4 million for the same period last year. As a percentage of net sales, SG&A was 15.6% for the fourth quarter of fiscal 2022 compared to 17.1% for the same period last year.
Other operating expenses for the fourth quarter of fiscal 2022 totaled $23.7 million compared to $5.3 million for the same period last year. For the fourth quarter of fiscal 2022, other operating expenses included $17.2 million of amortization of intangible assets, $5.7 million of costs associated with the Dodge acquisition, and $0.8 million of other items. For the fourth quarter of fiscal 2021, other operating expenses included $2.5 million of amortization of intangible assets, $1.5 million of costs associated with a cyber event, $1.0 million of restructuring costs and related items, and $0.3 million of other costs.
2
Operating income for the fourth quarter of fiscal 2022 was $57.8 million compared to $29.7 million for the same period last year. Excluding approximately $12.5 million of acquisition costs, adjusted operating income for the fourth quarter of fiscal 2022 was $70.4 million. Excluding $1.5 million of costs associated with a cyber event, and other restructuring charges and related items of $1.3 million, adjusted operating income for the fourth quarter of fiscal 2021 was $32.5 million. Adjusted operating income as a percentage of net sales was 19.6% for the fourth quarter of fiscal 2022 compared to 20.3% for the same period last year.
Interest expense, net, was $13.6 million for the fourth quarter of fiscal 2022 compared to $0.3 million for the same period last year. The increase in interest cos
Feb 10, 2022
2 ea155242ex99-1_rbcbearings.htm
Exhibit 99.1
Press release
RBC Bearings Incorporated Announces Fiscal 2022 Third Quarter Results
Oxford, CT – February 10, 2022 – RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP), a leading international manufacturer of highly engineered precision bearings and components for the industrial, defense and aerospace industries, today reported results for the third quarter of fiscal year 2022.
Key Highlights
●Third quarter net sales of $267.0 million increased 83.0% over last year; organic net sales up 7.6%.
●Third quarter adjusted gross margin of $100.3 million, 37.6% compared to 38.7% for the same period last year.
●Fourth quarter outlook shows net sales of $340.0 million to $350.0 million including three months of Dodge, a growth rate of 112.1% to 118.3%.
●Third quarter EBITDA of 15.3%; adjusted EBITDA of 26.7% vs last year adjusted EBITDA of 28.1%.
Third Quarter Financial Highlights
Fiscal 2022 Fiscal 2021 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $267.0
$145.9
83.0%
Gross margin $93.3 $100.3 $55.6 $56.4 67.9% 77.8%
Gross margin % 35.0% 37.6% 38.1% 38.7%
Operating income $14.4 $44.8 $26.5 $27.9 -45.9% 60.7%
Operating income % 5.4% 16.8% 18.2% 19.1%
Net income/(loss) (0.1) $26.1 $21.6 $22.7 -100.3% 15.0%
Net income/(loss) available to common stockholders $(5.8) $20.3 $21.6 $22.7 -127.0% -10.3%
Diluted EPS $(0.20) $0.70 $0.86 $0.90 -123.3% -22.2%
Diluted Cash EPS
$1.46
$1.35
8.1%
(1)Results exclude items in reconciliation below.
Nine Month Financial Highlights
Fiscal 2022 Fiscal 2021 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $584.1
$448.7
30.2%
Gross margin $219.6 $227.5 $171.6 $174.5 27.9% 30.4%
Gross margin % 37.6% 38.9% 38.3% 38.9%
Operating income $72.2 $106.6 $81.7 $87.7 -11.6% 21.6%
Operating income % 12.4% 18.3% 18.2% 19.5%
Net income $32.9 $76.5 $64.7 $69.5 -49.2% 10.1%
Net income available to common stockholders $26.6 $70.3 $64.7 $69.5 -58.9% 1.1%
Diluted EPS $1.00 $2.64 $2.59 $2.78 -61.5% -5.0%
Diluted Cash EPS
$4.33
$4.12
5.1%
(1)Results exclude items in reconciliation below.
“The third quarter results significantly exceeded our expectations as we continue to see strong organic revenue growth from industrial markets, and with the recent addition of Dodge, we believe that this trend will continue for the remainder of our fiscal year,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “We continue to see encouraging signs of improvement within aerospace, as airlines begin ordering again to increase their fleet, which will help escalate the demand for our aircraft bearings and assemblies. We remain committed to using our resources to develop products that best address our customer’s needs.”
Third Quarter Results
Net sales for the third quarter of fiscal 2022 were $267.0 million, an increase of 83.0% from $145.9 million in the third quarter of fiscal 2021. Net sales for our Industrial segment increased 230.4% while our Aerospace/Defense segment net sales were flat. Gross margin for the third quarter of fiscal 2022 was $93.3 million compared to $55.6 million for the same period last year. On an adjusted basis, gross margin was $100.3 million for the third quarter of fiscal 2022 compared to an adjusted $56.4 million for the same quarter last year.
SG&A for the third quarter of fiscal 2022 was $43.2 million, an increase of $17.5 million from $25.7 million for the same period last year. Excluding $12.0 million in costs from the Dodge business, the increase is primarily associated with an increase in personnel costs year over year. As a percentage of net sales, SG&A was 16.2% for the third quarter of fiscal 2022 compared to 17.6% for the same period last year.
Other operating expenses for the third quarter of fiscal 2022 totaled $35.8 million compared to $3.3 million for the same period last year. For the third quarter of fiscal 2022, other operating expenses included $23.5 million of costs associated with the Dodge acquisition, $12.1 million of amortization of intangible assets, and $0.2 million of other items. For the third quarter of fiscal 2021, other operating expenses included $2.6 million of amortization of intangible assets, $0.5 million of restructuring costs and related items, and $0.2 million of other costs.
2
Operating income for the third quarter of fiscal 2022 was $14.4 million compared to $26.5 million for the same period last year. Excluding $30.4 million of acquisition costs, adjusted operating income for the third quarter of fiscal 2022 was $44.8 million. Excluding other restructuring charges and related items of $1.3 million, adjusted operating income for the third quarter of fiscal 2021 was $27.9 million. Adjusted operating income as a percentage of net sales was 16.8% for the third quarter of fiscal 2022 compared to 19.1% for
Nov 12, 2021
2 ea150423ex99-1_rbcbearings.htm
Exhibit 99.1
Press release
RBC Bearings Incorporated Announces Fiscal 2022 Second Quarter Results
Oxford, CT – November 12, 2021 – RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP), a leading international manufacturer of highly engineered precision bearings and components for the industrial, defense and aerospace industries, today reported results for the second quarter of fiscal year 2022.
Key Highlights
●Second quarter net sales of $160.9 million increased 10.0% over last year and were at the high end of our guidance range of $158.0 million to $162.0 million.
●Second quarter adjusted gross margin of $63.4 million, 39.4%, was up 8.2% over the same period last year (GAAP gross margin 38.8%).
●Second quarter year to date adjusted gross margin of $127.2 million, 40.1%, was up 7.7% over the same period last year (GAAP gross margin 39.8%).
●Third quarter outlook shows net sales of $245.0 million to $255.0 million including two months of Dodge, a growth rate of 68.0% to 74.8%.
●Cash provided by operating activities was $40.2 million for the second quarter compared to $26.1 million last year.
Second Quarter Financial Highlights
Fiscal 2022 Fiscal 2021 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $160.9
$146.3
10.0%
Gross margin $ 62.5 $ 63.4 $56.6 $ 58.6 10.4% 8.2%
Gross margin % 38.8% 39.4% 38.7% 40.0%
Operating income $27.1 $30.5 $26.4 $29.9 2.9% 2.2%
Operating income % 16.9% 19.0% 18.0% 20.4%
Net income $6.9 $23.5 $20.4 $23.2 -66.1% 1.3%
Net income available to common stockholders $6.4 $23.0 $20.4 $23.2 -68.6% -0.9%
Diluted EPS $0.25 $0.89 $0.82 $0.93 -69.5% -4.3%
Diluted EPS - Pre-Offering
$0.92
$0.93
-1.1%
(1)Results exclude items in reconciliation below.
Six Month Financial Highlights
Fiscal 2022 Fiscal 2021 Change
($ in millions)
Adjusted (1)
Adjusted (1)
Adjusted (1)
Net sales $317.1
$302.8
4.7%
Gross margin $126.2 $127.2 $116.0 $118.0 8.8% 7.7%
Gross margin % 39.8% 40.1% 38.3% 39.0%
Operating income $57.8 $61.8 $55.2 $59.8 4.8% 3.4%
Operating income % 18.2% 19.5% 18.2% 19.8%
Net income $32.9 $49.8 $43.1 $46.8 -23.6% 6.4%
Net income available to common stockholders $32.4 $49.3 $43.1 $46.8 -24.8% 5.3%
Diluted EPS $1.27 $1.93 $1.73 $1.88 -26.6% 2.7%
Diluted EPS - Pre-Offering
$1.96
$1.88
4.3%
(1)Results exclude items in reconciliation below.
“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.”
Second Quarter Results
Net sales for the second quarter of fiscal 2022 were $160.9 million, an increase of 10.0% from $146.3 million in the second quarter of fiscal 2021. Net sales for the industrial markets increased 31.1% while aerospace market net sales declined 4.4%. Gross margin for the second quarter of fiscal 2022 was $62.5 million compared to $56.6 million for the same period last year. On an adjusted basis, gross margin was $63.4 million for the second quarter of fiscal 2022 compared to an adjusted $58.6 million for the same quarter last year.
SG&A for the second quarter of fiscal 2022 was $29.7 million, an increase of $3.7 million from $26.0 million for the same period last year. The increase was primarily due to higher personnel-related costs of $2.4 million, $1.0 million of additional share-based compensation and $0.3 million of other items. As a percentage of net sales, SG&A was 18.4% for the second quarter of fiscal 2022 compared to 17.8% for the same period last year.
Other operating expenses for the second quarter of fiscal 2022 totaled $5.7 million compared to $4.2 million for the same period last year. For the second quarter of fiscal 2022, other operating income consisted primarily of $2.8 million of amortization of intangibles, $1.4 million of acquisition costs, $1.1 million of restructuring costs and related items and $0.4 million of other items. For the second quarter of fiscal 2021, other operating expenses consisted primarily of $1.5 million of restructuring costs and related items, $2.6 million of amortization of intangible assets and $0.1 million of other items.
Operating income for the second quarter of fiscal 2022 was $27.1 million compared to $26.4 million for the same period last year. Excluding $2.0 million of other restructuring charges and related items and $1.4 million of acquisition costs, adjusted operating income for the second quarter of fiscal 2022 was $30.5 million. Excluding other restructuring
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