RBC 3Q Sales Jump 83% - Modern Distribution Management

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RBC 3Q Sales Jump 83%

RBC Bearings Inc. reported fiscal 2022 third-quarter net sales of $267 million, while organic net sales were up 7.6% over last year.
The company reported fiscal 2023 second-quarter net sales of $369.2 million, and increase of 129.4% over last year.

Bearings manufacturer RBC Bearings Inc. (Nasdaq: ROLL) of Oxford, Connecticut, reported 2022 fiscal third-quarter net sales of $267 million, an 83% jump over the same quarter a year ago.

RBC reported $145.9 million in the third quarter of fiscal 2021.

Net sales for the company’s industrial segment increased 230.4%, while 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 in FY 2021. On an adjusted basis, gross margin was $100.3 million for the third quarter of FY 2022 compared to an adjusted $56.4 million for the same quarter a year ago, the company said.

“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 CEO. “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.”

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