Oxford, Connecticut-based RBC Bearings Incorporated on Aug. 4 announced its fiscal 2024 first-quarter earnings, which showed that net sales were $387.1 million, an increase of 9.3% from $354.1 million in 1Q 2023.
Net sales for RBC’s Industrial segment increased 4.7%, while net sales for its 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, the company said.
“We are pleased with our first quarter results, as net sales increased 9.3% during the period,” said CEO Dr. Michael J. Hartnett. “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.”