Oxford, Connecticut-based RBC Bearings Incorporated on Feb. 9 announced its fiscal 2023 third-quarter earnings, which included net sales of $351.6 million, a 31.7% increase over last year. Organic net sales for fiscal 3Q (October-December) were up 12.7%, the company said.
Industrial segment 3Q organic net sales were up 11.8% year-over-year, while Aerospace/Defense segment net sales were up 13.2%. Third-quarter net income as a percentage of net sales was 10.3%, a large increase over the 0.2% reported last year.
For the first nine months of fiscal 2023, RBC reported nearly $1.075 billion in net sales and nearly $207 million in operating income.
“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 CEO. “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.”
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