RBC Bearings Sales Flat in Fiscal 1Q - Modern Distribution Management

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RBC Bearings Sales Flat in Fiscal 1Q

Bearings manufacturer RBC Bearings did see its profit grow 14.6% in the period.
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), Oxford, Connecticut, reported sales for the fiscal 2021 first quarter of $156.2 million, down 0.2% from the same quarter last year. Profit was $26 million, a 14.6% increase from the fiscal 2020 first quarter.

“First quarter results were in line with our expectations,” said Michael J. Hartnett, chairman and CEO. “Our team maintained a high level of execution which allowed us to build on momentum from the fourth quarter. Strong order rates from industrial customers continued over the period; the outlook is one of increasing demand for our products as these markets continue to rebound. Following recent announcements of build rate increases for single-aisle commercial aircraft, we see escalating demand for our aircraft bearings and assemblies in the second half of the year.”

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