RBC Bearings Inc. (Nasdaq: ROLL), Oxford, CT. a manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, reported sales for the third quarter ended Dec. 26 were $67.5 million, down 20.9% from the same period a year ago. Profit declined 31.8% to $5.2 million.
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Fiscal year to date, sales were $194.9 million, down 28.3% from the prior year. Profit declined 47.4% to $14.7 million.
\”The six percent sequential sales growth we reported in our fiscal third quarter is encouraging and in line with our internal expectations,\” CEO Michael J. Hartnett said. \”We saw the demand for our products reach bottom and turn positive late in our second quarter; consequently, our third quarter reflects a modest improvement in sales, partially constrained by lead times. Today, we are very pleased to see the continued expansion in demand for our products in most of our major markets.\”
Third quarter sales in the industrial business fell 16.9%, while sales in aerospace and defense fell 23.8%.
