- RBC Bearings Inc RBC reported net sales for the fourth quarter of fiscal 23 increased 9.9% year over year to $394.4 million surpassed the consensus of $381.6 million.
- Industrial segment net sales increased 7.4% year-on-year for the quarter and aerospace/defense segment net sales increased 16.0% year-on-year.
- As of April 1, 2023, the backlog was $663.8 million.
- Adjusted gross margin increased 15.4% year over year to $166.6 million, with a margin increase of 200 basis points year over year to 42.2%.
- Adjusted operating income increased 23.3% year over year to $88.6 million, with margins rising to 22.5% from 20.0% a year earlier.
- Adjusted earnings per share rose 10.4% year over year to $2.13. surpassed the consensus of $1.99.
- outlook: RBC expects Q1 FY24 net sales of $380.0-$390.0 million (consensus: $380.28 million) at a growth rate of 7.3%-10.1%.
- dr Michael J. Hartnett, Chairman and CEO, said, “Our net sales for the quarter exceeded our expectations as we continued to deliver strong growth in both our Industrial and Aerospace/Defense segments. Looking ahead to fiscal 2024, our focus remains on.” We deliver sustainable growth as we continue to navigate a dynamic macro environment.
- price action: RBC shares trade 4.82% lower at $213.84 at last check on Friday.
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