RBC Bearings Q1 2024 Earnings Report
Key Takeaways
RBC Bearings reported a 9.3% increase in net sales for the first quarter of fiscal 2024, driven by strong demand in the aerospace and defense sectors and healthy order rates in the industrial sector. Net income increased to $50.0 million, or $1.52 per diluted share.
Net sales increased by 9.3% compared to the same quarter last year.
Aerospace/Defense segment sales increased by 21.2%.
Net income for the quarter was $50.0 million, compared to $37.4 million for the same period last year.
Diluted EPS attributable to common stockholders was $1.52, compared to $1.09 for the same period last year.
RBC Bearings
RBC Bearings
Forward Guidance
The Company expects net sales to be approximately $380.0 million to $390.0 million in the second quarter of fiscal 2024, compared to $369.2 million last year, a growth rate of 2.9% to 5.6%. We are on track to reach full year fiscal 2024 net sales of approximately $1.6 billion.
Positive Outlook
- Net sales are expected to be approximately $380.0 million to $390.0 million in the second quarter of fiscal 2024.
- Expected growth rate of 2.9% to 5.6% in the second quarter of fiscal 2024.
- On track to reach full year fiscal 2024 net sales of approximately $1.6 billion.
Challenges Ahead
- First and fourth quarters are historically strongest.
- Second and third quarter holidays reduce production days.