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Dec 26, 2020
RBC Bearings Q3 2021 Earnings Report
RBC Bearings reported a decrease in net sales due to decline in aerospace market, offset by growth in industrial market, with strong expense control and execution.
Key Takeaways
RBC Bearings reported net sales of $145.9 million, a decrease of 17.6% compared to the same quarter last year. The decrease was primarily driven by a decline in aerospace market sales, partially offset by an increase in industrial market sales. Net income was $21.6 million, compared to $30.5 million for the same period last year. The company anticipates additional costs associated with consolidation efforts of $0.5 million to $1.0 million to be incurred in the fourth quarter of fiscal 2021 and the first quarter of fiscal 2022.
Net sales decreased by 17.6% to $145.9 million due to a decline in aerospace market sales.
Industrial market net sales increased by 5.5%.
Net income was $21.6 million, a decrease from $30.5 million in the same period last year.
Diluted EPS was $0.86 per share, compared to $1.22 per share for the same period last year.
Forward Guidance
The Company expects net sales to be approximately $155.0 million to $160.0 million in the fourth quarter of fiscal 2021, compared to $185.8 million last year.
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