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Dec 31, 2022
RBC Bearings Q3 2023 Earnings Report
Reported a strong increase in net sales and operating income, driven by growth in both Industrial and Aerospace/Defense segments.
Key Takeaways
RBC Bearings reported a 31.7% increase in net sales to $351.6 million for the third quarter of fiscal 2023, with significant growth in both the Industrial and Aerospace/Defense sectors. Operating income increased substantially to $70.4 million, and diluted EPS reached $1.05. The company remains confident in its ability to navigate economic challenges and deliver sustainable growth.
Net sales increased by 31.7% to $351.6 million compared to the same quarter last year.
Industrial segment net sales increased by 41.6%, and Aerospace/Defense segment net sales increased by 13.2%.
Operating income rose to $70.4 million, a significant increase from $15.9 million in the previous year.
Diluted EPS was $1.05, compared to a loss of $0.18 in the same quarter last year.
Forward Guidance
The Company expects net sales to be approximately $375.0 million to $385.0 million in the fourth quarter of fiscal 2023, compared to $358.9 million last year, a growth rate of 4.5% to 7.3%.
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