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Dec 30, 2023
RBC Bearings Q3 2024 Earnings Report
RBC Bearings reported a 6.3% increase in net sales compared to the previous year, driven by strong performance in the aerospace and defense segment.
Key Takeaways
RBC Bearings reported a 6.3% increase in net sales for the third quarter of fiscal 2024, reaching $373.9 million. The aerospace and defense segment experienced strong growth, while the industrial segment saw a slight decrease. Net income increased to $46.6 million, with diluted EPS at $1.39.
Net sales increased by 6.3% to $373.9 million compared to the same quarter last year.
Aerospace/Defense segment net sales increased by 22.5%, indicating strong growth in this sector.
Net income for the quarter was $46.6 million, up from $36.3 million in the previous year.
Diluted EPS attributable to common stockholders reached $1.39, compared to $1.05 for the same period last year.
Forward Guidance
The Company expects net sales to be approximately $405.0 million to $415.0 million in the fourth quarter of fiscal 2024, compared to $394.4 million last year, a growth rate of 2.7% to 5.2%.
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