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RBC Bearings Incorporated Announces Fiscal 2011 First Quarter Results

RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, today reported results for the first quarter of fiscal year 2011.

First Quarter Highlights
($ in millions) Q1 Fiscal 2011 Q1 Fiscal 2010 Change
GAAP     Adjusted (1) GAAP     Adjusted (1) GAAP     Adjusted (1)
Net sales $82.4     $63.7     29.3 %    
Gross margin $26.3 $27.1 $19.9 $20.4 31.9 % 33.1 %
Gross margin % 31.9 % 32.9 % 31.2 % 32.0 %
Operating income $14.0 $13.9 $7.8 $8.5 80.6 % 64.0 %
Net income $9.1 $9.2 $5.1 $5.3 78.8 % 73.4 %
Diluted EPS $0.41 $0.42 $0.23 $0.25 78.3 % 68.0 %

(1) Results exclude items listed in reconciliation below.

“We are pleased to deliver strong results to begin fiscal 2011 as we continue to benefit from demand improvements in the diversified industrial segments,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “As expected, we were able to deliver expanded adjusted operating margins on a year-over-year and sequential basis due to the leverage in our cost base. We are encouraged by the substantial increase in demand shown from our industrial products and the improved fundamentals of our aerospace markets. As a result we have a favorable outlook for year over year revenue expansion over the next several quarters.”

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