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RBC Bearings Incorporated Announces Fiscal 2011 Second 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 second quarter ended October 2, 2010.


Second Quarter Highlights



Q2 Fiscal 2011 Q2 Fiscal 2010 Change

($ in millions)


Adjusted (1) GAAP Adjusted (1) GAAP Adjusted (1)
Net sales $83.1 $63.7 30.5%
Gross margin $27.2 $27.9 $19.1 $20.0 42.7% 39.5%
Gross margin % 32.8% 33.5% 30.0% 31.4%
Operating income $13.9 $14.6 $7.2 $8.5 91.9% 71.9%
Net income $8.6 $9.3 $4.4 $5.3 94.2% 75.5%
Diluted EPS $0.39 $0.42 $0.20 $0.24 95.0% 75.0%
(1) Results exclude items in reconciliation below.

Six Month Highlights



Q2 Fiscal 2011 Q2 Fiscal 2010 Change

($ in millions)

GAAP Adjusted (1) GAAP Adjusted (1) GAAP Adjusted (1)
Net sales $165.5 $127.4 29.9%
Gross margin $53.5 $55.0 $39.0 $40.4 37.2% 36.2%
Gross margin % 32.3% 33.2% 30.6% 31.7%
Operating income $27.9 $28.5 $15.0 $17.0 86.0% 67.9%
Net income $17.6 $18.5 $9.5 $10.6 86.0% 74.5%
Diluted EPS $0.80 $0.84 $0.44 $0.49 81.8% 71.4%

(1) Results exclude items in reconciliation below.

“Our second quarter results reflect continued improvements in our markets and demonstrate the strength of our operations and the leverage built into our cost base,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “We delivered significant margin expansion on an adjusted basis, improving gross margins by 210 basis points and operating margins by 420 basis points, while further strengthening our balance sheet to afford ourselves the flexibility to participate most effectively in the recovery. We are particularly encouraged by the continued strength of various industrial segments, including the OEM and distribution markets, and we remain optimistic for continued revenue gains through fiscal 2011.”

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