OXFORD, Conn. (AP) â¿¿ RBC Bearings Inc., which makes ball bearings for industrial and military use, said Wednesday that its fiscal fourth-quarter profit jumped by more than half, as the financial health of many of its customers improved and boosted demand for its products.
For the quarter ended March 31, the Oxford, Conn.-based company earned $15.5 million, or 69 cents per share, up from $9.9 million, or 44 cents per share, in the same quarter last year.
Sales jumped 25 percent to $111.3 million from $88.9 million.
The results beat Wall Street predictions. Analysts, on average, expected a profit of 62 cents per share, according to a FactSet poll.RBC said the business health of many of its customers continued to improve during the quarter. The company saw continued strong demand from industrial end markets, especially mining, energy and general distribution. Meanwhile, major aerospace customers also boosted production, RBC said. For the full fiscal year RBC earned $50 million, or $2.23 per share, up from $34.9 million, or $1.58 per share, the year before. Sales rose 18.4 percent, to $397.5 million. RBC shares rose 69 cents to $46.67 in midday trading.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV