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RBC Bearings Incorporated Announces Fiscal 2013 Third 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 third quarter of fiscal year 2013.

 

Third Quarter Highlights

 
($ in millions)   Fiscal 2013   Fiscal 2012   Change
GAAP   Adjusted (1) GAAP   Adjusted (1) GAAP   Adjusted (1)
Net sales $96.3   $95.1   1.3%  
Gross margin $36.3 $33.6 7.9%
Gross margin % 37.7% 35.4%
Operating income $19.2 $18.2 5.2%
Operating income % 19.9% 19.1%
Net income $12.1 $12.0 $12.2 $11.7 -0.5% 2.3%
Diluted EPS $0.53 $0.53 $0.54 $0.52 -1.9% 1.9%
(1) Results exclude items in reconciliation below.
 
 

Nine Month Highlights

 
($ in millions)   Fiscal 2013   Fiscal 2012   Change
GAAP   Adjusted (1) GAAP   Adjusted (1)   GAAP   Adjusted (1)
Net sales $300.0   $286.2   4.8%  
Gross margin $112.2 $99.4 12.9%
Gross margin % 37.4% 34.7%
Operating income $62.3 $53.6 16.4%
Operating income % 20.8% 18.7%
Net income $45.8 $39.6 $34.5 $34.1 32.8% 16.1%
Diluted EPS $2.01 $1.74 $1.54 $1.53 30.5% 13.7%
(1) Results exclude items in reconciliation below.
 

“We are pleased with the momentum of our aerospace products, the strong execution and expense control demonstrated by our factories and the excellent cash flow during the period,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Overall, industrial product sales reflected a more normalized picture of demand for our mining products in the current environment.”

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