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RBC Bearings Incorporated Announces Fiscal 2014 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 2014.

Third Quarter Highlights

  Fiscal 2014   Fiscal 2013   Change

($ in millions)
GAAP   Adjusted (1) GAAP   Adjusted (1) GAAP   Adjusted (1)
Net sales $100.5   $96.3   4.4%  
Gross margin $38.5 $36.3 6.1%
Gross margin % 38.3% 37.7%
Operating income $19.7 $19.2 2.6%
Operating income % 19.6% 19.9%
Net income $12.8 $12.8 $12.1 $12.0 5.4% 6.3%
Diluted EPS $0.55 $0.55 $0.53 $0.53 3.8% 3.8%
(1) Results exclude items in reconciliation below.

Nine Month Highlights

  Fiscal 2014   Fiscal 2013   Change

($ in millions)
GAAP   Adjusted (1) GAAP   Adjusted (1) GAAP   Adjusted (1)
Net sales $305.2   $300.0   1.7%  
Gross margin $119.6 $112.2 6.5%
Gross margin % 39.2% 37.4%
Operating income $63.5 $65.4 $62.3 $62.3 1.8% 4.9%
Operating income % 20.8% 21.4% 20.8% 20.8%
Net income $42.0 $42.7 $45.8 $39.6 -8.2% 7.9%
Diluted EPS $1.81 $1.84 $2.01 $1.74 -10.0% 5.7%
(1) Results exclude items in reconciliation below.

“Our third quarter results showed solid year-over-year improvements in net sales, gross margin and earnings, while reflective of typical third quarter seasonality due to fewer production days,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “We continue to make good progress in the integration of our two recent acquisitions, although these efforts will temporarily weigh on operating income. Additionally, we are encouraged by further stability in the industrial markets coupled with continued strength in the aerospace market.”

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