RBC Bearings Incorporated Announces Fiscal 2013 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 2013.

First Quarter Highlights

    Q1 FY 2013     Q1 FY 2012     Change

($ in millions)
GAAP     Adjusted (1) GAAP GAAP     Adjusted (1)
Net sales $103.3     $93.3 10.7%    
Gross margin $38.4 $31.8 20.9%
Gross margin % 37.2% 34.1%
Operating income $22.0 $17.0 29.3%
Operating income % 21.3% 18.2%
Net income $17.2 $13.9 $10.7 60.2% 30.1%
Diluted EPS $0.76 $0.62 $0.48 58.3% 29.2%
(1) Results exclude items in reconciliation below.

“We are pleased with the strong start reported in our first quarter fiscal 2013 results, with year-over-year improvements in sales, gross margin, and earnings,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “We continue to see solid demand in our core industrial markets, coupled with further momentum in the aerospace and defense markets driven by commercial aircraft build rates and the aerospace aftermarket. The strength of our markets, quality of our offering, and financial health put us in a position to continue delivering shareholder value as we execute on our plans for sustainable growth.”

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