RBC Bearings Incorporated Announces Fiscal 2014 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 of fiscal year 2014.

Second Quarter Highlights

 
    Fiscal 2014     Fiscal 2013     Change

($ in millions)
GAAP     Adjusted (1) GAAP     Adjusted (1) GAAP     Adjusted (1)
Net sales $102.0     $100.4     1.6%    
Gross margin $40.6 $37.5 8.2%
Gross margin % 39.8% 37.4%
Operating income $21.5 $22.8 $21.2 $21.2 1.5% 7.6%
Operating income % 21.1% 22.4% 21.1% 21.1%
Net income $14.1 $14.8 $16.5 $13.7 -14.4% 8.4%
Diluted EPS $0.61 $0.64 $0.73 $0.60 -16.4% 6.7%
(1) Results exclude items in reconciliation below.
 

Six Month Highlights

 
    Fiscal 2014     Fiscal 2013     Change

($ in millions)
GAAP     Adjusted (1) GAAP     Adjusted (1) GAAP     Adjusted (1)
Net sales $204.6     $203.7     0.4%    
Gross margin $81.1 $76.0 6.7%
Gross margin % 39.6% 37.3%
Operating income $43.8 $45.7 $43.2 $43.2 1.4% 5.9%
Operating income % 21.4% 22.3% 21.2% 21.2%
Net income $29.2 $30.0 $33.7 $27.6 -13.1% 8.6%
Diluted EPS $1.26 $1.29 $1.49 $1.22 -15.4% 5.7%
(1) Results exclude items in reconciliation below.
 

“Our second quarter results continue to reflect strong execution and increasing aerospace volumes,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “Additionally, we are encouraged to see the sequential strengthening and improved execution of our industrial business.”

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