RBC Bearings sales and earnings rise
RBC Bearings reported net sales for the third quarter of fiscal 2016 were $144.2 million, an increase of 35.6% from $106.3 million in the third quarter of fiscal 2015.
Net sales for the aerospace markets increased 67.0%, offset by a 0.7% decrease in industrial markets. Gross margin for the quarter was $53.5 million compared to $41.7 million for the same period last year.
“Continued strength in the aerospace sector in both commercial OEM and aftermarket activity was partially offset by softness in some industrial markets. The integration of the Sargent business is going well and we remain confident in our prospects for continued improvement in the performance of this business,” said Dr. Michael J. Hartnett, chairman and chief executive officer.
Net income for the quarter was $17.0 million compared to $14.1 million for the same period last year.
Diluted EPS for the third quarter of fiscal 2016 was 73 cents per share compared to 60 cents per share for the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
