RBC Bearings earnings up 5.4 percent
RBC Bearings said its net sales for the third quarter of fiscal 2014 were $100.5 million, an increase of 4.4% from 2013.
The increase was mainly the result of an 8.6% increase in aerospace and defense, driven by commercial aircraft build rates and the inclusion of two acquisitions, WPA and TCI. This was offset by a 0.8% decline in industrial sales driven by minimal activity in military vehicles, a decline in mining and construction OEM activity on a year over year basis and the favorable impact of one acquisition, CMP.
Net income for the quarter was $12.8 million, a 5.4 percent gain from $12.1 million for the same period last year.
“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.”
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.
