Posted June 2, 2010
RBC Bearings Q4 sales drop 4.8 percent
RBC Bearings reported fourth quarter net sales of $79.8 million, a decrease of 4.8% from $83.8 million in the fourth quarter of fiscal 2009.
The decrease was driven by a drop in net sales in aerospace and defense business, partially offset by an increase of 30.6% in industrial business. On a sequential basis, sales were up 18.3% over the third quarter of fiscal 2010.
Gross margin for the fourth quarter was $25.1 million compared to $28.9 million for the same period last year. Net income of $9.7 million compared to $6.5 million in the same period last year.
"I am encouraged by the strong expansion we saw in our industrial business during the fourth quarter and the industry wide outlook for our aerospace and defense products," said Dr. Michael J. Hartnett, chairman and CEO. "Our strategy of preserving operating capacity and flexibility allowed us to quickly revive our industrial volumes and we are in good position to support this increased demand in our new fiscal year."
