RBC Bearings sales climb 8.6 percent
RBC Bearings announced that its first quarter fiscal 2017 sales of $154.6 million were 8.6 percent higher than $142.3 million in the same period last year.
Net income of $18.0 million, or 76 cents per share, compared to income of $13.4 million, or 57 cents per share, in the same quarter last year.
“Continued strength in the aerospace sector in both commercial OEM and aftermarket activity was aided by another quarter of growth in industrial sales. We continue to be pleased with our healthy backlog and opportunities for organic growth,” said Dr. Michael J. Hartnett, chairman and chief executive officer.
Industrial sales increased 3.1% mainly driven by marine and partly offset by energy. Aerospace sales increased 11.8% mainly driven by commercial aircraft OEM and aftermarket, while being partly offset by defense.