RBC Bearings income falls
RBC Bearings said its net income for the fiscal 2014 first quarter fell by 8.7% to $15.1 million compared to $17.2 million for the same period last year.
Net sales for the quarter were $102.7 million, a decrease of 0.6% from $103.3 million in the first quarter of fiscal 2013. The decline resulted mainly from a 22.0% decrease in industrial sales driven by OEM volume declines in mining, oil and gas, and military vehicles.
The decrease was offset by a 22.2% increase in aerospace and defense driven by commercial aircraft build rates and the aerospace aftermarket.
“The first quarter of fiscal 2014 demonstrated a strong shift in demand to our aircraft products,” said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. “We are pleased with the volumes achieved, the outlook of our current markets, and our record improvement in operating margins.”
Diluted EPS for the quarter was 65 cents per share compared to 76 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.
