RBC Bearings sales up 1.6 percent
RBC Bearings said its net sales for the second quarter of fiscal 2014 were $102.0 million, an increase of 1.6% from the same period last year.
The increase was mainly the result of a 15.2% increase in aerospace and defense driven by commercial aircraft build rates, offset by a 12.8% decline in industrial sales
Net income for the quarter was $14.1 million, or 61 cents per share, compared to $16.5 million, or 73 cents, for the same period last year.
“Our second quarter results continue to reflect strong execution and increasing aerospace volumes,” said Dr. Michael J. Hartnett, chairman and chief executive officer. “Additionally, we are encouraged to see the sequential strengthening and improved execution of our industrial business.”
During October, RBC completed the acquisition of Turbine Components Inc. for approximately $3.9 million. TCI, located in San Diego, Calif., is an FAA certified aircraft gas turbine repair station and manufacturer of precision components for the aerospace markets.
In August, the company completed the acquisition of Climax Metal Products Company for approximately $13.6 million. CMP, located in Mentor, Ohio, is a manufacturer of precision shaft collars, rigid couplings, keyless locking devices, and bearings for the industrial markets.
RBC Bearings is an international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries.
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.
