RBC Bearings Profit Tops Estimates

(RTTNews) - RBC Bearings Inc (ROLL), a maker of precision bearings and components for the industrial, defense and aerospace industries, on Thursday reported first-quarter net earnings of $13.4 million or $0.57 per share compared with $16 million or $0.69 per share last year.

Excluding items, adjusted earnings for the quarter were $0.78 per share.

Revenues for the quarter were $142.3 million compared with $113 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.74 per share on revenues of $142.6 million for the quarter. Analysts' estimates typically exclude special items.

Industrial sales increased 2.9% and aerospace sales increased 44.7%.

Gross margin for the quarter fell to 37.1% from 38.7% last year.

"We achieved solid operating performance in the first quarter," said CEO Michael Hartnett. "Overall, we are off to a good start to our fiscal year and we are confident in our ability to further execute as evidenced by our solid backlog levels and earnings growth."