RBC Bearings Q1 Earnings Top Estimates

reported better-than-expected earnings for the fiscal fourth quarter on Wednesday. The Oxford, Connecticut-based company posted quarterly earnings of $14.9 million, or $0.64 per share, compared to $18.2 million, or $0.78 per share, in the year-ago quarter. Excluding one-time items, the company earned $0.73 per share. Its revenue slipped to $113.4 million from $113.7 million. However, analysts were expecting earnings of $0.72 per share on revenue of $113.69 million. The average estimate among 3 Estimize users was for earnings of $0.73 per share and revenue of $114.78 million. Industrial sales rose 0.1 percent, while aerospace and defense dropped 0.5 percent. Gross margin as a percentage of net sales narrowed to 39.6 percent in the fourth quarter, versus 39.8 percent in the year-ago period. Its operating income rose to $25.3 million from $25.2 million. "Our fourth quarter of fiscal 2015 capped a great year in which we achieved record-level sales, operating income, and net income," said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. "These results were driven by strong performance in our industrial markets and our continued focus on execution. We are also pleased to have recently announced the closing of our acquisition of the Sargent Aerospace & Defense business of Dover Corporation. Sargent is an excellent strategic fit for RBC Bearings that expands and strengthens our offering, and we're excited to continue to enhance our growth and value creation potential through this acquisition." RBC Bearings shares fell 1.59 percent to close at $71.20 yesterday.