Posted August 5, 2010
RBC Bearings profits soar
RBC Bearings said its net sales for the first quarter of fiscal 2011 were $82.4 million, an increase of 29.3% from $63.7 million in the first quarter of fiscal 2010.
The increase was mainly the result of a 96.5% increase in industrial sales driven by strong orders in construction and mining, semiconductor, military vehicles, and the general industrial markets. Aerospace and defense was slightly off the prior year with a decrease in volume of 8.1% driven mainly by the aerospace aftermarket and business jet market.
Net income increased 78.8% to $9.1 million compared to $5.1 million for the same period last year. Excluding adjustments, net income increased 73.4% to $9.2 million compared to $5.3 million for the same period last year.
