RBC Posts First Quarter 2009 Results
Resource from: CBCC Likes:2958
Oct 06,2008
RBC Bearings Inc. (USA; NASDAQ: ROLL) posted financial results for first quarter 2009, ended June 30, 2008.
Sales rose 16% to $92.4 million from 2008's $79.8 million.
With continuing raw material cost pressures, gross margin dipped to 33.1% from 34.4%, translating to $30.6 million this past quarter from $27.4 in 2008.
RBC said the drop was mainly due to startup costs associated with its expansion into large bearings and the inclusion of five recent acquisitions which are currently operating at lower gross margin levels.
Operating income was $17 million, or 19% of sales, up 8% from 2008's $15.8 million, or 19.8% of sales.
Net income was $10.7 million, from $9.8 million in 2007, or 8.7%. Net as a percentage of sales dipped to 11.5% this past quarter, from 12.3% in 2008.
In the quarter, RBC began consolidating its various West Coast aerospace manufacturing facilities to a single leased space location. One has moved and a second should move in second quarter.
Looking forward, RBC's Chairman, President and CEO, Michael Hartnett, said: "We remain optimistic about the strength of demand from our core markets and our business plan for fiscal 2009. Today, we are very well positioned in terms of product offering, new product introductions, and key customer relationships. Consequently, I am confident that we can meet our long-term objectives and continue to build on our strong track record of delivering customer service and increasing value for our shareholders."
RBC said its content in Boeing aircraft is now $90,000, up from $75,000; although it goes out several years, the Boeing order book for the next 12 months shows approximately $40 million.
RBC reports bearing sales by type and segment:
RBC's capex continues to exceed depreciation & amortization, indicating the company is investing in its future. Capex in first quarter was $4.6 million, against D&A of $3.2 million.
However, RBC continues to be troubled by a massive inventory buildup. Inventory has now ballooned to $129.5 million, up almost $6 million during the past quarter alone and up $28.3 million from $108.2 million a year ago.
At the current COS run rate, RBC's inventory turns have fallen to just 1.9 (1Q2009 COS at $61.8 million). By way of comparison, Timken is currently running at 3.8 turns, and Kaydon is running at 4.0.
RBC's capex continues to exceed depreciation & amortization, indicating the company is investing in its future. Capex in first quarter was $4.6 million, against D&A of $3.2 million.
However, RBC continues to be troubled by a massive inventory buildup. Inventory has now ballooned to $129.5 million, up almost $6 million during the past quarter alone and up $28.3 million from $108.2 million a year ago.
At the current COS run rate, RBC's inventory turns have fallen to just 1.9 (1Q2009 COS at $61.8 million). By way of comparison, Timken is currently running at 3.8 turns, and Kaydon is running at 4.0.
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
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