RBC Bearings Incorporated Announces Fiscal 2012 Second Quarter Results
Resource from: RBC Bearings Incorporated Likes:3011
Nov 10,2011
OXFORD, Conn., Nov 09, 2011 (BUSINESS WIRE) --
RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, today reported results for the second quarter ended October 1, 2011.
"We are extremely pleased with the results of the second quarter, they reflect our continued execution in the expanding industrial and aerospace markets," said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. "In particular, we are seeing sustained demand in many of our core industrial end markets, including distribution, construction, mining, and energy, and we continue to benefit from increased activity with the major aircraft manufacturers. We have a strong backlog and balance sheet to support our growth plans for the coming quarters and into our fiscal 2013."
Second Quarter Results
Net sales for the second quarter of fiscal 2012 were $97.8 million, an increase of 17.6% from $83.1 million in the second quarter of fiscal 2011. The increase of 17.6% was driven by an increase of 17.8% in our industrial business and by a 17.4% increase in net sales in our aerospace and defense business. Gross margin for the second quarter was $34.0 million compared to $27.2 million for the same period last year. Gross margin as a percentage of net sales was 34.8% in the second quarter of fiscal 2012 compared to 32.8% for the same period last year.
Operating income increased 32.3% to $18.4 million for the second quarter of fiscal 2012 compared to $13.9 million for the same period last year. As a percentage of net sales, operating income was 18.8% compared to 16.7% for the same period last year.
Interest expense, net for the second quarter of fiscal 2012 was $0.2 million compared to $0.4 million for the same period last year.
Other non-operating expense was $0.3 million for the second quarter of fiscal 2012. This was mainly comprised of foreign exchange losses.
For the second quarter of fiscal 2012, the Company reported net income of $11.6 million compared to net income of $8.6 million in the same period last year. Diluted EPS for the second quarter of fiscal 2012 increased 33.3% to $0.52 per share compared to $0.39 per share for the same period last year.
Six Month Results
Net sales for the six month period ended October 1, 2011 were $191.1 million, an increase of 15.5% from $165.5 million for the six month period ended October 2, 2010. Gross margin for the six month period ended October 1, 2011 was $65.8 million compared to $53.5 million for the same period last year. Gross margin as a percentage of net sales was 34.4% for the six month period of fiscal 2012 compared to 32.3% for the same period last year.
For the six month period ended October 1, 2011, the Company reported operating income of $35.4 million compared to $27.9 million for the same period last year. Operating income as a percentage of net sales was 18.5% for the six month period ended October 1, 2011 compared to 16.9% for the same period last year.
Interest expense, net for the six month period ended October 1, 2011 was $0.7 million, a decrease of $0.1 million, from $0.8 million for the same period last year.
Other non-operating expense was $0.5 million for the six month period ended October 1, 2011. This was mainly comprised of foreign exchange losses.
Net income for the six month period ended October 1, 2011 was $22.3 million compared to net income of $17.6 million for the same period last year. Diluted EPS for the six months ended October 1, 2011 was $1.00 per share compared to $0.80 per share for the same period last year.
Live Webcast
RBC Bearings Incorporated will host a webcast at 11:00 a.m. ET today to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company's website, www.rbcbearings.com, and click on the webcast icon. If you do not have access to the Internet and wish to listen to the call, dial 866-314-4865 (international callers dial 617-213-8050) and enter conference ID # 99211378. An audio replay of the call will be available from 2:00 p.m. ET on Wednesday, November 9th until 11:59 p.m. ET on Wednesday, November 16th. The replay can be accessed by dialing 888-286-8010 (international callers dial 617-801-6888) and entering conference call ID #39947834. Investors are advised to dial into the call at least ten minutes prior to the call to register.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings and components. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets. Headquartered in Oxford, Connecticut, RBC Bearings currently employs approximately 2,056 people and operates 23 manufacturing facilities in four countries.
"We are extremely pleased with the results of the second quarter, they reflect our continued execution in the expanding industrial and aerospace markets," said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. "In particular, we are seeing sustained demand in many of our core industrial end markets, including distribution, construction, mining, and energy, and we continue to benefit from increased activity with the major aircraft manufacturers. We have a strong backlog and balance sheet to support our growth plans for the coming quarters and into our fiscal 2013."
Second Quarter Results
Net sales for the second quarter of fiscal 2012 were $97.8 million, an increase of 17.6% from $83.1 million in the second quarter of fiscal 2011. The increase of 17.6% was driven by an increase of 17.8% in our industrial business and by a 17.4% increase in net sales in our aerospace and defense business. Gross margin for the second quarter was $34.0 million compared to $27.2 million for the same period last year. Gross margin as a percentage of net sales was 34.8% in the second quarter of fiscal 2012 compared to 32.8% for the same period last year.
Operating income increased 32.3% to $18.4 million for the second quarter of fiscal 2012 compared to $13.9 million for the same period last year. As a percentage of net sales, operating income was 18.8% compared to 16.7% for the same period last year.
Interest expense, net for the second quarter of fiscal 2012 was $0.2 million compared to $0.4 million for the same period last year.
Other non-operating expense was $0.3 million for the second quarter of fiscal 2012. This was mainly comprised of foreign exchange losses.
For the second quarter of fiscal 2012, the Company reported net income of $11.6 million compared to net income of $8.6 million in the same period last year. Diluted EPS for the second quarter of fiscal 2012 increased 33.3% to $0.52 per share compared to $0.39 per share for the same period last year.
Six Month Results
Net sales for the six month period ended October 1, 2011 were $191.1 million, an increase of 15.5% from $165.5 million for the six month period ended October 2, 2010. Gross margin for the six month period ended October 1, 2011 was $65.8 million compared to $53.5 million for the same period last year. Gross margin as a percentage of net sales was 34.4% for the six month period of fiscal 2012 compared to 32.3% for the same period last year.
For the six month period ended October 1, 2011, the Company reported operating income of $35.4 million compared to $27.9 million for the same period last year. Operating income as a percentage of net sales was 18.5% for the six month period ended October 1, 2011 compared to 16.9% for the same period last year.
Interest expense, net for the six month period ended October 1, 2011 was $0.7 million, a decrease of $0.1 million, from $0.8 million for the same period last year.
Other non-operating expense was $0.5 million for the six month period ended October 1, 2011. This was mainly comprised of foreign exchange losses.
Net income for the six month period ended October 1, 2011 was $22.3 million compared to net income of $17.6 million for the same period last year. Diluted EPS for the six months ended October 1, 2011 was $1.00 per share compared to $0.80 per share for the same period last year.
Live Webcast
RBC Bearings Incorporated will host a webcast at 11:00 a.m. ET today to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company's website, www.rbcbearings.com, and click on the webcast icon. If you do not have access to the Internet and wish to listen to the call, dial 866-314-4865 (international callers dial 617-213-8050) and enter conference ID # 99211378. An audio replay of the call will be available from 2:00 p.m. ET on Wednesday, November 9th until 11:59 p.m. ET on Wednesday, November 16th. The replay can be accessed by dialing 888-286-8010 (international callers dial 617-801-6888) and entering conference call ID #39947834. Investors are advised to dial into the call at least ten minutes prior to the call to register.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings and components. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets. Headquartered in Oxford, Connecticut, RBC Bearings currently employs approximately 2,056 people and operates 23 manufacturing facilities in four countries.
(RBC Bearings Incorporated)
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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".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
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