RBC Bearings Beats on Q4 Earnings
Resource from: Zacks Likes:186
Jun 03,2014
RBC Bearings Inc. (ROLL) reported fiscal fourth-quarter 2014 (ended Mar 29, 2014) adjusted earnings of 73 cents per share, up 2.8% from the Zacks Consensus Estimate of 71 cents. Adjusted earnings increased 5.8% year over year.
On a GAAP-basis, the company reported earnings of 78 cents per share, compared with 46 cents generated in the year-ago quarter.
For fiscal 2014, RBC Bearings generated adjusted earnings of $2.58 per share, beating the Zacks Consensus Estimate of $2.56 by 2 cents. On a GAAP-basis, yearly earnings came in at $2.59 per share, up 4.9% year over year.
Revenues: Net sales in fiscal fourth-quarter 2014 were $113.7 million, up 10.4% year over year primarily due to the contribution from acquisitions. Also, revenues got a boost from the sales hike in aerospace and defense markets along with a hike in the industrial market. Moreover, revenues marginally beat the Zacks Consensus Estimate of $113.0 million. Revenue details of each segment are being discussed below:
Plain Bearings segment revenues (52.9% of fourth-quarter total sales) were up 7.9% year over year to $60.2 million. Roller Bearings segment sales (26.3%) rose 8.9% to $29.9 million. Ball Bearings segment sales (13.9%) were $15.8 million, up 41.2% year over year. Other sales (6.9%) were $7.8 million, down 8.7% year over year.
Yearly revenues were $418.9 million, marginally above the Zacks Consensus Estimate of $417.0 million and up 3.9% year over year. Exiting the fiscal year, backlog amounted to $218.4 million compared with $216.5 million as on Mar 30, 2013.
Margins: RBC Bearings’ cost of sales represented 60.2% of total revenue, compared with 60.5% in the prior-year quarter. Selling, general and administrative expenses were nearly $19.6 million and accounted for 17.2% of total revenue. Adjusted operating margin was recorded at 22.1%, increasing 10 basis points year over year.
Balance Sheet: RBC Bearings' cash and cash equivalents increased to $123.6 million exiting the fourth quarter of fiscal 2014 against $118.3 million in the previous quarter. Total debt balance came in at $10.4 million versus $10.7 million reported in the preceding sequential quarter.
Cash Flow: In the fiscal-fourth quarter 2014, cash flow from operating activities was recorded at $12.0 million versus $17.0 million a year ago. Capital spending was recorded at $6.3 million compared with $11.2 million in the fourth quarter of fiscal 2013.
Post the quarter-end, the company announced a special dividend of $2.00 per share, amounting to $46.0 million. The dividend will be paid on Jun 13, 2014, to shareholders as on May 30, 2014.
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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.
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