RBC Bearings Misses on Q1 Earnings, Posts In-Line Revenues
Resource from: Zacks Likes:143
Aug 11,2014
RBC Bearings Inc. (ROLL) reported fiscal first-quarter 2015 (ended Jun 28, 2014) earnings of 69 cents per share, down a penny from the Zacks Consensus Estimate of 70 cents. However, earnings increased 6.2% year over year.
Revenues: Net sales in fiscal first-quarter 2015 were $113.0 million, up 10.0% year over year primarily due to increased sales in the aerospace and defense markets along with a hike in the industrial market. Revenues came in line with the Zacks Consensus Estimate of $113.0 million. Revenue details of each segment have been discussed below:
Plain Bearings segment revenues (53.0% of first-quarter total sales) were up 4.9% year over year to $59.9 million. Roller Bearings segment sales (28.1%) rose 12.0% to $31.8 million. Ball Bearings segment sales (12.0%) were $13.5 million, up 43.3% year over year. Other sales (6.9%) were $7.8 million, up 0.4% year over year.
Exiting the quarter, backlog amounted to $219.8 million compared with $218.9 million as on Jun 29, 2013.
Margins: RBC Bearings’ gross profit margin was 38.8%, compared with 39.4% in the prior-year quarter. Selling, general and administrative expenses were nearly $19.0 million and accounted for 16.8% of total revenue. Operating margin was recorded at 21.4%, decreasing 30 basis points year over year.
Balance Sheet: RBC Bearings' cash and short-term investments decreased to $104.5 million exiting the first quarter of fiscal 2015 against $123.6 million in the previous quarter. Total debt balance came in at $10.3 million versus $10.4 million reported in the preceding quarter.
Cash Flow: In the fiscal-first quarter 2015, cash flow from operating activities was recorded at $26.9 million versus $17.4 million a year ago. Capital spending was $3.5 million compared with $5.8 million in the first quarter of fiscal 2014.
In the quarter, the company paid a special dividend of $2.00 per share, to shareholders as on May 30, 2014.
RBC Bearings currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Blount International Inc. (BLT), The Babcock & Wilcox Co. (BWC) and DXP Enterprises, Inc. (DXPE). While both Blount International and Babcock & Wilcox sport a Zacks Rank #1 (Strong Buy), DXP Enterprises holds a Zacks Rank #2 (Buy).
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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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