RBC Bearings Posts Record Results for 2022

Dec 04, 2023

The company's fourth-quarter sales were up nearly 10%.

OXFORD, Conn. — RBC Bearings Inc., a global manufacturer of highly engineered precision bearings, components and essential systems, on Friday reported results for the fourth quarter of fiscal 2023.

Net sales for the fourth quarter were $394.4 million, an increase of 9.9% from $358.9 million in the fourth quarter of fiscal 2022. Net sales for the Industrial segment increased 7.4%, while net sales for the Aerospace/Defense segment increased 16.0%. Gross margin for the fourth quarter of fiscal 2023 was $166.5 million compared to $137.5 million for the same period last year. Operating income for the fourth quarter of fiscal 2023 was $86.1 million compared to $59.3 million for the same period last year.

Full year net sales of $1.47 billion increased 55.8%.

"We are pleased with our fourth quarter results, which contributed to a record-setting year for RBC," said Chairman and CEO Michael Hartnett. "Our net sales exceeded our expectations in the quarter as we continued to experience strong growth in both our Industrial and Aerospace/Defense segments. As we look ahead to fiscal 2024, our focus remains on delivering sustainable growth as we continue to navigate through a dynamic macro environment."

The company expects net sales to be approximately $380.0 million to $390.0 million in the first quarter of fiscal 2024, compared to $354.1 million last year, a growth rate of 7.3% to 10.1%.