RBC Bearings' Q1 Earnings In Line - Analyst Blog


RBC Bearings Inc. ( ROLL ) reported fiscal first-quarter 2014 adjusted earnings of 66 cents per share, in line with the Zacks Consensus Estimate. Adjusted earnings increased 6.5% year over year.

On a GAAP basis, earnings came in at 65 cents, declining 14.5% year over year, due to the consolidation and restructuring of large bearing facilities.

Revenues: Net sales in fiscal 2014 first quarter were $102.7 million, down 0.6% year over year due to a decline in the Industrial segment, which was partly offset by a rise in the sales in Aerospace and Defense segment. Revenues also missed the Zacks Consensus Estimate of $105.0 million by 2.2%. Revenue detail of each segment is discussed hereunder:

Plain Bearings segment revenues (55.6% of first quarter's total sales) were up 3.1% year over year to $57.1 million. Roller Bearings segment sales (27.6%) dropped 9.7% to $28.4 million. Ball Bearings segment sales (9.2%) were $9.5 million, up 0.7% year over year. Other sales (7.6%) were $7.8 million, up 8.7% year over year.

Margins: In the reported quarter, RBC Bearings' cost of goods sold represented 60.6% of total revenue, compared with 62.8% in the year-ago quarter. Selling, general and administrative expenses were roughly $17.0 million and accounted for 16.5% of total revenue. Adjusted operating margin in the quarter was recorded at 22.3%, increasing 100 basis points year over year.

Balance Sheet: RBC Bearings' cash and cash equivalents increased to $128.1 million exiting the first quarter of fiscal 2014 against $115.8 million in the previous quarter. Total debt balance came in at $10.2 million versus $10.3 million reported in the preceding sequential quarter.

Cash Flow: In fiscal first quarter of 2014, cash flow from operating activities was recorded at $17.4 million versus $26.5 million a year ago. Capital spending was recorded at $5.8 million compared with $6.1 million in the first quarter of fiscal 2013.

Other Stocks to Consider

CIRCOR International, Inc. ( CIR ) released its second-quarter results on Aug 1, 2013. The company reported earnings per share of 81 cents, beating the Zacks Consensus Estimate of 68 cents by 19.1%.

Kaydon Corporation ( KDN ) released its second-quarter results on Jul 25, 2013. The company reported earnings per share of 42 cents, beating the Zacks Consensus Estimate of 38 cents by 10.5%.

Century Aluminum Co. ( CENX ) released its second-quarter results on Jul 30, 2013. The company reported a loss per share of 37 cents, wider than the Zacks Consensus Estimate of a loss of 16 cents.

CENTURY ALUM CO (CENX): Free Stock Analysis Report

CIRCOR INTL (CIR): Free Stock Analysis Report

RBC BEARINGS (ROLL): Free Stock Analysis Report

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Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Business , Earnings , Stocks

Referenced Stocks: CENX , CIR , ROLL



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