RBC Bearings 1Q adj. profit tops Street's view

RBC Bearings 1st-quarter profit falls sharply; adjusted results beat analysts' expectations

Associated Press

OXFORD, Conn. (AP) -- RBC Bearings' fiscal fourth-quarter net income declined 32 percent, pulled down by consolidation and restructuring costs. But its adjusted results topped Wall Street's expectations.

The ball-bearing manufacturer earned $10.6 million, or 46 cents per share, for the three months ended March 30. That's down from $15.5 million, or 69 cents per share, in the prior-year period.

Stripping out consolidation and restructuring costs tied to some facilities and other items, earnings were 69 cents per share.

Analysts, on average, expected adjusted earnings of 61 cents per share, according to FactSet.

Revenue fell 8 percent to $103 million from $111.3 million, hurt by a slowdown in customer activity in mining, semiconductors and military vehicles.

For the year, RBC Bearings Inc. earned $56.3 million, or $2.47 per share. That compares with $50 million, or $2.23 per share, in the previous year.

Adjusted earnings were $2.43 per share.

Annual revenue rose 1 percent to $403.1 million from $397.5 million.

Shares of the Oxford, Conn. company gained 41 cents to $47.93 in Wednesday trading. The stock has changed hands between $42.14 and $54.40 in the past 52 weeks, and is down about 4 percent since the start of the year.

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