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.
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