RBC Bearings reports strong Aerospace/Defense results in second quarter '24
RBC Bearings Inc., an international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, reported net sales of $385.6 million for the second quarter of fiscal 2024, an increase of 4.4% over the same period of fiscal 2023. Aerospace/Defense was up 22.9 % and Industrial down 2.8 %.
“We are pleased with our second quarter results, which were in line with our expectations for the period,” said Chairman and Chief Executive Officer Dr. Michael J. Hartnett. “Our aerospace and defense segment experienced another strong quarter as we continue to benefit from strong OEM demand for our products and an improving supply chain. As we look toward the second half of fiscal 2024, we remain confident that we are on track to deliver record performance.”
Gross margin for the second quarter of fiscal 2024 was $166.3 million compared to $151.1 million for the same period last year.
SG&A for the second quarter of fiscal 2024 was $60.5 million, an increase of $3.0 million from $57.5 million for the same period last year. As a percentage of net sales, SG&A was 15.7% for the second quarter of fiscal 2024 compared to 15.6% for the same period last year.
Other operating expenses for the second quarter of fiscal 2024 totaled $18.0 million compared to $21.6 million for the same period last year. For the second quarter of fiscal 2024, other operating expenses included $17.6 million of amortization of intangible assets, $0.3 million of restructuring costs, and $0.1 million of other items. For the second quarter of fiscal 2023, other operating expenses included $16.8 million of amortization of intangible assets, $4.0 million of costs associated with the Dodge acquisition, and $0.8 million of other items.
Operating income for the second quarter of fiscal 2024 was $87.8 million compared to $72.0 million for the same period last year. Excluding approximately $0.6 million of restructuring costs, adjusted operating income for the second quarter of fiscal 2024 was $88.4 million; excluding approximately $4.0 million of acquisition-related costs, adjusted operating income for the second quarter of fiscal 2023 was $76.0 million. Adjusted operating income as a percentage of net sales was 22.9% for the second quarter of fiscal 2024 compared to 20.6% for the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
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