RBC Bearings Q1 Earnings Rise, Beats Estimates

(RTTNews) - RBC Bearings Inc. (RBC) on Friday reported higher earnings for the first quarter on higher revenues. Earnings per share beat market estimates.

Quarterly earnings increased to $44.28 million or $1.52 per share from $31.69 million or $1.09 per share of last year. Adjusted net income was $61.9 million compared or $2.13 per share.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $1.96 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues increased 9.3 percent to $387.1 million from $354.1 million the previous year. The Street estimate for revenue was $389.48 million for the quarter.

Looking ahead to fiscal 2024, the company is on track to reach net revenue of approximately $1.6 billion.

Looking forward to the second quarter, the company expects net revenue to be approximately $380.0 million to $390.0 million.

In pre-market activity, shares of RBC Bearings are trading at $210.16, down 2.00% on the New York Stock Exchange.