RBC Bearings Swings To Profit In Q2

(RTTNews) - RBC Bearings Inc. (RBC) Thursday announced profit in the second quarter compared to the prior year on a 129.4 percent surge in net sales.

The company reported quarterly earnings of $38.05 million or $1.31 per share compared to loss of $1.86 million or $0.07 per share last year. On an adjusted basis earnings were $61.91 million or $1.93 per share.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $1.86 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $369.17 million from $160.90 million last year. Analysts were looking for $361.44 million.

Looking ahead to the third quarter, the company projects net sales in a range of $348 to $360 million, up 30.4-34.9 percent growth from $267 million reported last year. Analysts are expecting $361.87 million.