Fri. Nov 15th, 2019

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Noticeable Observation for Stock Investors: RBC Bearings Incorporated (Nasdaq: ROLL)

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RBC Bearings Incorporated (Nasdaq: ROLL), a leading international manufacturer of highly-engineered precision bearings and components for the industrial, defense and aerospace industries, newly stated results for the 2nd-quarter of financial year 2k20.

Key Highlights

– Net sales of $181.90M up 5.20 percent contrast to the previous year quarter and 6.80 percent organically
– Adjusted fully diluted EPS of $1.300 up from $1.220 in the 2nd-quarter last year
– Backlog of $473.20M up 10.10 percent year over year
– Accomplished acquisition of Swiss Tool

2nd-Quarter Results
Net sales for the 2nd-quarter of fiscal 2k20 were $181.90M, a boost of 5.20 percent from $172.90M in the 2nd-quarter of fiscal 2k19, and organic net sales turned up 6.80 percent year over year. Net sales for the aerospace markets turned up 10.2 percent in total and 14.4 percent on an organic basis. Industrial market sales declined 2.80 percent, 5.00 percent on an organic basis. Gross margin for the 2nd-quarter of fiscal 2k20 was $71.10M in contrast to $67.80M for a similar duration previous year. Gross margin as a percentage of net sales was 39.10 percent in the 2nd-quarter of fiscal 2k20 contrast to 39.20 percent for a similar duration last year.

SG&A for the 2nd-quarter of fiscal 2k20 was $30.80M, a boost of $1.50M from $29.30M for a similar duration last year. The incline was mainly because of $1.00M of additional share-based stock compensation costs, additional personnel-related costs of $0.40M and $0.10M of other items. As a percentage of net sales, SG&A was 16.90 percent for the 2nd-quarter of fiscal 2k20 contrast to 17.00 percent for the similar duration previous year.

Other operating costs for the 2nd-quarter of fiscal 2k20 totaled $3.00M contrast to $2.60M for a similar duration previous year. For the 2nd-quarter of fiscal 2k20, other operating costs consisted mainly of $2.30M of amortization of intangible assets and $0.90M of acquisition costs partially offset by $0.20M of other income. For the 2nd-quarter of fiscal 2k19, other operating costs were comprised mainly of $2.60M of amortization of intangible assets.

Operating income for the 2nd-quarter of fiscal 2k20 was $37.30M in contrast to operating income of $35.90M for a similar duration last year. Apart From acquisition costs of $0.90M and $0.10M of inventory purchase accounting adjustments related to the acquisition of Swiss Tool and other restructuring charges of $0.10M, adjusted operating income for the 2nd-quarter of fiscal 2k20 was $38.40M. Operating income as a percentage of net sales was 20.50 percent for the 2nd-quarter of fiscal 2k20 contrast to 20.80 percent for a similar duration last year.

Interest cost, the net was $0.50M for the 2nd-quarter of fiscal 2k20 contrast to $1.40M for a similar duration previous year.

Income tax cost for the 2nd-quarter of fiscal 2k20 was $5.40M contrast to $4.00M for a similar duration last year. The effective income tax rate for the 2nd-quarter of fiscal 2k20 was 14.70 percent contrast to 11.70 percent for a similar duration last year. The income tax cost included about $2.50M of benefit from share-based stock compensation contrast to $3.20M for a similar duration previous year.

Net income for the 2nd-quarter of fiscal 2k20 was $31.30M in contrast to $30.10M for a similar duration previous year. On an adjusted basis, net income was $32.30M for the 2nd-quarter of fiscal 2k20 in contrast to $30.20M for a similar duration previous year.

Diluted EPS for the 2nd-quarter of fiscal 2k20 was $1.260 for each share contrast to $1.220 for each share for the similar duration last year. On an adjusted basis, diluted EPS for the 2nd-quarter of fiscal 2k20 was $1.300 for each share contrast to an adjusted diluted EPS of $1.220 for each share for a similar duration previous year, a boost of 6.60 percent.

Backlog as of September 28, 2k19 was $473.20M contrast to $429.90M as of September 29, 2k18.

Outlook for the 3rd-Quarter Fiscal 2k20
The Company anticipates net sales to be about $177.00M to $179.00M in the 3rd-quarter of fiscal 2k20. This would result in a growth rate of 3.20 percent to 4.40 percent on a year-over-year basis and 3.60 percent to 4.70 percent apart from $2.90M in sales associated with our Miami division, which was sold in the 3rd-quarter of fiscal 2k19, and $2.50M of sales associated with Swiss Tool, which we attained in the 2nd-quarter of fiscal 2k20. The 3rd-quarter will be influenced by about four to five fewer production and shipping days because of the holiday plan.

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