The company said that Aerospace/Defense sales were up 21.2%, while Industrial sales were up 4.7%.
Oxford, Connecticut-based RBC Bearings Incorporated on Aug. 4 announced its fiscal 2024 first-quarter earnings, which showed that net sales were $387.1 million, an increase of 9.3% from $354.1 million in 1Q 2023.
Net sales for RBC’s Industrial segment increased 4.7%, while net sales for its Aerospace/Defense segment increased 21.2%. Gross margin for the first quarter of fiscal 2024 was $167.9 million compared to $141.2 million for the same period last year, the company said.
“We are pleased with our first quarter results, as net sales increased 9.3% during the period,” said CEO Dr. Michael J. Hartnett. “As anticipated, we see strong demand for products from the aerospace and defense marine sectors. Our aircraft customers’ pursuit of even greater plane build rates has pushed RBC sales growth well into the double digits; and our industrial sector experiences continuing benefit from healthy order rates for bearings servicing high-growth markets.”
Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
Sign Up for the MDM Update Newsletter
The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.