RBC Bearings Q1 Adj. EPS Tops Estimates; Guides Q2 Revenues Below View
(RTTNews) - RBC Bearings Inc. (RBC) reported Friday that net income for the first quarter grew to $61.4 million or $1.90 per share from $50.0 million or $1.52 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $2.54 per share, compared to $2.13 per share in the year-ago quarter.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $2.39 per share for the quarter. Analysts' estimates usually exclude special items.
Net sales for the quarter increased 5.0 percent to $406.3 million from $387.1 million in the same quarter last year. Wall Street analysts were looking for revenues of $416.92 million for the quarter.
Looking ahead to the second quarter, the company expects net sales to be approximately $395.0 million to $405.0 million, up from the prior year's sales of $395.6 million, with a growth rate of 2.4 to 5.0 percent. The Street is looking for revenues of $410.22 million for the quarter.
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