RBC Bearings Incorporated Announces Fiscal Second Quarter 2025 Results
RBC Bearings reported Q2 fiscal 2025 results with net sales of $397.9 million, up 3.2% year-over-year. The Aerospace/Defense segment grew 12.5% while Industrial declined 1.4%. Gross margin improved to 43.7% from 43.1% last year. Net income attributable to common stockholders increased 5.6% to $48.5 million, with diluted EPS of $1.65. The company expects Q3 fiscal 2025 net sales between $390-400 million, representing 4.3-7.0% growth, with gross margin projected at 42.5-43.5%.
RBC Bearings ha riportato i risultati del secondo trimestre dell'esercizio fiscale 2025 con vendite nette di 397,9 milioni di dollari, in aumento del 3,2% rispetto allo scorso anno. Il segmento Aeroespaziale/Difesa è cresciuto del 12,5%, mentre quello Industriale ha registrato un calo dell'1,4%. Il margine lordo è migliorato al 43,7% rispetto al 43,1% dell'anno scorso. Il reddito netto attribuibile agli azionisti ordinari è aumentato del 5,6% raggiungendo i 48,5 milioni di dollari, con un utile per azione diluito di 1,65 dollari. L'azienda prevede che le vendite nette del terzo trimestre dell'esercizio fiscale 2025 si attesteranno tra i 390 e i 400 milioni di dollari, rappresentando una crescita del 4,3-7,0%, con un margine lordo previsto tra il 42,5% e il 43,5%.
RBC Bearings informó los resultados del segundo trimestre del ejercicio fiscal 2025 con ventas netas de 397,9 millones de dólares, un aumento del 3,2% en comparación con el año anterior. El segmento Aeroespacial/Defensa creció un 12,5%, mientras que el Industrial disminuyó un 1,4%. El margen bruto mejoró al 43,7% desde el 43,1% del año pasado. El ingreso neto atribuible a los accionistas comunes aumentó un 5,6% hasta alcanzar los 48,5 millones de dólares, con una utilidad por acción diluida de 1,65 dólares. La empresa espera que las ventas netas del tercer trimestre del ejercicio fiscal 2025 se situen entre 390 y 400 millones de dólares, lo que representa un crecimiento del 4,3-7,0%, con un margen bruto proyectado del 42,5-43,5%.
RBC Bearings는 2025 회계연도 2분기 실적을 보고하며 순매출이 3억 9,790만 달러로 작년 대비 3.2% 증가했다고 밝혔습니다. 항공우주/국방 부문은 12.5% 성장했으며 산업 부문은 1.4% 감소했습니다. 총 마진은 작년 43.1%에서 43.7%로 개선되었습니다. 보통주 주주에게 귀속되는 순이익은 5.6% 증가하여 4,850만 달러에 이르렀으며, 희석 EPS는 1.65달러입니다. 회사는 2025 회계연도 3분기 순매출이 3억 9천만~4억 달러로 예상하며, 이는 4.3~7.0%의 성장률을 나타내며, 총 마진은 42.5~43.5%로 예상하고 있습니다.
RBC Bearings a annoncé les résultats du deuxième trimestre de l'exercice fiscal 2025 avec des ventes nettes de 397,9 millions de dollars, soit une augmentation de 3,2 % par rapport à l'année précédente. Le segment Aérospatiale/Défense a connu une croissance de 12,5 %, tandis que le secteur industriel a diminué de 1,4 %. La marge brute s'est améliorée pour atteindre 43,7 %, contre 43,1 % l'an dernier. Le bénéfice net attribuable aux actionnaires ordinaires a augmenté de 5,6 % pour atteindre 48,5 millions de dollars, avec un BPA dilué de 1,65 dollar. L'entreprise prévoit des ventes nettes pour le troisième trimestre de l'exercice fiscal 2025 comprises entre 390 et 400 millions de dollars, représentant une croissance de 4,3 à 7,0 %, avec une marge brute prévue entre 42,5 et 43,5 %.
RBC Bearings hat die Ergebnisse des zweiten Quartals des Geschäftsjahres 2025 mit Nettoverkaufszahlen von 397,9 Millionen Dollar bekannt gegeben, was einem Anstieg von 3,2% im Vergleich zum Vorjahr entspricht. Das Segment Luftfahrt/Verteidigung wuchs um 12,5%, während der Industrie-Sektor um 1,4% zurückging. Die Bruttomarge verbesserte sich auf 43,7% von 43,1% im letzten Jahr. Der Nettogewinn, der den Stammaktionären zuzurechnen ist, stieg um 5,6% auf 48,5 Millionen Dollar, mit einem verwässerten EPS von 1,65 Dollar. Das Unternehmen erwartet für das dritte Quartal des Geschäftsjahres 2025 Nettoumsätze zwischen 390 und 400 Millionen Dollar, was ein Wachstum von 4,3-7,0% darstellt, mit einer prognostizierten Bruttomarge von 42,5-43,5%.
- Net sales increased 3.2% YoY to $397.9 million
- Aerospace/Defense segment sales grew 12.5%
- Gross margin improved to 43.7% from 43.1%
- Net income increased 5.6% to $48.5 million
- Backlog grew to $864.0 million from $762.4 million YoY
- $23.0 million annual cash savings expected from preferred stock conversion
- Industrial segment sales declined 1.4%
- Operating income decreased 1.9% to $86.1 million
- SG&A expenses increased by $9.0 million to $69.5 million
- SG&A as percentage of sales increased to 17.5% from 15.7%
Insights
The Q2 FY2025 results show mixed performance with notable strengths in key areas. Net sales increased by
The backlog growth to
The Q3 FY2025 outlook projects
The aerospace segment's performance is particularly impressive, showing resilience despite the commercial aerospace OEM strike. The
The robust backlog growth of
Second Quarter Financial Highlights
-
Net sales of
increased$397.9 million 3.2% over last year, Aerospace/Defense up12.5% and Industrial down1.4% . -
Gross margin of
43.7% compared to43.1% last year. -
Net income attributable to common stockholders increased
5.6% over last year, up6.2% on an adjusted basis. -
Diluted EPS was
, a$1.65 4.4% increase over last year; Adjusted Diluted EPS was , a$2.29 5.1% increase over last year.
Three Month Financial Highlights
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“RBC delivered another quarter of strong operational performance with total A&D sales up
Second Quarter Results
Net sales for the second quarter of fiscal 2025 were
SG&A for the second quarter of fiscal 2025 was
Other operating expenses for the second quarter of fiscal 2025 totaled
Operating income for the second quarter of fiscal 2025 was
Interest expense, net, was
Income tax expense for the second quarter of fiscal 2025 was
Net income for the second quarter of fiscal 2025 was
Diluted EPS attributable to common stockholders for the second quarter of fiscal 2025 was
Backlog as of September 28, 2024, was
Preferred Stock Conversion in Fiscal 2025
The Company’s Series A mandatory convertible preferred stock mandatorily converted to common stock on October 15, 2024, at which point the Company paid the final quarterly
The October 15, 2024 conversion will result in
Outlook for the Third Quarter Fiscal 2025
The Company expects net sales to be approximately
Live Webcast
RBC Bearings Incorporated will host a webcast on Friday, November 1, 2024, at 11:00 a.m. ET to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company’s website, www.rbcbearings.com, and click on the webcast icon. If you do not have access to the Internet and wish to listen to the call, dial 877-407-4019 (international callers dial +1 201-689-8337) and provide conference ID # 13749510. Investors are advised to dial into the call at least ten minutes prior to the call to register. An audio replay of the call will be available from 2:00 p.m. ET on the day of the call and will remain available to two weeks following the call. The replay can be accessed by dialing 877-660-6853 (international callers dial +1 201-612-7415) and providing conference ID # 13749510.
Non-GAAP Financial Measures
In addition to disclosing results of operations that are determined in accordance with
Free Cash Flow Conversion
Free cash flow conversion measures our ability to convert operating profits into free cash flow and is calculated as free cash flow (cash provided by operating activities less capital expenditures) divided by net income.
Adjusted Gross Margin and Adjusted Operating Income
Adjusted gross margin excludes the impact of restructuring costs associated with the closing of a plant. Adjusted operating income excludes acquisition expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar charges, and other non-operational, non-cash or non-recurring losses. We believe that adjusted operating income is useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations.
Adjusted Net Income Attributable to Common Stockholders and Adjusted Earnings Per Share Attributable to Common Stockholders
Adjusted net income attributable to common stockholders and adjusted earnings per share attributable to common stockholders (calculated on a diluted basis) exclude non-cash expenses for amortization related to acquired intangible assets, stock-based compensation, amortization of deferred finance fees, acquisition expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar charges, gains or losses on divestitures, discontinued operations, gains or losses on extinguishment of debt, and other non-operational, non-cash or non-recurring losses, net of their income tax impact. We believe that adjusted net income and adjusted earnings per share are useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations.
Adjusted EBITDA
We use the term “Adjusted EBITDA” to describe net income adjusted for the items summarized in the “Reconciliation of GAAP to Non-GAAP Financial Measures” table below. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, non-cash or non-recurring losses or gains. In view of our debt level, Adjusted EBITDA aids our investors in understanding our compliance with our debt covenants. Management and various investors use the ratio of total debt less cash to Adjusted EBITDA, or “net debt leverage,” as a measure of our financial strength and ability to incur incremental indebtedness when making investment decisions and evaluating us against peers. Lastly, management and various investors use the ratio of the change in Adjusted EBITDA divided by the change in net sales (referred to as “incremental margin” in the case of an increase in net sales or “decremental margin” in the case of a decrease in net sales) as an additional measure of our financial performance and some investors utilize it when making investment decisions and evaluating us against peers.
Adjusted EBITDA is not a presentation made in accordance with GAAP, and our definition of Adjusted EBITDA may vary from the definition used by others in our industry. Adjusted EBITDA should not be considered as an alternative to net income, income from operations, or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; or (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations. In particular, our definition of Adjusted EBITDA adds back certain non-cash, non-operating or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur or vary greatly, are difficult to predict, and can represent the effect of long-term strategies as opposed to short-term results. In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes. Further, although not included in the calculation of Adjusted EBITDA below, the measure may at times (i) include estimated cost savings and operating synergies related to operational changes ranging from acquisitions to dispositions to restructurings and/or (ii) exclude one-time transition expenditures that we anticipate we will need to incur to realize cost savings before such savings have occurred.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets. The Company is headquartered in
Safe Harbor for Forward Looking Statements
Certain statements in this press release contain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including the following: the section of this press release entitled “Outlook”; any projections of earnings, revenue or other financial items relating to the Company, any statement of the plans, strategies and objectives of management for future operations; any statements concerning proposed future growth rates in the markets we serve; any statements of belief; any characterization of and the Company’s ability to control contingent liabilities; anticipated trends in the Company’s businesses; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “would,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate,” and other similar words. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties beyond the control of the Company. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to general economic conditions, geopolitical factors, future levels of aerospace/defense and industrial market activity, future financial performance, our use of information technology systems, our disclosure controls and procedures and internal control over financial reporting, our debt level, our level of goodwill, market acceptance of new or enhanced versions of the Company’s products, the pricing of raw materials, changes in the competitive environments in which the Company’s businesses operate, increases in interest rates, the Company’s ability to acquire and integrate complementary businesses, and risks and uncertainties listed or disclosed in our reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading “Risk Factors” set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. The Company does not intend, and undertakes no obligation, to update or alter any forward-looking statements.
RBC Bearings Incorporated
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(dollars in millions, except per share data) |
Three Months Ended |
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Six Months Ended |
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(Unaudited) |
September 28, |
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September 30, |
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September 28, |
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September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
|
Net sales |
$ |
397.9 |
|
|
$ |
385.6 |
|
|
$ |
804.2 |
|
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$ |
772.7 |
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Cost of sales |
|
224.1 |
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219.3 |
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446.4 |
|
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438.5 |
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Gross margin |
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173.8 |
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166.3 |
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357.8 |
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334.2 |
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Operating expenses: |
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Selling, general and administrative |
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69.5 |
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60.5 |
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137.1 |
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125.2 |
|
Other, net |
|
18.2 |
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18.0 |
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|
|
37.1 |
|
|
|
36.2 |
|
Total operating expenses |
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87.7 |
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|
|
78.5 |
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|
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174.2 |
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161.4 |
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Operating income |
|
86.1 |
|
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87.8 |
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183.6 |
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172.8 |
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Interest expense, net |
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15.6 |
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20.1 |
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32.8 |
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40.6 |
|
Other non-operating expense |
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1.1 |
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0.8 |
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1.5 |
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1.3 |
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Income before income taxes |
|
69.4 |
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66.9 |
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149.3 |
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130.9 |
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Provision for income taxes |
|
15.2 |
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15.2 |
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33.7 |
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29.2 |
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Net income |
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54.2 |
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51.7 |
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115.6 |
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101.7 |
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Preferred stock dividends |
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5.7 |
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5.8 |
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11.4 |
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11.5 |
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Net income attributable to common stockholders |
$ |
48.5 |
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$ |
45.9 |
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$ |
104.2 |
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$ |
90.2 |
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Net income per common share attributable to common stockholders: |
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Basic |
$ |
1.67 |
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$ |
1.59 |
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$ |
3.58 |
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$ |
3.13 |
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Diluted |
$ |
1.65 |
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$ |
1.58 |
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$ |
3.55 |
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$ |
3.10 |
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Weighted average common shares: |
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Basic |
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29,124,564 |
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28,885,411 |
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29,089,692 |
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28,866,142 |
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Diluted |
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29,336,466 |
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29,138,596 |
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29,316,493 |
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29,126,670 |
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Segment Data: |
Three Months Ended |
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Six Months Ended |
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September 28, |
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September 30, |
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September 28, |
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September 30, |
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Net External Sales: |
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2024 |
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2023 |
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2024 |
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2023 |
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Aerospace and defense segment |
$ |
143.2 |
|
|
$ |
127.3 |
|
|
$ |
292.3 |
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$ |
247.8 |
|
Industrial segment |
|
254.7 |
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258.3 |
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511.9 |
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524.9 |
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Total net external sales |
$ |
397.9 |
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$ |
385.6 |
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|
$ |
804.2 |
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$ |
772.7 |
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Three Months Ended |
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Six Months Ended |
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Reconciliation of Reported Gross Margin to |
September 28, |
|
September 30, |
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September 28, |
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September 30, |
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Adjusted Gross Margin: |
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2024 |
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2023 |
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2024 |
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2023 |
|
Reported gross margin |
$ |
173.8 |
|
|
$ |
166.3 |
|
|
$ |
357.8 |
|
|
$ |
334.2 |
|
Restructuring and consolidation |
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- |
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0.3 |
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- |
|
|
|
0.3 |
|
Adjusted gross margin |
$ |
173.8 |
|
|
$ |
166.6 |
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$ |
357.8 |
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$ |
334.5 |
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Three Months Ended |
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Six Months Ended |
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Reconciliation of Reported Operating Income to |
September 28, |
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September 30, |
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September 28, |
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September 30, |
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Adjusted Operating Income: |
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2024 |
|
|
|
2023 |
|
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|
2024 |
|
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|
2023 |
|
Reported operating income |
$ |
86.1 |
|
|
$ |
87.8 |
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$ |
183.6 |
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$ |
172.8 |
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Transaction and related costs |
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- |
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0.0 |
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- |
|
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|
0.0 |
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Restructuring and consolidation |
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0.5 |
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0.6 |
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0.5 |
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0.9 |
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Adjusted operating income |
$ |
86.6 |
|
|
$ |
88.4 |
|
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$ |
184.1 |
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$ |
173.7 |
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Three Months Ended |
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Six Months Ended |
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Reconciliation of Reported Net Income to Adjusted Net |
September 28, |
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September 30, |
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September 28, |
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September 30, |
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Income Attributable to Common Stockholders: |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reported net income |
$ |
54.2 |
|
|
$ |
51.7 |
|
|
$ |
115.6 |
|
|
$ |
101.7 |
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Transaction and related costs |
|
- |
|
|
|
0.0 |
|
|
|
- |
|
|
|
0.0 |
|
Restructuring and consolidation |
|
0.5 |
|
|
|
0.6 |
|
|
|
0.5 |
|
|
|
0.9 |
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M&A related amortization |
|
16.4 |
|
|
|
16.4 |
|
|
|
32.8 |
|
|
|
32.7 |
|
Stock compensation expense |
|
6.6 |
|
|
|
3.7 |
|
|
|
13.1 |
|
|
|
9.1 |
|
Amortization of deferred finance fees |
|
0.4 |
|
|
|
0.7 |
|
|
|
1.0 |
|
|
|
1.6 |
|
Tax impact of adjustments and other tax matters |
|
(5.4 |
) |
|
|
(4.2 |
) |
|
|
(10.1 |
) |
|
|
(9.4 |
) |
Adjusted net income |
$ |
72.7 |
|
|
$ |
68.9 |
|
|
$ |
152.9 |
|
|
$ |
136.6 |
|
|
|
|
|
|
|
|
|
||||||||
Preferred stock dividends |
|
5.7 |
|
|
|
5.8 |
|
|
|
11.4 |
|
|
|
11.5 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income attributable to common stockholders |
$ |
67.0 |
|
|
$ |
63.1 |
|
|
$ |
141.5 |
|
|
$ |
125.1 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted net income per common share attributable |
|
|
|
|
|
|
|
||||||||
to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.30 |
|
|
$ |
2.19 |
|
|
$ |
4.86 |
|
|
$ |
4.34 |
|
Diluted |
$ |
2.29 |
|
|
$ |
2.17 |
|
|
$ |
4.83 |
|
|
$ |
4.30 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares: |
|
|
|
|
|
|
|
||||||||
Basic |
|
29,124,564 |
|
|
|
28,885,411 |
|
|
|
29,089,692 |
|
|
|
28,866,142 |
|
Diluted |
|
29,336,466 |
|
|
|
29,138,596 |
|
|
|
29,316,493 |
|
|
|
29,126,670 |
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
Reconciliation of Reported Net Income to |
September 28, |
|
September 30, |
|
September 28, |
|
September 30, |
||||||||
Adjusted EBITDA: |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reported net income |
$ |
54.2 |
|
|
$ |
51.7 |
|
|
$ |
115.6 |
|
|
$ |
101.7 |
|
Interest expense, net |
|
15.6 |
|
|
|
20.1 |
|
|
|
32.8 |
|
|
|
40.6 |
|
Provision for income taxes |
|
15.2 |
|
|
|
15.2 |
|
|
|
33.7 |
|
|
|
29.2 |
|
Stock compensation expense |
|
6.6 |
|
|
|
3.7 |
|
|
|
13.1 |
|
|
|
9.1 |
|
Depreciation and amortization |
|
30.2 |
|
|
|
30.0 |
|
|
|
60.2 |
|
|
|
59.7 |
|
Other non-operating expense |
|
1.1 |
|
|
|
0.8 |
|
|
|
1.5 |
|
|
|
1.3 |
|
Restructuring and consolidation |
|
0.5 |
|
|
|
0.6 |
|
|
|
0.5 |
|
|
|
0.9 |
|
Adjusted EBITDA |
$ |
123.4 |
|
|
$ |
122.1 |
|
|
$ |
257.4 |
|
|
$ |
242.5 |
|
|
|
|
|
|
|
|
|
||||||||
Consolidated Balance Sheets |
|
|
|
|
|
|
|
||||||||
(dollars in millions, except per share data) |
|
|
|
|
|
|
|
||||||||
|
September 28, |
|
March 30, |
|
|
|
|
||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
|
|
||||
Assets |
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
89.1 |
|
|
$ |
63.5 |
|
|
|
|
|
||||
Accounts receivable, net of allowance for doubtful accounts |
|
255.4 |
|
|
|
255.2 |
|
|
|
|
|
||||
Inventory |
|
646.7 |
|
|
|
622.8 |
|
|
|
|
|
||||
Prepaid expenses and other current assets |
|
31.0 |
|
|
|
24.0 |
|
|
|
|
|
||||
Total current assets |
|
1,022.2 |
|
|
|
965.5 |
|
|
|
|
|
||||
Property, plant and equipment, net |
|
362.5 |
|
|
|
361.0 |
|
|
|
|
|
||||
Operating lease assets, net |
|
47.9 |
|
|
|
41.4 |
|
|
|
|
|
||||
Goodwill |
|
1,875.9 |
|
|
|
1,874.9 |
|
|
|
|
|
||||
Intangible assets, net |
|
1,359.5 |
|
|
|
1,391.9 |
|
|
|
|
|
||||
Other noncurrent assets |
|
44.8 |
|
|
|
43.9 |
|
|
|
|
|
||||
Total assets |
$ |
4,712.8 |
|
|
$ |
4,678.6 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
||||||||
Liabilities |
|
|
|
|
|
|
|
||||||||
Accounts payable |
$ |
127.4 |
|
|
$ |
116.2 |
|
|
|
|
|
||||
Accrued expenses and other current liabilities |
|
156.7 |
|
|
|
167.3 |
|
|
|
|
|
||||
Current operating lease liabilities |
|
8.0 |
|
|
|
7.0 |
|
|
|
|
|
||||
Current portion of long-term debt |
|
1.8 |
|
|
|
3.8 |
|
|
|
|
|
||||
Total current liabilities |
|
293.9 |
|
|
|
294.3 |
|
|
|
|
|
||||
Long-term debt, less current portion |
|
1,099.7 |
|
|
|
1,188.1 |
|
|
|
|
|
||||
Noncurrent operating lease liabilities |
|
40.5 |
|
|
|
35.3 |
|
|
|
|
|
||||
Deferred income taxes |
|
274.3 |
|
|
|
284.2 |
|
|
|
|
|
||||
Other noncurrent liabilities |
|
121.1 |
|
|
|
124.8 |
|
|
|
|
|
||||
Total liabilities |
|
1,829.5 |
|
|
|
1,926.7 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Stockholders' equity |
|
|
|
|
|
|
|
||||||||
Preferred stock, |
|
0.0 |
|
|
|
0.0 |
|
|
|
|
|
||||
Common stock, |
|
0.3 |
|
|
|
0.3 |
|
|
|
|
|
||||
Additional paid‑in capital |
|
1,658.6 |
|
|
|
1,625.2 |
|
|
|
|
|
||||
Accumulated other comprehensive income/(loss) |
|
2.9 |
|
|
|
0.7 |
|
|
|
|
|
||||
Retained earnings |
|
1,321.0 |
|
|
|
1,216.8 |
|
|
|
|
|
||||
Treasury stock, at cost |
|
(99.5 |
) |
|
|
(91.1 |
) |
|
|
|
|
||||
Total stockholders' equity |
|
2,883.3 |
|
|
|
2,751.9 |
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
$ |
4,712.8 |
|
|
$ |
4,678.6 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
||||||||
(dollars in millions) |
Six Months Ended |
|
|
|
|
||||||||||
(Unaudited) |
September 28, |
|
September 30, |
|
|
|
|
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
115.6 |
|
|
$ |
101.7 |
|
|
|
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
60.2 |
|
|
|
59.7 |
|
|
|
|
|
||||
Deferred income taxes |
|
(10.2 |
) |
|
|
(6.5 |
) |
|
|
|
|
||||
Amortization of deferred financing costs |
|
1.0 |
|
|
|
1.6 |
|
|
|
|
|
||||
Stock-based compensation |
|
13.1 |
|
|
|
9.1 |
|
|
|
|
|
||||
Noncash operating lease expense |
|
3.2 |
|
|
|
3.5 |
|
|
|
|
|
||||
Loss on disposition of assets |
|
0.1 |
|
|
|
0.4 |
|
|
|
|
|
||||
Consolidation, restructuring, and other noncash charges |
|
- |
|
|
|
0.6 |
|
|
|
|
|
||||
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
0.8 |
|
|
|
(3.7 |
) |
|
|
|
|
||||
Inventory |
|
(20.7 |
) |
|
|
(24.8 |
) |
|
|
|
|
||||
Prepaid expenses and other current assets |
|
(7.0 |
) |
|
|
(0.7 |
) |
|
|
|
|
||||
Other noncurrent assets |
|
(2.0 |
) |
|
|
(2.0 |
) |
|
|
|
|
||||
Accounts payable |
|
11.0 |
|
|
|
(16.0 |
) |
|
|
|
|
||||
Accrued expenses and other current liabilities |
|
(16.2 |
) |
|
|
(7.7 |
) |
|
|
|
|
||||
Other noncurrent liabilities |
|
(8.5 |
) |
|
|
(0.4 |
) |
|
|
|
|
||||
Net cash provided by operating activities |
|
140.4 |
|
|
|
114.8 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
(25.2 |
) |
|
|
(14.2 |
) |
|
|
|
|
||||
Proceeds from sale of assets |
|
- |
|
|
|
0.4 |
|
|
|
|
|
||||
Acquisition of business/purchase price adjustments for acquisition |
|
- |
|
|
|
(18.7 |
) |
|
|
|
|
||||
Net cash used in investing activities |
|
(25.2 |
) |
|
|
(32.5 |
) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Proceeds received from revolving credit facility |
|
- |
|
|
|
18.0 |
|
|
|
|
|
||||
Repayments of revolving credit facilities |
|
(20.4 |
) |
|
|
- |
|
|
|
|
|
||||
Repayments of term loans |
|
(75.0 |
) |
|
|
(90.0 |
) |
|
|
|
|
||||
Repayments of notes payable |
|
(1.3 |
) |
|
|
(1.3 |
) |
|
|
|
|
||||
Proceeds from mortgage |
|
4.5 |
|
|
|
- |
|
|
|
|
|
||||
Principal payments on finance lease obligations |
|
(2.1 |
) |
|
|
(1.6 |
) |
|
|
|
|
||||
Preferred stock dividends paid |
|
(11.5 |
) |
|
|
(11.5 |
) |
|
|
|
|
||||
Exercise of stock options |
|
25.2 |
|
|
|
3.0 |
|
|
|
|
|
||||
Repurchase of common stock |
|
(8.4 |
) |
|
|
(7.0 |
) |
|
|
|
|
||||
Net cash used in financing activities |
|
(89.0 |
) |
|
|
(90.4 |
) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Effect of exchange rate changes on cash |
|
(0.6 |
) |
|
|
(0.7 |
) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents: |
|
|
|
|
|
|
|
||||||||
Increase / (decrease) during the period |
|
25.6 |
|
|
|
(8.8 |
) |
|
|
|
|
||||
Cash and cash equivalents, at beginning of period |
|
63.5 |
|
|
|
65.4 |
|
|
|
|
|
||||
Cash and cash equivalents, at end of period |
$ |
89.1 |
|
|
$ |
56.6 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
||||||||
Cash paid for: |
|
|
|
|
|
|
|
||||||||
Income taxes |
$ |
57.9 |
|
|
$ |
42.4 |
|
|
|
|
|
||||
Interest |
|
28.8 |
|
|
|
39.1 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
FY2025 Q3 Outlook - Modeling Items: |
|
|
|
|
|
||||||||||
Net sales |
|
|
|
|
|
||||||||||
Gross margin (as a percentage of net sales) |
|
|
|
|
|||||||||||
SG&A (as a percentage of net sales) |
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241101061737/en/
Rob Moffatt
Director of Corporate Development & IR
investors@rbcbearings.com
Source: RBC Bearings Incorporated
FAQ
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