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RBC Bearings Incorporated (NASDAQ: ROLL, ROLLP) announces the retirement of Mr. Alan B. Levine from its Board of Directors after 17 years of service. Chairman Dr. Michael J. Hartnett expressed gratitude for Levine's contributions and confirmed his ongoing advisory role for strategic projects. Following this change, Edward D. Stewart, who has been a director since 2013 and has extensive financial experience, will chair the Audit Committee. RBC Bearings specializes in high-precision bearings and components for industrial, aerospace, and defense sectors, headquartered in Oxford, Connecticut.
RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP) will announce its fourth quarter fiscal 2022 financial results before market open on Thursday, May 26. A conference call will be held at 11:00 a.m. ET on the same day to discuss the results, featuring key executives including CEO Michael J. Hartnett. The webcast will be accessible via the Company’s investor relations website. An audio replay will be available from 2:00 p.m. ET on May 26 until 2:00 p.m. ET on June 2.
Dodge Industrial, a subsidiary of RBC Bearings (NASDAQ:ROLL), has appointed David Gilbert as its new president. Gilbert, a 20-year veteran of the company, previously served as Vice President of Operations and Manufacturing, focusing on enhancing safety and efficiency. His leadership comes at a pivotal time as Dodge transitions to its new 75,000-square-foot headquarters post-acquisition from ABB, finalized on November 1, 2021. Gilbert aims to drive growth and innovation within the company and continue its legacy in the industrial automation industry.
RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP) reported a robust 83.0% increase in third-quarter net sales, totaling $267.0 million, alongside a 7.6% rise in organic sales. However, adjusted gross margin decreased to 37.6% from 38.7% year-on-year. The company anticipates fourth-quarter sales between $340.0 million and $350.0 million, reflecting a growth of 112.1% to 118.3%. Third-quarter net income available to common stockholders fell to a loss of $5.8 million from a profit of $21.6 million last year, resulting in a diluted EPS of ($0.20), down from $0.86.
RBC Bearings (NASDAQ: ROLL) will release its third quarter fiscal 2022 financial results on February 10 before market open. A conference call will follow at 11:00 a.m. ET, featuring executives including Michael J. Hartnett and Robert M. Sullivan. The call will recap quarterly results and accomplishments. Investors can access the webcast via the company’s investor relations page. An audio replay will be available from 2:00 p.m. ET on the same day until February 17.
RBC Bearings (Nasdaq: ROLL, ROLLP) reported its second-quarter results for fiscal 2022, showing net sales of $160.9 million, up 10.0% year-over-year. The company achieved a gross margin of 39.4%, reflecting an 8.2% increase compared to the previous year. Adjusted net income available to common stockholders was $23.0 million with a diluted EPS of $0.89, down 4.3%. Third-quarter guidance suggests net sales of $245.0 million to $255.0 million, a projected growth rate of 68.0% to 74.8%.
RBC Bearings (NASDAQ: ROLL) has successfully completed its acquisition of the DODGE mechanical power transmission division from Asea Brown Boveri Ltd for $2.9 billion, subject to post-closing adjustments. This acquisition is expected to enhance RBC's market position in premium performance-critical bearings and motion control products across industrial, aerospace, and defense sectors. CEO Michael J. Hartnett expressed optimism about the integration of DODGE, highlighting potential synergies and benefits from the combined strengths of both companies.
RBC Bearings Incorporated (NASDAQ: ROLL) will release its second quarter fiscal 2022 financial results before market open on November 12. A conference call is scheduled for 11:00 a.m. ET on the same day, where key executives will discuss the quarter's results. Investors can access the webcast via the company’s website. The company specializes in manufacturing precision bearings for various sectors, including industrial, defense, and aerospace industries, and has been operational since 1919, headquartered in Oxford, Connecticut.
RBC Bearings Incorporated (NASDAQ: ROLL) announced the completion of offerings of common stock, preferred stock, and $500 million in senior notes. The offerings raised approximately $1.5 billion, aimed at financing the acquisition of ABB's Dodge Mechanical Power Transmission Business. RBC Bearings revealed plans for a new credit agreement worth $1.3 billion for a term loan and a $500 million revolving facility. All regulatory requirements for the Dodge acquisition have been satisfied, with expectations to close by late 2021.
RBC Bearings (NASDAQ: ROLL) announced the pricing of a $500 million offering of 4.375% senior notes due 2029, expected to close on October 7, 2021. The proceeds will primarily finance the acquisition of Dodge Mechanical Power Transmission Business from ABB. Until certain escrow conditions are met, the notes will be secured by an escrow account. Post conditions, they will be guaranteed by RBC Bearings and its subsidiaries. The notes will only be available to qualified institutional buyers and aren't registered under the Securities Act.
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