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RBC Bearings (Nasdaq: ROLL) announced the intention to offer $500 million in senior notes due 2029 through its subsidiary, Roller Bearing Company of America. The proceeds will finance the pending acquisition of the Dodge Mechanical Power Transmission Business from ABB, cover acquisition-related expenses, and support corporate purposes. The offering is contingent on market conditions and escrow release conditions, with initial notes secured by funds in escrow until the acquisition is completed.
RBC Bearings Incorporated (Nasdaq: ROLL) announced the pricing of public offerings totaling 7 million shares: 3 million shares of common stock priced at $185.00 each and 4 million shares of Series A Mandatory Convertible Preferred Stock at $100.00 each. The net proceeds are estimated at $913.6 million, intended for funding the pending acquisition of the Dodge Mechanical Power Transmission Business from ABB, along with related fees and general corporate purposes. The offerings will settle on September 24, 2021.
RBC Bearings Incorporated (NASDAQ: ROLL) has launched concurrent public offerings of 3 million common stock shares and $400 million in Series A Mandatory Convertible Preferred Stock. The offerings aim to finance the acquisition of the Dodge Mechanical Power Transmission Business from ABB. The common stock offering includes a 30-day overallotment option for underwriters. The mandatory convertible preferred stock will automatically convert into common stock by October 15, 2024, unless redeemed earlier. Both offerings are subject to market conditions and are not contingent on each other.
RBC Bearings (Nasdaq: ROLL) reported Q1 fiscal 2022 results with net sales of $156.2 million, down 0.2% from the previous year. However, gross margin increased to $63.8 million, reflecting a 7.3% rise, and net income rose 14.6% to $26 million. Diluted EPS grew by 13.2% to $1.03. While industrial market sales surged by 31%, aerospace sales fell by 18.3%. The company expects Q2 sales between $158 million and $162 million, indicating a growth forecast of 8.0% to 10.7% compared to last year.
RBC Bearings Incorporated (Nasdaq: ROLL) will release its first quarter fiscal 2022 financial results on August 5th before market open. A conference call is scheduled for the same day at 11:00 a.m. ET, featuring Dr. Michael J. Hartnett and other key executives discussing the quarterly results. Investors can access the webcast via the company's website or call in using specified numbers. RBC Bearings specializes in highly engineered precision bearings and components for various industries including industrial, defense, and aerospace, and has been operational since 1919.
RBC Bearings (Nasdaq: ROLL) announced a definitive agreement to acquire DODGE mechanical power transmission division from ABB for $2.9 billion in cash. The transaction values DODGE at 16.7x adjusted EBITDA for the year ending June 30, 2021. DODGE, based in South Carolina, specializes in mounted bearings and power transmission products, generating $617 million in revenue. Post-acquisition, RBC expects a 40-60% increase in cash EPS in the first fiscal year and aims to achieve $70 million to $100 million in annual synergies by 2026. The deal is expected to close in Q4 2021, pending regulatory review.
RBC Bearings Incorporated (Nasdaq: ROLL), an expert in precision bearings for industrial, defense, and aerospace sectors, will participate in the William Blair 41st Annual Growth Stock Conference on June 2, 2021. Key executives including Dr. Michael J. Hartnett, Daniel A. Bergeron, and Robert M. Sullivan will represent the company. Conference materials will be accessible online at investor.rbcbearings.com.
RBC Bearings, founded in 1919, is headquartered in Oxford, Connecticut, and specializes in highly engineered bearing products.
RBC Bearings (Nasdaq: ROLL) reported a 13.7% decline in fourth quarter net sales for fiscal 2021, totaling $160.3 million, primarily due to a 28.6% drop in aerospace market sales. Despite a decrease in gross margin to $62.5 million, SG&A costs fell to $27.4 million. Net income decreased to $25.0 million with a diluted EPS of $0.99, a 26.7% drop year-over-year. The company ended fiscal 2021 with a robust cash position of $241.3 million and an outlook projecting first quarter sales between $154.0 million and $158.0 million.
RBC Bearings Incorporated (Nasdaq: ROLL) will release its fourth quarter financial results on May 21st before market open. A conference call will follow at 11:00 a.m. ET, featuring updates from Dr. Michael J. Hartnett (CEO), Daniel A. Bergeron (COO), and Robert M. Sullivan (CFO). Investors can access the call via the company's website or by phone. An audio replay will be available until May 28th. RBC Bearings specializes in precision bearings and components for industrial, defense, and aerospace sectors, founded in 1919 and headquartered in Oxford, Connecticut.
RBC Bearings Incorporated (Nasdaq: ROLL) will participate in the BofA Global Research Global Industrials Conference on March 16, 2021. The event will feature Vice President and COO Daniel A. Bergeron and CFO Robert M. Sullivan as representatives. Attendees can access presentation materials online at investor.rbcbearings.com. RBC Bearings specializes in manufacturing precision bearings and components for industrial, defense, and aerospace sectors, emphasizing regulated and highly technical products since its founding in 1919.
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