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First Quarter Financial Highlights
| ($ in millions) | Fiscal 2019 | Fiscal 2018 | Change | ||||||||||||||||
| GAAP | Adjusted (1) | GAAP | Adjusted (1) | GAAP | Adjusted (1) | ||||||||||||||
| Net sales | $176.0 | $176.0 | $163.9 | $163.9 | 7.4% | 7.4% | |||||||||||||
| Gross margin | $67.7 | $67.7 | $62.0 | $62.0 | 9.2% | 9.2% | |||||||||||||
| Gross margin % | 38.5% | 38.5% | 37.8% | 37.8% | |||||||||||||||
| Operating income | $36.0 | $36.0 | $32.0 | $32.0 | 12.6% | 12.6% | |||||||||||||
| Operating income % | 20.5% | 20.5% | 19.5% | 19.5% | |||||||||||||||
| Net income | $27.5 | $28.1 | $21.8 | $22.0 | 25.9% | 27.9% | |||||||||||||
| Diluted EPS | $1.12 | $1.15 | $0.90 | $0.91 | 24.4% | 26.4% | |||||||||||||
| (1) Results exclude items in reconciliation below. | |||||||||||||||||||
“Our results for the first quarter of fiscal 2019 were in line with our
expectations as organic net sales grew 9.4% during the period.
Industrial sales led the way with a positive impact from the aerospace
sector as well,” said Dr.
First Quarter Results
Net sales
for the first quarter of fiscal 2019 were
SG&A for the first quarter of fiscal 2019 was
Other operating expenses for the first quarter of fiscal 2019 totaled
Operating income for the first quarter of fiscal 2019 was
Interest expense, net was
Other non-operating expenses were
Income tax expense for the first quarter of fiscal 2019 was
Net income for the first quarter of fiscal 2019 was
Diluted EPS for the first quarter of fiscal 2019 was
Backlog, as of
Term Loan Debt Extinguishment
On
Outlook for the Second Quarter of Fiscal 2019
The
Company expects net sales to be approximately
Live Webcast
Non-GAAP Financial Measures
In
addition to disclosing results of operations that are determined in
accordance with U.S. generally accepted accounting principles (“GAAP”),
this press release also discloses non-GAAP results of operations that
exclude certain items. These non-GAAP measures adjust for items that
Management believes are unusual. Management believes that the
presentation of these non-GAAP measures provides useful information to
investors regarding the Company’s results of operations, as these
non-GAAP measures allow investors to better evaluate ongoing business
performance. Investors should consider non-GAAP measures in addition to,
not as a substitute for, financial measures prepared in accordance with
U.S. GAAP. A reconciliation of the non-GAAP measures disclosed in the
press release with the most comparable U.S. GAAP measures are included
in the financial table attached to this press release.
About
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 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,”
“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, increased import duties, geopolitical factors, future levels
of general industrial manufacturing activity, future financial
performance, 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, the
outcome of pending or future litigation and governmental proceedings and
approvals, estimated legal costs, increases in interest rates, tax
legislation and changes, including the impact of the TCJA, the Company’s
ability to meet its debt obligations, the Company’s ability to acquire
and integrate complementary businesses, and risks and uncertainties
listed or disclosed in the Company’s reports filed with the
|
RBC Bearings Incorporated |
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| Three Months Ended | |||||||||||||
| June 30, | July 1, | ||||||||||||
| 2018 | 2017 | ||||||||||||
| Net sales | $ | 175,985 | $ | 163,897 | |||||||||
| Cost of sales | 108,246 | 101,881 | |||||||||||
| Gross margin | 67,739 | 62,016 | |||||||||||
| Operating expenses: | |||||||||||||
| Selling, general and administrative | 29,575 | 27,778 | |||||||||||
| Other, net | 2,166 | 2,279 | |||||||||||
| Total operating expenses | 31,741 | 30,057 | |||||||||||
| Operating income | 35,998 | 31,959 | |||||||||||
| Interest expense, net | 1,711 | 2,029 | |||||||||||
| Other non-operating (income) expense | 1,034 | 531 | |||||||||||
| Income before income taxes | 33,253 | 29,399 | |||||||||||
| Provision for income taxes | 5,786 | 7,590 | |||||||||||
| Net income | $ | 27,467 | $ | 21,809 | |||||||||
| Net income per common share: | |||||||||||||
| Basic | $ | 1.14 | $ | 0.92 | |||||||||
| Diluted | $ | 1.12 | $ | 0.90 | |||||||||
| Weighted average common shares: | |||||||||||||
| Basic | 24,140,778 | 23,805,138 | |||||||||||
| Diluted | 24,543,589 | 24,189,375 | |||||||||||
| Reconciliation of Reported Net Income and Net Income | Three Months Ended | ||||||||||||
| Per Common Share to Adjusted Net Income and | June 30, | July 1, | |||||||||||
| Adjusted Net Income Per Common Share: | 2018 | 2017 | |||||||||||
| Reported net income | $ | 27,467 | $ | 21,809 | |||||||||
| Loss on extinguishment of long term debt (1) | 815 | - | |||||||||||
| Foreign exchange translation loss (gain) (1) | (100 | ) | 208 | ||||||||||
| Discrete tax reserve loss (benefit) | (73 | ) | (48 | ) | |||||||||
| Adjusted net income | $ | 28,109 | $ | 21,969 | |||||||||
| (1) After tax impact. | |||||||||||||
| Adjusted net income per common share: | |||||||||||||
| Basic | $ | 1.16 | $ | 0.92 | |||||||||
| Diluted | $ | 1.15 | $ | 0.91 | |||||||||
| Weighted average common shares: | |||||||||||||
| Basic | 24,140,778 | 23,805,138 | |||||||||||
| Diluted | 24,543,589 | 24,189,375 | |||||||||||
| Three Months Ended | |||||||||||||
| June 30, | July 1, | ||||||||||||
| Segment Data, Net External Sales: | 2018 | 2017 | |||||||||||
| Plain bearings segment | $ | 78,525 | $ | 72,653 | |||||||||
| Roller bearings segment | 35,870 | 31,413 | |||||||||||
| Ball bearings segment | 18,074 | 15,780 | |||||||||||
| Engineered products segment | 43,516 | 44,051 | |||||||||||
| $ | 175,985 | $ | 163,897 | ||||||||||
| Three Months Ended | |||||||||||||
| June 30, | July 1, | ||||||||||||
| Selected Financial Data: | 2018 | 2017 | |||||||||||
| Depreciation and amortization | $ | 7,313 | $ | 7,098 | |||||||||
| Incentive stock compensation expense | $ | 3,766 | $ | 3,228 | |||||||||
| Operating income plus depreciation/amortization | |||||||||||||
| plus incentive stock compensation expense | $ | 47,077 | $ | 42,285 | |||||||||
| Cash provided by operating activities | $ | 33,835 | $ | 39,809 | |||||||||
| Capital expenditures | $ | 6,993 | $ | 5,659 | |||||||||
| Total debt | $ | 144,293 | $ | 237,865 | |||||||||
| Cash and short-term investments | $ | 55,656 | $ | 45,463 | |||||||||
| Total debt minus cash | $ | 88,637 | $ | 192,402 | |||||||||
| Repurchase of common stock | $ | 1,491 | $ | 2,288 | |||||||||
| Backlog | $ | 419,249 | $ | 380,450 | |||||||||
| *The Company retrospectively adopted ASU No. 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” on April 1, 2018. The adoption of this ASU resulted in the reclassification of $159 of net periodic benefit cost from compensation costs ($107 included within Cost of sales and $52 within Other, net) to Other non-operating expense on the Consolidated Statement of Operations for the three-month period ended July 1, 2017. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20180802005105/en/
Source:
RBC Bearings
Daniel A. Bergeron, 203-267-5028
dbergeron@rbcbearings.com
or
Alpha
IR Group
Michael Cummings, 617-461-1101
investors@rbcbearings.com