RBC Bearings Inc. (ROLL) reported fiscal first-quarter 2015 (ended Jun 28, 2014) earnings of 69 cents per share, down a penny from the Zacks Consensus Estimate of 70 cents. However, earnings increased 6.2% year over year.
Revenues: Net sales in fiscal first-quarter 2015 were $113.0 million, up 10.0% year over year primarily due to increased sales in the aerospace and defense markets along with a hike in the industrial market. Revenues came in line with the Zacks Consensus Estimate of $113.0 million. Revenue details of each segment have been discussed below:
Plain Bearings segment revenues (53.0% of first-quarter total sales) were up 4.9% year over year to $59.9 million. Roller Bearings segment sales (28.1%) rose 12.0% to $31.8 million. Ball Bearings segment sales (12.0%) were $13.5 million, up 43.3% year over year. Other sales (6.9%) were $7.8 million, up 0.4% year over year.
Exiting the quarter, backlog amounted to $219.8 million compared with $218.9 million as on Jun 29, 2013.
Margins: RBC Bearings’ gross profit margin was 38.8%, compared with 39.4% in the prior-year quarter. Selling, general and administrative expenses were nearly $19.0 million and accounted for 16.8% of total revenue. Operating margin was recorded at 21.4%, decreasing 30 basis points year over year.
Balance Sheet: RBC Bearings' cash and short-term investments decreased to $104.5 million exiting the first quarter of fiscal 2015 against $123.6 million in the previous quarter. Total debt balance came in at $10.3 million versus $10.4 million reported in the preceding quarter.
Cash Flow: In the fiscal-first quarter 2015, cash flow from operating activities was recorded at $26.9 million versus $17.4 million a year ago. Capital spending was $3.5 million compared with $5.8 million in the first quarter of fiscal 2014.
In the quarter, the company paid a special dividend of $2.00 per share, to shareholders as on May 30, 2014.
RBC Bearings currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Blount International Inc. (BLT), The Babcock & Wilcox Co. (BWC) and DXP Enterprises, Inc. (DXPE). While both Blount International and Babcock & Wilcox sport a Zacks Rank #1 (Strong Buy), DXP Enterprises holds a Zacks Rank #2 (Buy).
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