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.
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, 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 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.