Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
The information in this report, including the exhibit
hereto, is furnished pursuant to Item 2.02 of Form 8-K, and is not deemed to be “filed” for purposes of Section 18
of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. The information contained herein and in
the accompanying exhibit is not incorporated by reference in any filing of the Company under the Securities Act of 1933 or the Securities
Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.
According to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Exhibit
99.1
RBC
Bearings Incorporated Announces Fiscal First Quarter 2027 Results
Oxford,
CT – July 31, 2026 – RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision
bearings, components and essential systems for the industrial, aerospace and defense markets, today reported results for the first quarter
fiscal 2027.
First
Quarter Financial Highlights
| ● | First
quarter net sales of $519.5 million increased 19.2% over last year, Aerospace & Defense
up 36.9% and Industrial up 8.4%. |
| ● | Gross
margin of 47.7% for the first quarter of fiscal 2027 compared to 44.8% last year; Adjusted
gross margin of 47.7% compared to 45.4% last year. |
| ● | First
quarter net income as a percentage of net sales of 19.5% vs 15.7% last year; Adjusted EBITDA
as a percentage of net sales of 34.9% vs 32.5% last year. |
Three
Month Financial Highlights
| | |
Fiscal 2027 | | |
Fiscal 2026 | | |
Change | |
| ($ in millions) | |
GAAP | | |
Adjusted (1) | | |
GAAP | | |
Adjusted (1) | | |
GAAP | | |
Adjusted (1) | |
| Net sales | |
$ | 519.5 | | |
| | | |
$ | 436.0 | | |
| | | |
| 19.2 | % | |
| | |
| Gross margin | |
$ | 247.8 | | |
$ | 247.8 | | |
$ | 195.2 | | |
$ | 198.1 | | |
| 26.9 | % | |
| 25.1 | % |
| Gross margin % | |
| 47.7 | % | |
| 47.7 | % | |
| 44.8 | % | |
| 45.4 | % | |
| | | |
| | |
| Operating income | |
$ | 140.8 | | |
$ | 141.2 | | |
$ | 101.1 | | |
$ | 105.3 | | |
| 39.3 | % | |
| 34.1 | % |
| Operating income % | |
| 27.1 | % | |
| 27.2 | % | |
| 23.2 | % | |
| 24.2 | % | |
| | | |
| | |
| Net income | |
$ | 101.5 | | |
$ | 123.0 | | |
$ | 68.5 | | |
$ | 89.6 | | |
| 48.2 | % | |
| 37.3 | % |
| Diluted EPS | |
$ | 3.20 | | |
$ | 3.88 | | |
$ | 2.17 | | |
$ | 2.84 | | |
| 47.5 | % | |
| 36.6 | % |
| (1) | Results exclude items in reconciliation below. |
Dr.
Michael J. Hartnett, Chairman and Chief Executive Officer, stated, “Sales in our first quarter expanded by 19% as margins, cash
flow and backlog achieved record levels. Today we are operating extremely well in a robust commercial environment where the vast majority
of our end markets are expanding. I am proud of our many teams and their dedication to maintain the high levels of service expected of
RBC in these demanding markets. Clearly, we are excited and confident in the positive outlook for the balance of the year.”
First
Quarter Results
Net
sales for the first quarter of fiscal 2027 were $519.5 million, an increase of 19.2% from $436.0 million in the first quarter of fiscal
2026. $34.4 of net sales this quarter came from VACCO, which we acquired on July 18, 2025. Net sales for the Industrial segment increased
8.4%, while net sales for the Aerospace & Defense segment increased 36.9%. Gross margin for the first quarter of fiscal 2027 was
$247.8 million compared to $195.2 million for the same period last year. On an adjusted basis, gross margin was $247.8 million for the
first quarter of fiscal 2027 compared to $198.1 million for the same period last year.
SG&A
for the first quarter of fiscal 2027 was $85.8 million, an increase of $11.9 million from $73.9 million for the same period last year.
As a percentage of net sales, SG&A was 16.5% for the first quarter of fiscal 2027 compared to 16.9% for the same period last year.
Other
operating expenses for the first quarter of fiscal 2027 totaled $21.2 million compared to $20.2 million for the same period last year.
For the first quarter of fiscal 2027, other operating expenses included $21.0 million of amortization of intangible assets and $0.4 of
restructuring costs offset by $0.2 million of other items. For the first quarter of fiscal 2026, other operating expenses included $17.9
million of amortization of intangible assets, $1.2 million of restructuring costs, $0.1 of acquisition costs and $1.0 million of other
expense items.
Operating
income for the first quarter of fiscal 2027 was $140.8 million compared to $101.1 million for the same period last year. On an adjusted
basis, operating income was $141.2 million for the first quarter of fiscal 2027 compared to $105.3 million for the same period last year.
Refer to the tables below for details on the adjustments made to operating income to derive adjusted operating income.
Interest
expense, net, was $10.1 million for the first quarter of fiscal 2027 compared to $12.2 million for the same period last year. The decrease
in interest expense between the periods was primarily due to continued debt reduction efforts.
Other
non-operating expense was $0.5 million for the first quarter of fiscal 2027 compared to $1.2 million for the same period last year.
Income
tax expense for the first quarter of fiscal 2027 was $28.7 compared to $19.2 for the same period last year. The effective income tax
rate for the first quarter of fiscal 2027 was 22.1% compared to 21.9% for the same period last year. The effective income tax rate for
the first quarter of fiscal 2027 of 22.1% included $1.4 of discrete tax benefits associated with stock-based compensation and $0.1 of
other items. The effective income tax rate without discrete items for the first quarter of fiscal 2027 would have been 23.2%. The effective
income tax rate for the first quarter of fiscal 2026 of 21.9% included $2.3 of discrete tax benefits associated with stock-based compensation
partially offset by $1.3 of other items. The effective income tax rate without discrete items for the first quarter of fiscal 2026 would
have been 23.1%.
Net
income for the first quarter of fiscal 2027 was $101.5 million compared to $68.5 million for the same period last year. On an adjusted
basis, net income was $123.0 million for the first quarter of fiscal 2027 compared to $89.6 million for the same period last year. Refer
to the tables below for details on the adjustments made to net income to derive adjusted net income.
Diluted
EPS for the first quarter of fiscal 2027 was $3.20 compared to $2.17 for the same period last year. On an adjusted basis, diluted EPS
was $3.88 for the first quarter of fiscal 2027 compared to $2.84 for the same period last year. Refer to the tables below for details
on the adjustments made to EPS to derive the adjusted numbers above.
Backlog
as of June 27, 2026, was $2.3 billion compared to $2.3 billion as of March 28, 2026 and $1.0 billion as of June 28, 2025.
Outlook
for the Second Quarter Fiscal 2027
The
Company expects net sales to be approximately $505.0 million to $515.0 million in the second quarter of fiscal 2027, compared to $455.3
million in the prior year, for a growth rate of 10.9% to 13.1%. Gross margin is expected to be in the range of 45.5% to 45.75% and SG&A
as a percentage of net sales is expected to be in the range of 16.5% to 16.75%.
Live
Webcast
RBC
Bearings Incorporated will host a webcast on Friday, July 31st, 2026, at 11:00 a.m. ET to discuss the quarterly results. To
access the webcast, go to the investor relations portion of the Company’s website, investor.rbcbearings.com, and click on the webcast
link. If you do not have access to the Internet and wish to listen to the call, dial 877-407-4019 (international callers dial +1 201-689-8337)
and provide conference ID # 13761571. Investors are advised to dial into the call at least ten minutes prior to the call to register.
An audio replay of the call will be available from 2:00 p.m. ET on the day of the call and will remain available for two weeks following
the call. The replay can be accessed by dialing 877-660-6853 (international callers dial +1 201-612-7415) and providing conference ID
# 13761571.
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, as well as other non-cash items including but not limited to depreciation, amortization, and equity-based
incentive compensation. 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 GAAP.
A reconciliation of the non-GAAP measures disclosed in this press release with the most comparable GAAP measures are included in the
financial table attached to this press release.
Free
Cash Flow Conversion
Free
cash flow conversion measures our ability to convert operating profits into free cash flow and is calculated as free cash flow (cash
provided by operating activities less capital expenditures) divided by net income.
Adjusted
Gross Margin and Adjusted Operating Income
Adjusted
gross margin excludes the impact of restructuring costs associated with the closing of a plant, acquisition related fair value adjustments
to inventory or significant adjustments to existing manufacturing processes or product lines. Adjusted operating income excludes acquisition
expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar
charges, and other non-operational, non-cash or non-recurring losses or gains. We believe that adjusted operating income is useful in
assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure
trends useful in evaluating our continuing results of operations.
Adjusted
Net Income Attributable to Common Stockholders and Adjusted Earnings Per Share Attributable to Common Stockholders
Adjusted
net income attributable to common stockholders and adjusted earnings per share attributable to common stockholders (calculated on a diluted
basis) exclude non-cash expenses for amortization related to acquired intangible assets other than internal-use software, stock-based
compensation, amortization of deferred finance fees, acquisition expenses (including the impact of acquisition-related fair value adjustments
in connection with purchase), restructuring and other similar charges, significant adjustments to existing manufacturing processes or
product lines, gains or losses on divestitures, discontinued operations, gains or losses on extinguishment of debt, and other non-operational,
non-cash or non-recurring losses or gains, net of their income tax impact and other tax matters, which may include certain discrete items
and reserve-related items. We believe that adjusted net income and adjusted earnings per share are useful in assessing our financial
performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating
our continuing results of operations.
Adjusted
EBITDA
We
use the term “Adjusted EBITDA” to describe net income adjusted for the items summarized in the “Reconciliation of GAAP
to Non-GAAP Financial Measures” table below. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and
therefore reflects our financial performance based on operational factors, excluding non-operational, non-cash or non-recurring losses
or gains. In view of our debt level, Adjusted EBITDA aids our investors in understanding our compliance with our debt covenants. Management
and various investors use the ratio of total debt less cash to Adjusted EBITDA, or “net debt leverage,” as a measure of our
financial strength and ability to incur incremental indebtedness when making investment decisions and evaluating us against peers. Lastly,
management and various investors use the ratio of the change in Adjusted EBITDA divided by the change in net sales (referred to as “incremental
margin” in the case of an increase in net sales or “decremental margin” in the case of a decrease in net sales) as
an additional measure of our financial performance and some investors utilize it when making investment decisions and evaluating us against
peers.
Adjusted
EBITDA is not a presentation made in accordance with GAAP, and our definition of Adjusted EBITDA may vary from the definition used by
others in our industry. Adjusted EBITDA should not be considered as an alternative to net income, income from operations, or any other
performance measures derived in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool, and you should
not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. For example, Adjusted EBITDA does
not reflect (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or
cash requirements for, our working capital needs; (c) the significant interest expenses, or the cash requirements necessary to service
interest or principal payments, on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements
for the assets being depreciated and amortized that may have to be replaced in the future; or (f) the impact of earnings or charges resulting
from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations. In particular,
our definition of Adjusted EBITDA adds back certain non-cash, non-operating or non-recurring charges that are deducted in calculating
net income, even though these are expenses that may recur or vary greatly, are difficult to predict, and can represent the effect of
long-term strategies as opposed to short-term results. In addition, certain of these expenses can represent the reduction of cash that
could be used for other corporate purposes. Further, although not included in the calculation of Adjusted EBITDA below, the measure may
at times (i) include estimated cost savings and operating synergies related to operational changes ranging from acquisitions to dispositions
to restructurings and/or (ii) exclude one-time transition expenditures that we anticipate we will need to incur to realize cost savings
before such savings have occurred.
About
RBC Bearings
RBC
Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential
systems. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products and components
requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets.
The Company is headquartered in Oxford, Connecticut.
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 following: 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,” “would,” “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, geopolitical
factors including import/export tariffs, future levels of aerospace & defense and industrial market activity, future financial performance,
our use of information technology systems, our disclosure controls and procedures and internal control over financial reporting, our
debt level, our level of goodwill, 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, increases in interest rates, the
Company’s ability to acquire and integrate complementary businesses, and risks and uncertainties listed or disclosed in our reports
filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading “Risk
Factors” set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. The Company does not intend,
and undertakes no obligation, to update or alter any forward-looking statements.
| Contact: | Mike
Cummings or Josh Carroll |
| | | investors@rbcbearings.com |
RBC Bearings Incorporated
Consolidated Statements
of Operations
(amounts in millions, except share and per share data)
(Unaudited)
| |
Three Months Ended | |
| |
June 27, | | |
June 28, | |
| | |
2026 | | |
2025 | |
| Net sales | |
$ | 519.5 | | |
$ | 436.0 | |
| Cost of sales | |
| 271.7 | | |
| 240.8 | |
| Gross margin | |
| 247.8 | | |
| 195.2 | |
| | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | |
| Selling, general and administrative | |
| 85.8 | | |
| 73.9 | |
| Other, net | |
| 21.2 | | |
| 20.2 | |
| Total operating expenses | |
| 107.0 | | |
| 94.1 | |
| | |
| | | |
| | |
| Operating income | |
| 140.8 | | |
| 101.1 | |
| | |
| | | |
| | |
| Interest expense, net | |
| 10.1 | | |
| 12.2 | |
| Other non-operating expense | |
| 0.5 | | |
| 1.2 | |
| Income before income taxes | |
| 130.2 | | |
| 87.7 | |
| Provision for income taxes | |
| 28.7 | | |
| 19.2 | |
| Net income | |
$ | 101.5 | | |
$ | 68.5 | |
| | |
| | | |
| | |
| Net income per common share : | |
| | | |
| | |
| Basic | |
$ | 3.22 | | |
$ | 2.18 | |
| Diluted | |
$ | 3.20 | | |
$ | 2.17 | |
| | |
| | | |
| | |
| Weighted average common shares: | |
| | | |
| | |
| Basic | |
| 31,559,554 | | |
| 31,374,859 | |
| Diluted | |
| 31,714,686 | | |
| 31,553,214 | |
Segment Data:
| |
Three Months Ended | |
| | |
June 27, | | |
June 28, | |
| Net External Sales: | |
2026 | | |
2025 | |
| Aerospace and defense segment | |
$ | 225.4 | | |
$ | 164.6 | |
| Industrial segment | |
| 294.1 | | |
| 271.4 | |
| Total net external sales | |
$ | 519.5 | | |
$ | 436.0 | |
| | |
Three Months Ended | |
| Reconciliation of Reported Gross Margin to Adjusted Gross Margin: | |
June 27, 2026 | | |
June 28, 2025 | |
| Reported gross margin | |
$ | 247.8 | | |
$ | 195.2 | |
| Restructuring and consolidation | |
| - | | |
| 2.9 | |
| Adjusted gross margin | |
$ | 247.8 | | |
$ | 198.1 | |
| | |
Three Months Ended | |
| Reconciliation of Reported Operating Income to Adjusted Operating Income: | |
June 27, 2026 | | |
June 28, 2025 | |
| Reported operating income | |
$ | 140.8 | | |
$ | 101.1 | |
| Transaction and related costs | |
| - | | |
| 0.1 | |
| Restructuring and consolidation | |
| 0.4 | | |
| 4.1 | |
| Adjusted operating income | |
$ | 141.2 | | |
$ | 105.3 | |
| | |
Three Months Ended | |
| Reconciliation of Reported Net Income to Adjusted Net Income: | |
June 27, 2026 | | |
June 28, 2025 | |
| Reported net income | |
$ | 101.5 | | |
$ | 68.5 | |
| Transaction and related costs | |
| - | | |
| 0.1 | |
| Restructuring and consolidation | |
| 0.4 | | |
| 4.1 | |
| M&A related amortization | |
| 19.5 | | |
| 16.2 | |
| Stock compensation expense | |
| 6.7 | | |
| 6.6 | |
| Amortization of deferred finance fees | |
| 0.8 | | |
| 0.8 | |
| Tax impact of adjustments and other tax matters* | |
| (5.9 | ) | |
| (6.7 | ) |
| Adjusted net income | |
$ | 123.0 | | |
$ | 89.6 | |
| | |
| | | |
| | |
| Adjusted net income per common share: | |
| | | |
| | |
| Basic | |
$ | 3.90 | | |
$ | 2.86 | |
| Diluted | |
$ | 3.88 | | |
$ | 2.84 | |
| | |
| | | |
| | |
| Weighted average common shares: | |
| | | |
| | |
| Basic | |
| 31,559,554 | | |
| 31,374,859 | |
| Diluted | |
| 31,714,686 | | |
| 31,553,214 | |
| * | Overall tax rate applied to adjusted pre-tax earnings was
22.0% and 22.5% for the three-month periods ended June 27, 2026 and June 28, 2025, respectively. |
| | |
Three Months Ended | |
| Reconciliation of Reported Net Income to Adjusted EBITDA: | |
June 27, 2026 | | |
June 28, 2025 | |
| Reported net income | |
$ | 101.5 | | |
$ | 68.5 | |
| Interest expense, net | |
| 10.1 | | |
| 12.2 | |
| Provision for income taxes | |
| 28.7 | | |
| 19.2 | |
| Stock compensation expense | |
| 6.7 | | |
| 6.6 | |
| Depreciation and amortization | |
| 33.3 | | |
| 29.6 | |
| Other non-operating expense | |
| 0.5 | | |
| 1.2 | |
| Transaction and related costs | |
| - | | |
| 0.1 | |
| Restructuring and consolidation | |
| 0.4 | | |
| 4.1 | |
| Adjusted EBITDA | |
$ | 181.2 | | |
$ | 141.5 | |
Consolidated Balance Sheets
(amounts in millions, except share and per share data)
| | |
June 27, | | |
March 28, | |
| | |
2026 | | |
2026 | |
| | |
(Unaudited) | | |
| |
| Assets | |
| | |
| |
| Cash | |
$ | 124.5 | | |
$ | 57.3 | |
| Accounts receivable, net of allowance for credit losses | |
| 326.2 | | |
| 340.6 | |
| Inventory, net | |
| 776.4 | | |
| 762.8 | |
| Prepaid expenses and other current assets | |
| 39.8 | | |
| 29.1 | |
| Total current assets | |
| 1,266.9 | | |
| 1,189.8 | |
| Property, plant and equipment, net | |
| 430.0 | | |
| 419.0 | |
| Operating lease assets | |
| 65.1 | | |
| 68.7 | |
| Goodwill | |
| 2,002.5 | | |
| 2,003.4 | |
| Intangible assets, net | |
| 1,358.7 | | |
| 1,378.2 | |
| Other noncurrent assets | |
| 72.9 | | |
| 63.6 | |
| Total assets | |
$ | 5,196.1 | | |
$ | 5,122.7 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Equity | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Accounts payable | |
$ | 149.9 | | |
$ | 147.0 | |
| Accrued expenses and other current liabilities | |
| 244.4 | | |
| 214.7 | |
| Current operating lease liabilities | |
| 10.2 | | |
| 10.7 | |
| Current portion of long-term debt | |
| 96.2 | | |
| 173.8 | |
| Total current liabilities | |
| 500.7 | | |
| 546.2 | |
| Long-term debt, less current portion | |
| 710.0 | | |
| 701.7 | |
| Noncurrent operating lease liabilities | |
| 56.2 | | |
| 59.0 | |
| Deferred income taxes | |
| 266.0 | | |
| 267.3 | |
| Other noncurrent liabilities | |
| 201.2 | | |
| 187.5 | |
| Total liabilities | |
| 1,734.1 | | |
| 1,761.7 | |
| | |
| | | |
| | |
| Stockholders’ equity | |
| | | |
| | |
| Common stock, $.01 par value | |
| 0.3 | | |
| 0.3 | |
| Additional paid-in capital | |
| 1,747.5 | | |
| 1,735.4 | |
| Accumulated other comprehensive income | |
| 0.2 | | |
| 2.1 | |
| Retained earnings | |
| 1,839.7 | | |
| 1,738.2 | |
| Treasury stock, at cost | |
| (125.7 | ) | |
| (115.0 | ) |
| Total stockholders’ equity | |
| 3,462.0 | | |
| 3,361.0 | |
| Total liabilities and stockholders’ equity | |
$ | 5,196.1 | | |
$ | 5,122.7 | |
Consolidated Statements
of Cash Flows
(amounts in millions)
(Unaudited)
| | |
Three Months Ended | |
| | |
June 27, | | |
June 28, | |
| | |
2026 | | |
2025 | |
| Cash flows from operating activities: | |
| | |
| |
| Net income | |
$ | 101.5 | | |
$ | 68.5 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 33.3 | | |
| 29.6 | |
| Deferred income taxes | |
| (1.4 | ) | |
| (4.6 | ) |
| Amortization of deferred financing costs | |
| 0.8 | | |
| 0.8 | |
| Stock-based compensation | |
| 6.7 | | |
| 6.6 | |
| Noncash operating lease expense | |
| 1.9 | | |
| 1.7 | |
| (Gain)/loss on disposition of assets | |
| - | | |
| (0.6 | ) |
| Restructuring and other noncash charges | |
| - | | |
| 3.8 | |
| Changes in operating assets and liabilities, net of acquisitions: | |
| | | |
| | |
| Accounts receivable | |
| 14.2 | | |
| 17.7 | |
| Inventory | |
| (14.2 | ) | |
| (22.8 | ) |
| Prepaid expenses and other current assets | |
| (10.7 | ) | |
| (1.7 | ) |
| Other noncurrent assets | |
| (9.4 | ) | |
| (2.2 | ) |
| Accounts payable | |
| 2.9 | | |
| 1.9 | |
| Accrued expenses and other current liabilities | |
| 34.0 | | |
| 25.5 | |
| Other noncurrent liabilities | |
| 12.2 | | |
| (4.2 | ) |
| Net cash provided by operating activities | |
| 171.8 | | |
| 120.0 | |
| | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | |
| Capital expenditures | |
| (24.9 | ) | |
| (15.7 | ) |
| Net cash used in investing activities | |
| (24.9 | ) | |
| (15.7 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Proceeds received from revolving credit facilities | |
| 8.3 | | |
| - | |
| Repayments of revolving credit facilities | |
| - | | |
| (5.0 | ) |
| Repayments of term loans | |
| (77.0 | ) | |
| - | |
| Repayments of notes payable | |
| (1.2 | ) | |
| (1.1 | ) |
| Principal payments on finance lease obligations | |
| (1.2 | ) | |
| (1.2 | ) |
| Exercise of equity awards | |
| 2.4 | | |
| 11.5 | |
| Tax withholding for common stock issued under equity incentive plans | |
| (10.7 | ) | |
| (12.1 | ) |
| Net cash used in financing activities | |
| (79.4 | ) | |
| (7.9 | ) |
| | |
| | | |
| | |
| Effect of exchange rate changes on cash | |
| (0.3 | ) | |
| (0.3 | ) |
| | |
| | | |
| | |
| Cash: | |
| | | |
| | |
| Increase during the period | |
| 67.2 | | |
| 96.1 | |
| Cash, at beginning of period | |
| 57.3 | | |
| 36.8 | |
| Cash, at end of period | |
$ | 124.5 | | |
$ | 132.9 | |
| | |
| | | |
| | |
| Supplemental disclosures of cash flow information: | |
| | | |
| | |
| Cash paid for: | |
| | | |
| | |
| Income taxes | |
$ | 1.6 | | |
$ | 1.4 | |
| Interest | |
| 13.8 | | |
| 17.0 | |
| | |
| | | |
| | |
| FY2027 Q2 Outlook - Modeling Items: | |
| | | |
| | |
| Net sales | |
| $505.0 - $515.0 | | |
| | |
| Gross margin (as a percentage of net sales) | |
| 45.5% - 45.75 | % | |
| | |
| SG&A (as a percentage of net sales) | |
| 16.5% - 16.75 | % | |
| | |
| Contact: | Mike Cummings or Josh Carroll |
| | investors@rbcbearings.com |
