RBC Bearings Inc. (RBC) announced a significant increase in net income for the first quarter, reaching $61.4 million or $1.90 per share, compared to $50.0 million or $1.52 per share a year earlier.
Adjusting for specific items, the company's earnings per share were $2.54, an improvement from $2.13 per share in the same period last year.
This performance exceeded the expectations of eight analysts surveyed by Thomson Reuters, who had projected earnings of $2.39 per share, typically excluding special items.
The quarter's net sales saw a 5.0 percent rise, totaling $406.3 million, up from $387.1 million in the previous year's quarter. However, this fell short of Wall Street's forecast, which had anticipated revenues of $416.92 million.
Looking forward to the second quarter, RBC Bearings Inc. projects net sales to be in the range of $395.0 million to $405.0 million, reflecting an increase from last year's $395.6 million, with a growth rate between 2.4 to 5.0 percent. Analysts are forecasting revenues of $410.22 million for the second quarter.
