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RBC Bearings Incorporated (RBC-0.39%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $394.4 million from $373.9 million in the same quarter the previous year. The increase is attributed to growth in both the Aerospace/Defense and Industrial segments.
Net income attributable to common stockholders for the quarter was $56.9 million, up from $40.8 million in the previous year. The increase in net income is due to higher sales and improved gross margins.
Gross margin for the quarter was 44.3% of net sales, compared to 42.3% in the same quarter of the previous year. This improvement is primarily due to favorable product mix and manufacturing efficiencies.
Selling, general, and administrative expenses increased to $70.1 million from $63.9 million, primarily due to increased personnel costs, stock compensation costs, travel costs, and professional fees.
Interest expense, net, decreased to $14.2 million from $19.3 million, reflecting the company's efforts to reduce debt and the effects of interest rate and cross-currency swaps.
RBC Bearings reported a total of $1,198.6 million in net sales for the nine-month period ended December 28, 2024, a 4.5% increase from $1,146.6 million in the same period the previous year.
The company had cash and cash equivalents of $60.6 million as of December 28, 2024, with approximately $22.4 million held by foreign subsidiaries.
RBC Bearings expects net sales to be approximately $434.0 to $444.0 million in the fourth quarter of fiscal 2025, reflecting a projected increase of 4.9% to 7.3% compared to the fourth quarter of 2024.
The filing also details the company's financial arrangements, including a Credit Agreement with Wells Fargo and the issuance of Senior Notes, and discusses the use of interest rate and cross-currency swaps to manage financial risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RBC Bearings Incorporated quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.