RBC Bearings Q1 sales beats on aerospace, defense segment growth
RBC•Outlook
- RBC Bearings expects Q2 net sales of $505.0 mln to $515.0 mln
- Company sees Q2 gross margin between 45.5% and 45.75%
- RBC Bearings expects Q2 SG&A as a percentage of net sales at 16.5% to 16.75%
Overview
- US precision bearings maker's fiscal Q1 net sales rose 19%, beating analyst expectations
- Adjusted EPS for fiscal Q1 beat consensus, rising 36.6% yr/yr
- Company cites robust demand and VACCO acquisition as drivers of revenue growth
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q1 Sales | Beat | $519.50 mln | $509.24 mln (6 Analysts) |
| Q1 Adjusted EPS | Beat | $3.88 | $3.43 (7 Analysts) |
| Q1 EPS | $3.20 | ||
| Q1 Adjusted Net Income | Beat | $123 mln | $109.21 mln (3 Analysts) |
| Q1 Net Income | $101.50 mln |
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell". The average consensus recommendation for the industrial machinery & equipment peer group is "buy". Wall Street's median 12-month price target for RBC Bearings Inc is $645.00, about 14.8% above its July 30 closing price of $561.90. The stock recently traded at 49 times the next 12-month earnings vs. a P/E of 48 three months ago.
