RBC Q4 Earnings By The Numbers: Guides Q1 Above Consensus

RBC Bearings Inc RBC reported a Q4 FY23 net sales increase of 9.9% Y/Y to $394.4 million beating the consensus of $381.6 million.
Industrial segment net sales rose 7.4% Y/Y, and the Aerospace/Defense segment net sales were up 16.0% Y/Y in the quarter.
As of April 1, 2023, the backlog stood at $663.8 million.
Adjusted gross margin rose 15.4% Y/Y to $166.6 million, with a margin expansion of 200 basis points Y/Y to 42.2%.
Adjusted operating income rose 23.3% Y/Y to $88.6 million, with margins rising to 22.5% from 20.0% last year.
Adjusted EPS rose 10.4% Y/Y to $2.13, beating the consensus of $1.99.
Outlook: RBC expects Q1 FY24 net sales of $380.0 million-$390.0 million (consensus: $380.28 million), with a growth rate of 7.3% to 10.1%.
Dr. Michael J. Hartnett, Chairman and CEO said "Our net sales exceeded our expectations in the quarter as we continued to experience strong growth in both our Industrial and Aerospace/Defense segments. As we look ahead to fiscal 2024, our focus remains on delivering sustainable growth as we continue to navigate through a dynamic macro environment."
Price Action: RBC shares are trading lower by 4.82% at $213.84 on the last check Friday.

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