RBC Bearings beats quarterly profit forecasts as revenue rises 15%

what happened

RBC Bearings Incorporated reported adjusted earnings of $3.74 per share for the quarter ended September 30, up from $2.88 a year earlier. Nine analysts had expected $3.53 per share on average, with the range of forecasts running from $3.38 to $3.67, according to the Earnings Summary report.

Revenue rose 15.2% to $524.6 million, compared with the $514.83 million analysts had projected. Reported net income reached $93.8 million, and reported EPS came to $2.96. LSEG data shows the shares fell 0.7% over the quarter and gained 10.6% so far this year.

why it matters

Both measures matter for the market: profit beat expectations, and revenue grew almost 16% year on year at the maker of precision bearings for industrial machinery. Meanwhile, the average analyst estimate for earnings fell about 0.3% over the past three months, and the consensus recommendation on the stock remains buy. The summary was generated automatically from LSEG data.

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