RBC Bearings Inc. (ROLL), Friday reported a decline in profit for the second quarter of fiscal 2010, reflecting lower sales from all product segments and a decline in gross margins.
RBC Bearings' net income for the second quarter declined to $4.04 million or $0.20 per share from $9.59 million or $0.44 per share in the previous year. Results for the quarter include large bearing start-up costs of $587 thousand and restructuring and moving costs of $233 thousand.
On an adjusted basis, net income for the third quarter was $5.28 million or $0.24 per share, compared to $10.70 million or $0.49 per share a year ago.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined to $63.66 million from $94.29 million last year. Analysts estimated a revenue of $66.09 million for the quarter.
Sales from roller bearing segment declined to $17.31 million from $25.67 million and sales from plain bearings segment declined to $30.26 million from $43.18 million in the previous year. Sales from ball bearings segment were $11.37 million, down from $16.55 million a year ago. Other segment sales declined to $4.71 million from $8.89 million last year.
Gross margin for the quarter was $19.1 million or 30.0% of sales, compared to $20.0 million or 31.4% of sales in the previous year.
Total operating expenses were $11.86 million, compared to $15.05 million a year ago.
Net income for the six-month period declined to $9.47 million or $0.44 per share from $20.27 million or $0.93 per share in the same period of the previous year. Net sales for the period declined to $127.39 million from $186.67 million last year.
ROLL is currently trading at $21.51, down 1.54 or 6.68%, on a volume of 98K shares on the Nasdaq.
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