Oxford manufacturer RBC Bearings Inc., which makes precision bearings and components for the industrial, defense and aerospace industries, saw sales slump 14% in its latest quarter.
The company, founded in 1919 and headquartered at 102 Willenbrock Rd., has operations around the country as well as in Europe and Mexico.
Its net sales for the first quarter of fiscal 2021 were $156.5 million, a decrease of 14.3% from $182.7 million in the first quarter of fiscal 2020, the company announced.
CEO Michael J. Hartnett said the company’s first quarter was one of its “most unusual, ever” given the impacts of the coronavirus pandemic.
“Our primary objective was to protect our employees from the threats the pathogen posed by creating safe workplaces, our second objective was to operate our facilities efficiently in this environment of extreme government induced uncertainty, and our third objective was to confirm, by account, that product produced would be sold,” Hartnett said in a press release.
The company’s operating income for the first quarter of fiscal 2021 was $28.8 million, down from $38.5 million for the same period last year.
It also reported a reduction in net income for the first quarter of fiscal 2021, or $22.7 million compared to $30.5 million in the first quarter for fiscal 2020.
The company expects the trend to continue in the second quarter, projecting its net sales will be in the vicinity of $148 to $152 million, compared to $181.9 million last year.
The company’s stock, (Nasdaq: ROLL), was trading at $140.56 as of Tuesday morning.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
