RBC Bearings Inc. posted higher sales and profits for the fiscal first quarter due to rising core industrial sales of the Oxford maker’s roller and ball bearings and one-time receipt of some $3.6 million from a foreign steel-dumping settlement.
For three months ended June 30, RBC netted $17.2 million, or 76 cents a diluted share, up from $10.7 million, or 43 cents a share, netted the comparable period a year ago.
First-quarter sales grew 11 percent to $103.3 million vs. $93.3 million last year.
In April, RBC collected some $3.6 million in relief from a defunct federal tariff program that shielded U.S. steelmakers from underpriced foreign steel dumped on the American market.
RBC makes precision plain, roller and ball bearings for industrial, aerospace and defense industries worldwide.
As of June 30, sales backlog was $211.5 million vs. $206.4 million the comparable date last year.
