RBC Bearings (RBC) Q1 FY2025 earnings: revenue $406 million, up 5.0% on the year

RBC Bearings Inc. (RBC) reported revenue of $406 million for Q1 FY2025, the quarter ended 29 June 2024, up 5.0% on the same quarter a year earlier. Net income was $61 million, up 22.8% on the year, and diluted earnings per share $1.90. The figures are the company's own, from the 10-Q it filed with the SEC on 2 August 2024.

Revenue$406 millionup 5.0%

Net income$61 millionup 22.8%

Diluted EPS$1.90

QuarterQ1 FY2025ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Revenue	406	414	n/a	n/a
Cost of revenue	222	235	n/a	n/a
Gross profit	184	178	n/a	n/a
Gross margin	45.3%	43.1%	n/a
Selling, general and administrative	67.6	64.4	n/a	n/a
Operating income	97.5	94.2	n/a	n/a
Operating margin	24.0%	22.8%	n/a
Interest expense	17.2	18.8	n/a	n/a
Pre-tax income	79.9	74.1	n/a	n/a
Income tax	18.5	12.5	n/a	n/a
Effective tax rate	23.2%	16.9%	n/a
Net income	61.4	61.6	n/a	n/a
Net margin	15.1%	14.9%	n/a
Diluted EPS	$1.90	$1.91	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Operating cash flow	97.4	79.5	n/a	n/a
Capital expenditure	9.0	9.5	n/a	n/a
Free cash flow	88.4	70.0	n/a	n/a
Free cash flow margin	21.8%	16.9%	n/a
Cash from investing	-9.0	-9.5	n/a	n/a
Cash from financing	-74.7	-76.5	n/a	n/a
Depreciation and amortisation	30.0	29.7	n/a	n/a
Share-based compensation	6.5	4.1	n/a	n/a
Buybacks	8.0	3.4	n/a	n/a
Diluted shares, weighted	29m	n/a	n/a	n/a
Shares outstanding at period end	29m	30m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Shareholders' equity	2,804	2,752	n/a	n/a
Debt	1,128	1,192	n/a	n/a
Operating lease liabilities	42.9	35.3	n/a	n/a
Finance lease liabilities	n/a	46.7	n/a	n/a
Other liabilities	722	653	n/a	n/a
Total liabilities and equity	4,696	4,679	n/a	n/a
Fixed assets	357	361	n/a	n/a
Goodwill	1,874	1,875	n/a	n/a
Intangible assets	1,376	1,392	n/a	n/a
Cash and equivalents	76.8	63.5	n/a	n/a
Receivables	255	255	n/a	n/a
Inventory	635	623	n/a	n/a
Other assets	123	109	n/a	n/a
Total assets	4,696	4,679	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	386	374	414	406	398	394	438	436	455	462	518	520
Cost of revenue	219	216	235	222	224	220	244	241	255	257	288	272
Gross profit	166	158	178	184	174	175	193	195	201	204	230	248
Gross margin	43%	42%	43%	45%	44%	44%	44%	45%	44%	44%	44%	48%
SG&A	60.5	63.9	64.4	67.6	69.5	70.1	72.1	73.9	77.4	77.9	86.9	85.8
Operating income	87.8	75.2	94.2	97.5	86.1	85.6	101	101	97.8	103	119	141
Operating margin	23%	20%	23%	24%	22%	22%	23%	23%	21%	22%	23%	27%
Interest expense	20.1	19.3	18.8	17.2	15.6	-14.2	41.2	12.2	-13.4	-13.0	n/a	10.1
Pre-tax income	66.9	56.8	74.1	79.9	69.4	74.7	87.9	87.7	83.4	89.3	109	130
Tax rate	23%	18%	17%	23%	22%	22%	17%	22%	28%	25%	16%	22%
Net income	51.7	46.6	61.6	61.4	54.2	57.9	72.7	68.5	60.0	67.4	91.7	102
Net margin	13%	12%	15%	15%	14%	15%	17%	16%	13%	15%	18%	20%
Diluted EPS	$1.58	$1.39	$1.91	$1.90	$1.65	$1.82	$2.30	$2.17	$1.90	$2.13	$2.89	$3.20
Operating cash flow	53.1	80.4	79.5	97.4	43.0	84.0	69.2	120	88.4	122	85.2	172
Capital expenditure	7.5	9.5	9.5	9.0	16.2	10.4	14.2	15.7	16.7	23.0	17.7	24.9
Free cash flow	45.6	70.9	70.0	88.4	26.8	73.6	55.0	104	71.7	99.1	67.5	147
Buybacks	0.2	0.6	3.4	8.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	29m	29m	30m	29m	30m	32m	33m	33m	33m	33m	33m	33m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 June 2024, filed 2 August 2024, accession 0001213900-24-064682: the filing on EDGAR. All of RBC Bearings Inc.'s filings: EDGAR company page.

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