RBC Bearings Incorporated (NYSE:RBC) Q1 2024 Results Conference Call August 4, 2023 11:00 AM ET

Company Participants

Josh Carroll - Investor Relations

Michael Hartnett - President and Chief Executive Officer

Daniel Bergeron - Vice President and Chief Operating Officer

Robert Sullivan - Vice President and Chief Financial Officer

Conference Call Participants

Kristine Liwag - Morgan Stanley

Vivek Srivastava - Goldman Sachs

Peter Skibitski - Alembic Global

Steve Barger - KeyBanc Capital Markets

Michael Ciarmoli - Truist

Operator

Greetings, and welcome to RBC Bearings’ Fiscal 2024 First Quarter Earnings Call. At this time, all participants are in a listen-only mode. Question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your Josh Carroll with Investor Relations. Please go ahead.

Josh Carroll

Good morning and thank you for joining us for RBC Bearings fiscal 2024 first quarter earnings conference call. With me on the call today are Dr. Michael Hartnett, Chairman, President, and Chief Executive Officer; Daniel Bergeron, Director, Vice President and Chief Operating Officer; and Robert Sullivan, Vice President and Chief Financial Officer.

Before beginning today’s call, let me remind you that, some of the statements made today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied due to a variety of factors.

We refer you to RBC Bearings’ recent filings with the SEC for a more detailed discussion of the risks that could impact the company’s future operating results and financial condition. These factors are also described in greater detail in the press release and on the company’s website. In addition, reconciliation between GAAP and non-GAAP financial information is included as part of the release and is available on the company’s website.

With that, I will now turn the call over to Dr. Hartnett.

Michael Hartnett

Thank you, Josh, and good morning to all, and welcome to the RBC conference call. While I’m pleased to report that our net sales for the first quarter of 2024 were $387 million. This represents an increase of 9.3% from last year.

For the first quarter of 2024 sales of industrial products represented 69% of our net sales with aerospace products at 31%. As footnote, over the past 10-years, revenue growth at RBC has been made at the compounded rate of 14.7%.