RBC Bearings Incorporated (NYSE:RBC) Q4 2023 Earnings Conference Call May 19, 2023 11:00 AM ET

Company Participants

Josh Carroll - Investor Relations

Dr. Michael Hartnett - Chairman, President, and Chief Executive Officer

Robert Sullivan - Vice President and Chief Financial Officer

Daniel Bergeron - Director, Vice President and Chief Operating Officer

Conference Call Participants

Kristine Liwag - Morgan Stanley

Peter Skibitski - Alembic Global Advisors

Steve Barger - KeyBanc Capital Markets

Lawrence Stavitski - Wells Fargo

Vivek Srivastava - Goldman Sachs

Michael Ciarmoli - Truist Securities

Operator

RBC Bearings Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A 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 host, Josh Carroll with Investor Relations. Please go ahead.

Josh Carroll

Thank you, operator. Good morning and thank you for joining us for RBC Bearings fiscal 2023 fourth 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.

Dr. Michael Hartnett

Thank you, Josh, and good morning and welcome to all. Net sales for the fourth quarter of fiscal 2023 were $394.4 million versus $358.9 million for the same period last year, an increase of 9.9%. For the fourth quarter of our 2023 sales of industrial products represented 69% of our net sales and aerospace products 31%.

Gross margin for the quarter was $166.5 million, or 42.2% of net sales. This compares with $137.5 million or 38.3% for the same period last year. Adjusted operating income was $88.6 million, 22.5% of net sales, compared to last year's $71.9 million and 20% respectively. Adjusted EPS came in at $2.13 a share. Adjusted EBITDA was $121.1 million, 30.7% of net sales compared to $104.4 million and 29.1% of net sales for the last -- same period last year.