RBC Bearings Incorporated (NYSE:RBC) Q3 2023 Earnings Conference Call February 10, 2023 11:00 AM ET

Company Participants

Josh Carroll - Investor Relations

Michael Hartnett - Chairman, President and Chief Executive Officer

Robert Sullivan - Vice President and Chief Financial Officer

Daniel Bergeron - Vice President and Chief Operating Officer

Conference Call Participants

Peter Skibitski - Alembic Global Advisors

Kristine Liwag - Morgan Stanley

Stephen Barger - KeyBanc Capital Markets Inc.

Seth Weber - Wells Fargo Securities, LLC

Michael Ciarmoli - Truist Securities

Joseph Ritchie - Goldman Sachs

Elizabeth Grenfell - Bank of America Merrill Lynch

Operator

Greetings, and welcome to RBC Bearings Third Quarter Fiscal Year 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

Good morning, and thank you, for joining us for RBC Bearings fiscal 2023 third quarter earnings conference call. With me on the call today are Dr. Michael J. Hartnett, Chairman, President, and Chief Executive Officer; Daniel A. 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

Okay. Thank you, Josh, and good morning, everyone, and welcome to the RBC's third quarter conference call. So net sales for our third quarter for fiscal 2023 were $351.6 million versus $267 million for the same period last year, 31.7% increase. For the third quarter of 2023, sales of our industrial products represented 70% of net sales with aerospace products at 30%. Gross margin for the quarter was $146 million or 41.5% of net sales. This compares to $93.3 million or 35% for the same period last year.