RBC Bearings Incorporated (NYSE:RBC) Q2 2023 Earnings Conference Call November 10, 2022 11:00 AM ET
Company Participants
Josh Carroll - Investor Relations
Michael Hartnett - Chairman, President & Chief Executive Officer
Robert Sullivan - Vice President & Chief Financial Officer
Daniel Bergeron - Director, Vice President & Chief Operating Officer
Conference Call Participants
Joe Ritchie - Goldman Sachs
Steve Barger - KeyBanc Capital Markets
Larry Stavitski - Wells Fargo.
Elizabeth Grenfell - Bank of America
Pete Skibitski - Alembic Global
Pete Osterland - Truist Securities
Operator
Welcome to RBC Bearings Second 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] Please note this conference is being recorded.
I will now turn the conference over to Josh Carroll, Investor Relations. You may begin.
Josh Carroll
Good morning and thank you for joining us for RBC Bearings fiscal 2023 second 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. I'll go through the introduction here and then turn it over to Rob. Net sales for the second quarter of 2023 were $369.2 million versus $160.9 million for the same period last year, an increase of 129.4%.
The second quarter of 2023 our sales of our industrial products represented 72% of net sales and aerospace products 28%. Gross margin for the quarter was $151.1 million or 40.9% of net sales. This compares with $62.5 million or 38.8% for the same period last year.