RBC Bearings Incorporated (ROLL) Q1 2023 Earnings Conference Call August 4, 2022 12:00 PM ET

Company Participants

Josh Carroll - Investor Relations

Michael Hartnett - Chairman, President and Chief Executive Officer

Daniel Bergeron - Director, Vice President and Chief Operating Officer

Robert Sullivan - Vice President and Chief Financial Officer

Conference Call Participants

Kristine Liwag - Morgan Stanley

Steve Barger - KeyBanc Capital Markets

Seth Weber - Wells Fargo Securities

Sam Struhsaker - Truist Securities

Joe Ritchie - Goldman Sachs

Ron Epstein - Bank of America

Pete Skibitski - Alembic Global

Operator

Hello and welcome to the RBC Bearings Q1 Fiscal Year 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It’s now my pleasure to turn the call over to Josh Carroll, Investor Relations. Please go ahead.

Josh Carroll

Thank you, operator. Good afternoon and thank you for joining us for RBC Bearings’ fiscal 2023 first quarter earnings conference call. With me on the call today is Dr. Michael J. 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 of 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 all. I will start off by saying that net sales for the first quarter of fiscal ‘23 were $354.1 million versus $156.2 million for the same period last year, an increase of 126%. For the first quarter of ‘23, sales of industrial products represented 72% of net sales, aerospace products 28%. Gross margin for the quarter was $141.2 million, 39.9% of net sales compares to $63.8 million or 40.8% for the same period last year.