RBC Bearings Incorporated (NYSE:RBC) Q2 2024 Earnings Conference Call November 9, 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

Kristine Liwag - Morgan Stanley

Peter Skibitski - Alembic Global

Steve Barger - KeyBanc Capital Markets

Vivek Srivastava - Goldman Sachs

Timothy Thein - Citi

Operator

Greetings, and welcome to the RBC Bearings Fiscal 2024 Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. The 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 2024 second 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 would now like to turn the call over to Dr. Hartnett.

Michael Hartnett

Thank you, Josh, and good morning, and welcome to everyone.

I'm pleased to report that our net sales for the second quarter of fiscal 2024 were $385.6 million and this represents a 4.4% increase from last year. For the second quarter of 2024, our industrial products represented 67% of our sales and aerospace products 33%. As a footnote, over the past five years, revenue growth at RBC has been compounded at a rate of 16.8%.