Oxford, Connecticut-based RBC Bearings Incorporated (Nasdaq: ROLL) reported net sales for the fourth quarter of fiscal 2021 were $160.3 million, a decrease of 13.7% from $185.8 million in the fourth quarter of fiscal 2020. Net sales for the aerospace markets decreased 28.6% while industrial market net sales increased 12.9%. Gross margin for the fourth quarter of fiscal 2021 was $62.5 million compared to $76.6 million for the same period last year. On an adjusted basis, gross margin for the fourth quarter of fiscal 2021 was $62.7 million compared to $76.7 million for the same period last year.
“I am pleased with our team’s performance during a fiscal year challenged by the global pandemic. Sequential sales improvements, combined with outstanding expense control and execution drove our highest level of cash flow in the fourth quarter,” says Dr. Michael J. Hartnett, chairman and chief executive officer. “We are encouraged by the expansion of demand for our industrial products and opportunities within our robust platforms in aerospace. We enter fiscal 2022 with a healthy backlog and we remain well-positioned to continue executing at a high level as we benefit from a prolonged recovery.”
The post RBC Bearings Incorporated Announces Fiscal 2021 Fourth Quarter Results appeared first on Modern Distribution Management.
