Why Is RBC Bearings Stock Trading Higher Today?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 17 2024
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Source: Benzinga
- RBC Bearings Q4 FY24 Results: RBC Bearings Incorporated reported a 4.9% increase in net sales to $413.7 million for the fourth quarter of fiscal year 2024, surpassing expectations.
- Segment Performance: Aerospace/Defense revenue grew by 16.8% year-over-year, while Industrial revenue saw a slight decline of 0.4% compared to the previous year.
- Margins and Backlog: Adjusted gross margin expanded to 43.1%, adjusted EBITDA margin increased to 31.4%, and the backlog as of March 30, 2024, was at $726.1 million.
- Earnings and Outlook: Adjusted EPS rose by 16.0% year-over-year to $2.47, exceeding street estimates. For the first quarter of FY25, the company anticipates net sales between $415.0 million to $420.0 million.
- Future Expectations: The company foresees strong free cash flow generation, debt reduction, and aims to finish Fiscal 2025 with net leverage below 2.0x. RBC shares were up 4.28% at $279.00 at the last check on Friday.
Analyst Views on AIRR
Wall Street analysts forecast AIRR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AIRR is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 114.450
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
