RBC Bearings Incorporated (RBC), a manufacturer of bearing products, Friday reported higher profit for the fourth quarter better than the Street expectations. Quarterly sales were in line with view. Despite good results, the company's stock was down more than 18 percent in pre-market to $217.90.
The company posted net income of 55.9 million or $1.91 per share for the fourth quarter, higher than $43.4 million or $1.49 per share in the same quarter a year ago.
Excluding one-time items, earnings were $72.4 million or $2.47 per share, that beat the average estimate of $2.36 per share by analysts polled by Thomson-Reuters. Analysts' estimate typically exclude special items.
Sales for the quarter increased 4.9 percent to $413.7 million from 394.4 million in the previous year. The consensus estimate stood at $413.51 million.
Looking ahead, the company expects first-quarter sales to be in the range of $415.0 million to $420.0 million. Analysts are looking for sales of $408.03 million.
RBC Bearings shares had closed at $267.56, down 2.01 percent on Thursday. The stock has been trading in the range of $195.18 - $288.16 in the last 1 year.
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