RBC Bearings Inc

RBC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Growth Slows Down for RBC in 3Q as Miners Pull Back; Aerospace Demand Still Strong

Jeffrey Stafford

Feb 7, 2013

On Thursday, RBC Bearings ROLL released fiscal third-quarter results that fell below our expectations, and we may marginally lower our fair value estimate, as the company looks like it will fall short of our 2013 estimates. Sales crept forward, advancing 1.3% compared with the prior-year period. Sales are up about 5% year over year through the first nine months of fiscal 2013, tracking well below our expectation for double-digit sales growth for the full year. Operating margin came in at 19.9% in the quarter, expanding from 19.1% in the year-ago period. Our expectation for full-year 2013 operating margin is about 20%.

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RBC Bearings Inc

Growth Slows Down for RBC in 3Q as Miners Pull Back; Aerospace Demand Still Strong

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