By Bearings News>Lily Bearings
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RBC Bearings Inc., which makes ball bearings for industrial and military use, said Friday its fiscal 2010 third-quarter profit fell 32 percent on lower sales at two units.
The company earned $5.2 million, or 24 cents per share, compared with profit of $7.7 million, or 35 cents per share, during the same period a year earlier.
Revenue fell 21 percent to $67.5 million from $85.3 million. The company said the decrease was driven by a 17 percent drop in its industrial business and by a 24 percent decline in net sales at its aerospace and defense business.
Excluding charges, the company said it earned 26 cents per share. Analysts polled by Thomson Reuters expected profit of 28 cents per share on revenue of $67 million.
Shares of RBC Bearings rose 77 cents, or 3.4 percent, to $23.25 in afternoon trading.