RBC Bearings Inc. Files 10-Q for Q3 2024

TL;DR

RBC Bearings filed its 10-Q for the quarter ending Sept 28, 2024. Check financials.

AI Summary

RBC Bearings Inc. filed its 10-Q for the quarterly period ended September 28, 2024. The filing provides an update on the company's financial performance and operations. RBC Bearings Inc. is incorporated in Delaware and headquartered in Oxford, CT.

Why It Matters

This filing provides investors with an updated view of RBC Bearings' financial health and operational performance for the most recent quarter.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• RBC Bearings INC (company) — Registrant
• September 28, 2024 (date) — Quarterly period end date
• 001-40840 (other) — Commission File Number
• Oxford, CT (location) — Principal executive offices location

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share RBC The New York Stock Exchan

Filing Documents

• ea0218629-10q_rbcbear.htm (10-Q) — 1005KB
• ea021862901ex31-01_rbcbear.htm (EX-31.01) — 10KB
• ea021862901ex31-02_rbcbear.htm (EX-31.02) — 10KB
• ea021862901ex32-01_rbcbear.htm (EX-32.01) — 4KB
• ea021862901ex32-02_rbcbear.htm (EX-32.02) — 3KB
• 0001213900-24-093524.txt ( ) — 5195KB
• rbc-20240928.xsd (EX-101.SCH) — 45KB
• rbc-20240928_cal.xml (EX-101.CAL) — 48KB
• rbc-20240928_def.xml (EX-101.DEF) — 209KB
• rbc-20240928_lab.xml (EX-101.LAB) — 397KB
• rbc-20240928_pre.xml (EX-101.PRE) — 222KB
• ea0218629-10q_rbcbear_htm.xml (XML) — 572KB

Financial Statements

Financial Statements 1 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosures About Market Risk 32 Item 4. Controls and Procedures 33 Part II - OTHER INFORMATION 34 Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 35 i Part I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements RBC Bearings Incorporated Consolidated Balance Sheets (dollars in millions) September 28, 2024 March 30, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 89.1 $ 63.5 Accounts receivable, net of allowances of $ 4.1 as of September 28, 2024 and $ 4.4 as of March 30, 2024 255.4 255.2 Inventory 646.7 622.8 Prepaid expenses and other current assets 31.0 24.0 Total current assets 1,022.2 965.5 Property, plant and equipment, net 362.5 361.0 Operating lease assets, net 47.9 41.4 Goodwill 1,875.9 1,874.9 Intangible assets, net 1,359.5 1,391.9 Other noncurrent assets 44.8 43.9 Total assets $ 4,712.8 $ 4,678.6 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 127.4 $ 116.2 Accrued expenses and other current liabilities 156.7 167.3 Current operating lease liabilities 8.0 7.0 Current portion of long-term debt 1.8 3.8 Total current liabilities 293.9 294.3 Long-term debt, less current portion 1,099.7 1,188.1 Noncurrent operating lease liabilities 40.5 35.3 Deferred income taxes 274.3 284.2 Other noncurrent liabilities 121.1 124.8 Total liabilities 1,829.5 1,926.7 Stockholders' equity: Preferred stock, $ .01 par value; authorized shares: 10,000,000 as of September 28, 2024 and March 30, 20

financial statements and notes thereto included in our Annual Report

financial statements and notes thereto included in our Annual Report. The results of operations for the three- and six-month periods ended September 28, 2024 are not necessarily indicative of the operating results for the entire fiscal year ending March 29, 2025. The three-month periods ended September 28, 2024 and September 30, 2023 each included 13 weeks . The six-month periods ended September 28, 2024 and September 30, 2023 each included 26 weeks . All dollar amounts contained in these financial statements and footnotes are stated in millions, except for per share data. 2. Significant Accounting Policies The Company's significant accounting policies are detailed in "Note 2 - Summary of Significant Accounting Policies" of our Annual Report. Significant changes to our accounting policies as a result of adopting new accounting standards are discussed below. Recent Accounting Standards Adopted Not Applicable. Recent Accounting Standards Yet to Be Adopted In November 2023, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in ASU 2023-07 improve the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. As of September 28, 2024, the Company is evaluating the impact the standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in ASU 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and

View Full Filing

View this 10-Q filing on SEC EDGAR