RBC Bearings (NASDAQ: ROLL) reported Wednesday that the company suffered a 53 percent drop in first-quarter profits as the recession has dropped the demand for its products.
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RBC, which makes ball bearings for industrial and military use, said net income dropped to $5.1 million, or 23 cents per share, for the three months ended June 27. That's down from $10.7 million, or 49 cents per share, in the year-earlier period.
Excluding one-time items, earnings came in at 25 cents a share, compared with 51 cents a share.
Sales dropped 31 percent to $63.7 million from $92.4 million in the first quarter of fiscal 2009. RBC attributed the sales decline mainly to a 46.3 percent slump in industrial sales due to difficult economic conditions.
The results missed Wall Street forecasts. Analysts surveyed by Thomson Reuters, on average, expected the company to report a profit of 30 cents per share on revenue of $71.7 million. Wall Street analysts generally exclude one-time items from their estimates.
Shares of RBC fell $1.65, or 6.9 percent, to $22.50 in early afternoon trading.
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