RBC Bearings Inc

RBC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Higher Aerospace Sales Offset Mining Weakness in Narrow-Moat RBC's 1Q

Jeffrey Stafford

Aug 6, 2013

We may marginally increase our $45 fair value estimate for RBC Bearings ROLL following the release of the company's first-quarter results. We are keeping our narrow moat rating intact. Sales dropped about 1% year over year, but the company used cost-cutting measures and efficiency gains to improve gross margins (39.4% versus 37.2% in the year-ago quarter). The firm has taken measures to restructure its large bearings business in an attempt to increase margins further.

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RBC Bearings Inc

Higher Aerospace Sales Offset Mining Weakness in Narrow-Moat RBC's 1Q

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