RBC Bearings (ROLL) Q4 Revenue Tops Views

RBC Bearings (NASDAQ: ROLL) reported Q3 EPS of $1.05, $0.18 better than the analyst estimate of $0.87. Revenue for the quarter came in at $166.9 million versus the consensus estimate of $163.46 million.

Tax Reform

The third quarter of fiscal 2018 includes the impact of adjustments made in relation to the recently enacted Tax Cuts and Jobs Act (TCJA). These one-time adjustments resulted in a net tax charge of $0.8 million. These one-time adjustments were mainly comprised of a charge of $9.5 million for the estimated repatriation transition tax offset by an estimated benefit of $8.7 million associated with revaluation of our deferred tax liabilities. The third quarter tax provision also benefited from a lower blended statutory tax rate of 31.5% due to the enactment of TCJA. Based on our initial reviews and subject to further regulatory guidance issued in connection with TCJA, we estimate the fourth quarter of fiscal 2018 effective tax rate will be approximately 25.0% to 27.0% and we estimate the full year fiscal 2019 effective tax rate will be approximately 20.0% to 22.0%.

For earnings history and earnings-related data on RBC Bearings (ROLL) click here.

You May Also Be Interested In

• McDonald’s posts better-than-expected third-quarter comparable sales
• Grainger (GWW) Tops Q3 EPS by 87c ; Offers Guidance
• Avnet (AVT) Tops Q1 EPS by 97c ; Offers Guidance