RBC Bearings Q1 sales up 127%; restates prior years on stock-comp error, material weakness identified

RBC Bearings INC

2023-Q1 EPS reported $1.09 revenue$354,080,000

Q1 net sales $354.1M (+126.7% YoY); GAAP EPS $1.09, adj. EPS $1.19.
Q2 guidance: net sales $355-365M (121-127% growth YoY).
Non-reliance on FY2020-22 financials; restating SG&A for stock-comp error; material weakness in ICFR.
CEO and COO employment agreements amended to remove vesting acceleration provisions.
Backlog $635.7M vs $420.2M a year ago; Dodge acquisition contributed $177.5M to sales.

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