In a recent SEC filing, RBC Bearings Incorporated (NYSE:RBC), a manufacturer of precision bearings and components, announced the results of its annual stockholders' meeting held on Thursday.
The shareholders voted on several key proposals, including the election of directors, the ratification of the company's independent auditor, and amendments to the corporate governance structure.
The first proposal saw the election of three Class II directors for a three-year term. Richard R. Crowell received 23,413,200 votes for and 4,282,331 votes against, Dr. Amir Faghri had 21,841,068 votes for and 5,854,312 votes against, and Dr. Steven H. Kaplan garnered 16,458,958 votes for and 11,236,532 votes against. There were also a number of withheld votes and broker non-votes for each nominee.
In the second proposal, shareholders ratified Ernst & Young LLP as the company's independent registered public accounting firm for fiscal year 2025 with an overwhelming majority of 27,859,445 votes for, 406,581 against, and 6,823 abstentions.
The third proposal involved an amendment to the company's certificate of incorporation to eliminate personal liability of officers for monetary damages for breach of their fiduciary duty of care as officers. This proposal was approved with 22,996,345 votes for, 4,696,155 against, and 9,679 abstentions.
Finally, the fourth proposal, which was an advisory vote on the compensation paid to the company's named executive officers, also passed with 22,029,670 votes for, 5,662,364 against, and 10,145 abstentions.
In other recent news, RBC Bearings, a precision bearings and components manufacturer, reported a 5% increase in sales in the first quarter of fiscal 2025, driven by a significant expansion in its Aerospace and Defense sector. Despite a slight contraction in its Industrial business, the company anticipates strengthening in this sector in the latter half of the year.
The Aerospace and Defense sector saw an impressive 23.7% growth, fueled by a $30 million rise in sales year-over-year, while the Industrial sector grappled with challenges in the Oil & Gas and semiconductor machinery markets.
RBC Bearings also reduced its debt by $60 million and saw a 57.9% increase in net cash from operating activities. The company's adjusted gross margin improved to 45.3% of sales, and adjusted net income reached $2.54 per share. Executives at RBC Bearings are considering acquisitions in companies similar to their Aerospace and Defense sector, indicating a strategic focus on this area.
The company plans to increase plant capacities to meet additional demand from both industrial and Aerospace, Defense customers. However, it does not anticipate maintaining a 20%+ growth in the Aerospace sector in Q2. RBC Bearings remains cautious about mergers and acquisitions but is exploring opportunities with companies similar to their Aerospace and Defense sector.
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