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Press release Exhibit 99.1 RBC Bearings Incorporated Announces Fiscal 2021 Third Quarter Results Oxford , CT - January 29 , 2021 - RBC Bearings Incorporated ( Nasdaq : ROLL ) , a leading international manufacturer of highly engineered precision bearings and components for the industrial , defense and aerospace industries , today reported results for the third quarter of fiscal year 2021 . Third Quarter Financial Highlights ( $ in millions ) Net sales Gross margin Gross margin % Operating income Operating income % Net income Diluted EPS Fiscal 2021 Fiscal 2020 Change GAAP Adjusted ( 1 ) GAAP Adjusted ( 1 ) GAAP Adjusted ( 1 ) 145.9 $ 177.0 -17.6 % 55.6 $ 56.4 $ 38.1 % 38.7 % 70.7 $ 39.9 % 70.9 -21.4 % -20.4 % 40.1 % 26.5 $ 27.9 $ 37.5 $ 37.8 -29.2 % -26.2 % 18.2 % 19.1 % 21.2 % 21.4 % 21.6 $ 22.7 $ 30.5 $ 30.4 -29.3 % -25.4 % 0.86 $ 0.90 $ 1.22 $ 1.22 -29.5 % -26.2 % ( 1 ) Results exclude items in reconciliation below . Nine Month Financial Highlights Fiscal 2021 Fiscal 2020 Change ( $ in millions ) Net sales GAAP Adjusted ( 1 ) GAAP Adjusted ( 1 ) GAAP Adjusted ( 1 ) 448.7 $ Gross margin 171.6 $ Gross margin % 38.3 % Operating income $ 81.7 $ Operating income % 18.2 % Net income $ 64.7 $ 174.5 $ 38.9 % 87.7 $ 19.5 % 69.5 $ 541.6 212.5 $ -17.2 % 212.8 -19.2 % -18.0 % 39.2 % 113.3 $ 39.3 % 114.7 -27.9 % -23.5 % 20.9 % 21.2 % 92.3 $ 93.3 -29.9 % -25.5 % Diluted EPS $ 2.59 $ 2.78 $ 3.71 $ 3.75 -30.2 % -25.9 % ( 1 ) Results exclude items in reconciliation below . " I am pleased to report during the period we demonstrated very good performance at all levels of the operating statements , ” said Michael J. Hartnett , Chairman and Chief Executive Officer . “ This resulted from outstanding expense control and execution coupled with an expansion of demand for industrial products . Customer requirements for aircraft products were stable and at the levels we expected . Clearly we see this quarter as a turning point and foreshadows a positive outlook for our fiscal 2022 as the economy recovers from the pandemic . "