This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rexnord Corporation Reports Second Quarter Results For Fiscal 2013

Rexnord Corporation (NYSE:RXN):

Consolidated Highlights
  • Net sales increased 11% from the prior year second quarter to $500 million (+2% core sales, +11% acquisitions/divestitures, -2% foreign currency translation).
  • Adjusted net income increased 50% from the prior year to $24 million; reported net income from continuing operations increased to $20 million compared to $4 million in the prior year.
  • Adjusted EBITDA increased 11% from the prior year to $101 million or 20.1% of net sales.
  • Adjusted earnings per share was $0.24; reported diluted earnings per share was $0.19.
  • Total liquidity was $759 million ($440 million of cash plus $319 million of available borrowings).

Todd A. Adams, President and Chief Executive Officer, commented, "We delivered solid second quarter financial results consistent with what we had expected, as core sales growth of 2% and solid execution drove an 11% increase in Adjusted EBITDA. In Process & Motion Control, we posted 3% core growth while delivering a record second quarter Adjusted EBITDA margin of 25.1% as strong execution and targeted growth programs offset a generally slow macro environment. In Water Management, overall sales growth was 38% and core growth progressed to flat compared to the prior year as our growth initiatives coupled with the VAG acquisition are delivering the traction we anticipated, setting up a solid second half for our Water Management platform. We are reaffirming our full year guidance of $2,020 million to $2,060 million of net sales and $412 million to $425 million of Adjusted EBITDA.”

Second Quarter Fiscal 2013 Segment Highlights

Process & Motion Control

Process & Motion Control ("PMC") net sales in the second quarter of fiscal 2013 were $309 million compared to $310 million in the second quarter fiscal 2012. Core sales increased 3% from the prior year second quarter driven by growth in aerospace, energy and food and beverage end-markets. Core sales growth was offset by the unfavorable impact of foreign currency fluctuations and a fiscal 2012 second quarter divestiture.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs