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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.

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