This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rexnord Corporation Reports Second Quarter Results For Fiscal 2013

Stocks in this article: RXN

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,883.75 +78.95 0.44%
S&P 500 2,071.35 +0.70 0.03%
NASDAQ 4,760.4430 -4.9370 -0.10%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs