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Rexnord Corporation Reports Third Quarter Results For Fiscal 2013

Rexnord Corporation (NYSE:RXN):

Consolidated Highlights
  • Net sales were $472 million in the third quarter, a decline of 3% from the prior year (-2% core sales, -1% impact of foreign currency translation).
  • Income from operations increased 16% to $60 million year-over-year resulting in a 210 basis point increase in operating margin to 12.6%.
  • Reported net income from continuing operations increased 107% to $11 million compared to the prior year; Adjusted net income increased 38% over the prior year to $19 million.
  • Diluted earnings per share from continuing operations was $0.11. Third quarter adjusted earnings per share was $0.19.
  • Adjusted EBITDA increased 3% to $92 million year-over-year resulting in a 110 basis point increase in adjusted EBITDA margin to 19.5%.
  • Free cash flow in the quarter was $32 million and total liquidity was $773 million ($453 million of cash plus $320 million of available borrowings).

Todd A. Adams, President and Chief Executive Officer, commented, “Despite a challenging macro-economic environment, we delivered strong year-over-year margin expansion and free cash flow while continuing to reinvest in our businesses. Solid execution and productivity gains across both platforms allowed us to expand our adjusted EBITDA margin by 110 basis points to 19.5% from 18.4% in the prior year quarter.

In Process & Motion Control, we achieved an adjusted EBITDA margin of 24.7%, an increase of 60 basis points compared to the prior year quarter, despite a 3% contraction in core net sales due to weak short-cycle demand. Looking ahead, we expect short- cycle demand to stabilize and we are encouraged by some of the activity we're seeing in our end-markets all of which we believe will result in an improved market environment in the latter half of the year.

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