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 First Quarter Results For Fiscal 2014

Rexnord Corporation (NYSE:RXN):

Consolidated Highlights
  • Net sales increased 3% (+3% core sales) to $509 million in the first quarter.
  • Income from operations increased 11% to $61 million year-over-year resulting in a 90 basis point increase in operating margin to 12%.
  • Reported net income from continuing operations increased to $14 million from a net loss of $1 million in the prior year; Adjusted net income increased 7% over the prior year to $24 million.
  • Diluted earnings per share from continuing operations was $0.14; first quarter adjusted earnings per share was $0.24.
  • Adjusted EBITDA in the first quarter was $93 million resulting in an adjusted EBITDA margin of 18.3%.
  • Total liquidity was $657 million ($335 million of cash plus $322 million of available borrowings).

Todd A. Adams, President and Chief Executive Officer, commented "We are pleased with the start to our fiscal year as core sales growth, earnings and free cash flow were slightly better than we anticipated going into our first quarter. Core sales in Process and Motion Control progressed to flat from down 4% in our fiscal 2013 fourth quarter reflecting the diversity of the platform and the stabilization in demand we are seeing in most of our end markets. Core sales in Water Management grew 8% year-over-year as our growth initiatives are driving market share gains in advance of the expected market recovery we see coming over the next couple of years. Looking ahead, we anticipate the global macro environment to remain somewhat muted but believe we can continue to outperform the market in both segments of our business while driving margin improvement and solid free cash flow."

Second Quarter and Fiscal 2014 Outlook and Guidance

Adams continued "Based on our first quarter results and latest outlook, we are increasing our full year core sales guidance to +2% to +4% and increasing the low end of our adjusted EPS range by $0.02 resulting in a full year EPS range of $1.12 to $1.18. With respect to our second quarter, we anticipate sales to be in the range of $510 million to $520 million and adjusted EPS in the range of $0.23 to $0.25 (35% discrete tax rate in the second quarter with full year guidance unchanged at 31 - 33%)."

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

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs