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Rexnord Corporation Reports Fourth Quarter And Full Fiscal Year 2014 Results

Rexnord Corporation (NYSE:RXN):

Fourth Quarter Highlights

  • Net sales increased 5% (+4% core sales, +2% acquisitions, -1% impact of foreign currency translation) to $570 million
  • Income from operations increased 5% year-over-year to $79 million or 13.8% of sales
  • Adjusted EBITDA of $120 million resulting in an adjusted EBITDA margin of 21.0%
  • Net income increased 67% from the prior year to $40 million
  • Diluted earnings per share from continuing operations was $0.39; adjusted earnings per share increased 56% from the prior year to $0.50

Fiscal 2014 Highlights

  • Net sales were $2.082 billion for fiscal year 2014, an increase of 4% (+3% core sales, +1% acquisitions)
  • Income from continuing operations increased 10% year-over-year to $280 million or 13.4% of sales
  • Adjusted EBITDA of $413 million resulting in an adjusted EBITDA margin of 19.8%
  • Net income from continuing operations was $30 million in fiscal year 2014, inclusive of a $133 million loss on debt extinguishment associated with our August 2013 debt refinancing, compared to $55 million in fiscal year 2013
  • Diluted earnings per share from continuing operations was $0.29; adjusted earnings per share increased 42% from the prior year to $1.39
  • Free cash flow for fiscal year 2014 was $144 million and again exceeded adjusted net income, inclusive of $9 million of debt refinancing fees and costs associated with the Board of Directors' review of strategic alternatives that was concluded in June 2013
  • Total liquidity at year-end was $675 million ($339 million of cash plus $336 million of available borrowings), inclusive of $74 million in net proceeds from the issuance of our common stock in February 2014. Net debt leverage was 3.8x as of March 31, 2014

Todd A. Adams, President and Chief Executive Officer, commented, “We're pleased with our fourth quarter results in light of some challenging market conditions during the quarter. Core sales growth improved to 4% in the quarter, while our adjusted EBITDA margin was 21%. Despite the drag from unusually adverse winter weather and the impact of project shipment timing in Water Management, we achieved our adjusted EPS guidance for the fourth quarter and fiscal year.

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