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 Fourth Quarter And Full Fiscal Year 2014 Results

Stocks in this article: RXN

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.

1 of 8

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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