We exclude the effect of foreign currency translation from this measure because the volatility of currency translation is not under management's control. Rexnord will hold a conference call on Wednesday, July 29, 2020 at 8:00 a.m. Eastern Time to discuss its June quarter 2020 results, provide a general business update and respond to investor questions. The company’s long-term debts were $1,397 million exiting fourth-quarter fiscal 2020, reflecting an increase of 21.8% from the previous quarter. Rexnord: Fiscal 2Q Earnings Snapshot. Based on the cost reduction initiatives we have implemented, our order backlogs heading into the quarter, July results and anticipated demand patterns through September, we expect our sales to decline between 12% and 17% in the September quarter, our total segment (before corporate expenses) Adjusted EBITDA margin to range between 22% and 24% and our corporate expenses to approximate $8 million.". Income from operations as a percentage of net sales decreased by 230 basis points year over year primarily as a result of the lower sales volume, partially offset by benefits obtained from cost reduction initiatives and footprint repositioning actions. Excluding a 2% unfavorable impact from foreign currency translation, core sales decreased 15% year over year as a result of a reduction in market demand across the majority of our end markets and geographies as customers reacted to and changed buying patterns given the current COVID-19 pandemic. Core growth was impacted by construction site shutdowns across our commercial and institutional verticals early in the quarter, but accelerated over the course of the quarter as we saw strong demand for our hygienic solutions, across essentially all end market verticals and largely in retrofit applications. Change in Fiscal Year. T&Cs apply. We’re excited about the market share growth opportunity in front of us based on the differentiated hygienic solutions we’ve developed that can fundamentally enhance the safety of customers, patients, students and employees. Bureau : 1-414-643-3000 Service client : 1-866-739-6673 In particular, our definition of Adjusted EBITDA allows us to add back certain non-cash, non-operating or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur, vary greatly and are difficult to predict and can represent the effect of long-term strategies as opposed to short-term results. A reconciliation of non-GAAP financial measures presented above to our GAAP results has been provided in the financial tables included in this press release. ", "The impact of the pandemic on demand was most significant in our Process & Motion Control ("PMC") platform, reflecting customer plant shutdowns, broadly lower production rates in our customers’ facilities and the overall uncertainty we’ve all experienced over the course of the quarter. Net income from continuing operations was $36 million (diluted EPS of $0.29), compared with $49 million (diluted EPS of $0.39) in the year-ago quarter. To continue reading it, access the original document here. All references to Net Income and EPS within this earnings release refer to net income attributable to Rexnord common stockholders and net income per diluted share attributable to Rexnord common stockholders, respectively. Numerous factors could cause or contribute to such differences. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. Other companies may not define or calculate ROIC in the same way. Further, management and various investors use the ratio of total debt less cash to Adjusted EBITDA (which includes a full pro-forma last-twelve-month impact of acquisitions), or "net debt leverage", as a measure of our financial strength and ability to incur incremental indebtedness when making key investment decisions and evaluating us against peers. Change in Fiscal Year. Earnings, adjusted for one-time gains and costs, came to 51 cents per share. MILWAUKEE (AP) _ Rexnord Corp. (RXN) on Tuesday reported fiscal second-quarter earnings of $45.4 million. March 31, 2020. Rexnord Corporation 5 OUR PLAN 1. The results topped Wall Street expectations. Operating activities. The Company will continue to report its quarterly results and will file a transition report for the nine-month period from April 1, 2020, to December 31, 2020. In view of our debt level, it is also provided to aid investors in understanding our compliance with our debt covenants. Distributed by Public, unedited and unaltered, on 28 October 2020 10:39:02 UTC, 3Q reported net sales decreased (5%) year over year, core growth decreased by (7%), SCOFR III savings on track to deliver annual structural savings of $20 million as we exit 2021, Investing in our associates and growth breakthroughs, 3Q net sales increased by +8% year over year, core growth increased by +5%, Adjusted EBITDA increased +11% yr/yr to $56 million - margin expanded by 60 bps to 28.0%, 3Q net sales decreased by (13%) year over year, core growth decreased by (13%), Excluding depressed aerospace sector sales, PMC core growth decreased by (9%), Resumed share repurchases in August - allocated $15 million in 3Q, $96 million through nine months of CY20, New Zealand bourse says reviews into systems and cyber attack completed, Chairman, President & Chief Executive Officer, Chief Financial Officer & Senior Vice President. WM net sales were $174.7 million during the three months ended June 30, 2020, which was 2% less than in the year-ago quarter. The results beat Wall Street expectations. It was founded in 1891 by Christopher Levalley and incorporated in 1892 as the Chain Belt Company. Worldwide Coverage Against Accidents, Food Poisoning And 41 Specified Infectious Diseases. March 31, 2019. Rexnord Chairman and CEO, Todd Adams, and Senior Vice President and CFO, Mark Peterson, will co-host the call. Rexnord Corp. balance sheet, income statement, cash flow, earnings & estimates, ratio and margins. Adjusted EBITDA(1) for the three months ended June 30, 2020, was $59.4 million. ROIC is also used by investors and analysts to evaluate management’s deployment of capital to create shareholder value. Core sales excludes the impact of acquisitions (such as the Just Manufacturing and StainlessDrains.com), divestitures and foreign currency translation. (1) Refer to "Non-GAAP Measures" for a definition of this non-GAAP metric. Rexnord Corporation RXN yesterday discussed preliminary results for the fourth quarter and fiscal 2020 (ended March 2020). Please go to the website (investors.rexnordcorporation.com) at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. Flex cost structure in line with anticipated June-quarter demand levels The Milwaukee-based company said it had profit of 37 cents per share. Adjusted EBITDA(1) was $103 million (23.0% of net sales) compared with $111 million (21.8% of net sales) in last year's June quarter. Earnings, adjusted for non-recurring costs and restructuring costs, came to 55 cents per share.. If you are unable to participate during the live teleconference, a replay of the conference call will be available from 11:00 a.m. Eastern Time on July 29, 2020, until 11:59 p.m. Eastern Time on August 12, 2020. All forward-looking statements included in this release are based upon information available to Rexnord Corporation as of the date of the release, and Rexnord Corporation assumes no obligation to update any such forward-looking statements. Adjustments to reconcile net income to cash provided by operating activities: Changes in operating assets and liabilities: Proceeds from dispositions of long-lived assets, Taxes withheld and paid on employees' share-based payment awards, Effect of exchange rate changes on cash, cash equivalents and restricted cash, Decrease in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at beginning of period, Cash, cash equivalents and restricted cash at end of period, Nine Month Transition Period Ending December 31, 2020, View source version on businesswire.com: https://www.businesswire.com/news/home/20200728005939/en/, Rob McCarthyVice President - Investor Relations414.223.1615, Protect your little ones with PA coverage. 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