Rexnord (RXN) Reports In-Line Q2 EPS, Beats on Revenues; 'Increasing Outlook for Financial Performance in Fiscal 2018'

Rexnord (NYSE: RXN) reported Q2 EPS of $0.32, in-line with the analyst estimate of $0.32. Revenue for the quarter came in at $511 million versus the consensus estimate of $505.38 million.

Fiscal 2018 Outlook

Adams continued, “Halfway through our fiscal year, we are increasing our outlook for financial performance in our fiscal 2018 to reflect our confidence in both our progress on strategic initiatives and the ongoing positive development of demand across our primary end markets. We now project fiscal 2018 net income(1) to be in a range of $95 million to $102 million, Adjusted EBITDA(2) to be in a range of $375 million to $385 million, and our free cash flow to exceed net income.”

Second Quarter Highlights

• Net sales were $511 million and up 4% year over year (+4% core sales(1), -1% RHF product line exit, +1% foreign currency translation).
• Diluted EPS was $0.23, compared with $0.24 in the year-ago quarter.
• Net income(2) was $24 million, compared with $25 million in the year-ago quarter.
• Adjusted EPS(1) was $0.32, compared with $0.38 in the year-ago quarter.
• Adjusted EBITDA(1) was $98 million (19.2% of net sales), compared with $90 million (18.6% of net sales) in last year\'s second quarter.
• Net debt leverage ratio reduced to 2.9x.
• Completed Supply Chain Optimization and Footprint Repositioning initiatives.

For earnings history and earnings-related data on Rexnord (RXN) click here.

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