Rexnord (RXN) Tops Q3 EPS by 9c, Beats on Revenues; 'Increasing Fiscal 2018 Outlook to Reflect Positive Demand Trends'

Rexnord (NYSE: RXN) reported Q3 EPS of $0.37, $0.09 better than the analyst estimate of $0.28. Revenue for the quarter came in at $492 million versus the consensus estimate of $479.88 million.

Third Quarter Highlights

• Net sales were $492 million and up 9% year over year (+6% core sales(1), +1% acquisition, +2% foreign currency translation).
• Net income(2) was $76 million (diluted EPS of $0.67), including a $55 million nonrecurring tax benefit from U.S. tax reform and compared with $2 million (diluted EPS of $0.02) in the year-ago quarter.
• Adjusted EPS(1) was $0.37, compared with $0.25 in the year-ago quarter.
• Adjusted EBITDA(1) was $95 million (19.3% of net sales), compared with $79 million (17.6% of net sales) in last year\'s third quarter.
• Completed the World Dryer acquisition in our Water Management platform.

Fiscal 2018 Outlook

Adams continued, “As we head into our fourth quarter, we are increasing our fiscal 2018 outlook to reflect the positive demand trends we’re experiencing across our primary end markets and the impact of recent U.S. tax law changes. We now project fiscal 2018 net income to be in a range of $155 million to $159 million, Adjusted EBITDA to be in a range of $381 million to $387 million, and our free cash flow to exceed net income.”

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

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