Rexnord fourth quarter results in-line with expectations

Freeman Staff

May 21, 2015

MILWAUKEE — Rexnord Corporation announced its fourth quarter highlights this week, including net sales of $519 million, an adjusted earnings per share increase of 8 percent year-over-year to $0.54 and the completed Mill Products divestiture.

“Our fourth quarter results were broadly in line with our expectations with the exception of some weather and project-related delays that impacted fourth quarter sales in our Water Management platform,” said Todd A. Adams, president and chief executive officer, in a statement. “Despite this, we were able to deliver record free cash flow of $203 million for the year, which represented 128 percent of adjusted net income. Our base case expectations heading into fiscal 2016 are for relatively challenging market conditions in our industrial end-markets and continued strength in our water related end-markets. We’ve positioned ourselves to continue to drive strong margins and improve upon our robust free cash flow with the implementation of an RBS-led, comprehensive supply chain optimization and footprint repositioning plan we’ve developed over the past year, which we believe should deliver approximately $30 million of annualized savings once fully implemented.”