(Exact name of registrant as specified in its charter) |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Depository Shares, each representing a 1/20th interest in a share of 5.75% Series A Mandatory Convertible Preferred Stock, $.01 par value |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01 | Exhibits. |
Exhibit No. | Description | |
99.1 | ||
101.INS | XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.) | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page iXBRL data |
REXNORD CORPORATION | ||
By: | /S/ Mark W. Peterson | |
Mark W. Peterson | ||
Senior Vice President and Chief Financial Officer |
Press Release | |
July 30, 2019 | Contact Information: |
For Immediate Release | Rob McCarthy |
Vice President - Investor Relations | |
414.223.1615 |
• | Net sales were $508 million and increased 1% year over year (+2% core sales(1), +1% acquisitions, -2% foreign currency translation). |
• | Net income from continuing operations was $49 million (diluted EPS of $0.39), compared with the comparable $42 million (diluted EPS of $0.34) in the year-ago quarter. |
• | Net income(2) was $41 million (diluted EPS of $0.38), compared with a net loss(2) of $7 million, including a $43 million loss from discontinued operations (diluted EPS of $(0.06)) in the year-ago quarter. |
• | Adjusted EPS(1) was $0.48 compared with $0.41 in the year-ago quarter. |
• | Adjusted EBITDA(1) was $111 million (21.8% of net sales) compared with $105 million (20.8% of net sales) in last year's first quarter. |
• | Net debt leverage ratio of 2.1x. |
(1) | Refer to "Non-GAAP Measures" for a definition of this non-GAAP metric, as well as the accompanying reconciliations to GAAP. |
(2) | Reflects net income/loss attributable to Rexnord common stockholders. |
(1) | Refer to "Non-GAAP Measures" for a definition of this non-GAAP metric, as well as the accompanying reconciliations to GAAP. |
First Quarter Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
Net sales | $ | 508.3 | $ | 503.6 | ||||
Cost of sales | 306.7 | 308.1 | ||||||
Gross profit | 201.6 | 195.5 | ||||||
Selling, general and administrative expenses | 109.5 | 111.8 | ||||||
Restructuring and other similar charges | 3.2 | 3.1 | ||||||
Amortization of intangible assets | 8.7 | 8.5 | ||||||
Income from operations | 80.2 | 72.1 | ||||||
Non-operating expense: | ||||||||
Interest expense, net | (15.5 | ) | (18.6 | ) | ||||
Other (expense) income, net | (1.5 | ) | 1.7 | |||||
Income before income taxes | 63.2 | 55.2 | ||||||
Provision for income taxes | (14.8 | ) | (14.5 | ) | ||||
Equity method investment income | 0.1 | 1.5 | ||||||
Net income from continuing operations | 48.5 | 42.2 | ||||||
Loss from discontinued operations, net of tax | (1.8 | ) | (42.8 | ) | ||||
Net income (loss) | 46.7 | (0.6 | ) | |||||
Non-controlling interest income | 0.2 | 0.1 | ||||||
Net income (loss) attributable to Rexnord | 46.5 | (0.7 | ) | |||||
Dividends on preferred stock | (5.8 | ) | (5.8 | ) | ||||
Net income (loss) attributable to Rexnord common stockholders | $ | 40.7 | $ | (6.5 | ) | |||
Basic net income (loss) per share attributable to Rexnord common stockholders: | ||||||||
Continuing operations | $ | 0.40 | $ | 0.35 | ||||
Discontinued operations | $ | (0.02 | ) | $ | (0.41 | ) | ||
Net income (loss) | $ | 0.39 | $ | (0.06 | ) | |||
Diluted net income (loss) per share attributable to Rexnord common stockholders: | ||||||||
Continuing operations | $ | 0.39 | $ | 0.34 | ||||
Discontinued operations | $ | (0.01 | ) | $ | (0.40 | ) | ||
Net income (loss) | $ | 0.38 | $ | (0.06 | ) | |||
Weighted-average number of shares outstanding (in thousands): | ||||||||
Basic | 105,262 | 104,338 | ||||||
Effect of dilutive equity securities | 18,402 | 2,804 | ||||||
Diluted | 123,664 | 107,142 |
First Quarter Ended June 30, 2019 | |||||||||||||||||||||
Reported Results | Adjustments | Non-GAAP Results | |||||||||||||||||||
Net Sales | $ | 508.3 | $ | — | $ | 508.3 | |||||||||||||||
EBITDA | 101.2 | 9.8 | (a) | 111.0 | |||||||||||||||||
Depreciation and amortization | (21.0 | ) | 0.6 | (d) | (20.4 | ) | |||||||||||||||
Income from operations | 80.2 | 10.4 | (b) | 90.6 | |||||||||||||||||
Income before income taxes | 63.2 | 14.0 | (c) | 77.2 | |||||||||||||||||
Provision for income taxes and indicated rate | (14.8 | ) | 23.4 | % | (3.4 | ) | 24.3 | % | (18.2 | ) | 23.6 | % | |||||||||
Equity method investment income | 0.1 | (0.1 | ) | — | |||||||||||||||||
Net income from continuing operations | 48.5 | 10.5 | 59.0 | ||||||||||||||||||
Loss from discontinued operations, net of tax | (1.8 | ) | 1.8 | — | |||||||||||||||||
Net income | 46.7 | 12.3 | 59.0 | ||||||||||||||||||
Non-controlling interest income | 0.2 | (0.2 | ) | — | |||||||||||||||||
Net income attributable to Rexnord | 46.5 | 12.5 | 59.0 | ||||||||||||||||||
Dividends on preferred stock | (5.8 | ) | 5.8 | — | |||||||||||||||||
Net income attributable to Rexnord common stockholders | $ | 40.7 | $ | 18.3 | $ | 59.0 | |||||||||||||||
EBITDA Adjustments (a) | Income from Operations Adjustments (b) | Income before Income Taxes Adjustments (c) | |||||||||||||||||||
Restructuring and other similar charges | $ | 3.2 | $ | 3.2 | $ | 3.2 | |||||||||||||||
Acquisition-related fair value adjustment | 0.5 | 0.5 | 0.5 | ||||||||||||||||||
Other, net (1) | (0.5 | ) | (0.5 | ) | (0.5 | ) | |||||||||||||||
Last-in-first-out inventory adjustments | (0.3 | ) | (0.3 | ) | — | ||||||||||||||||
Stock-based compensation expense | 6.9 | 6.9 | — | ||||||||||||||||||
Supply chain optimization and footprint repositioning initiatives (d)(3) | — | 0.6 | 0.6 | ||||||||||||||||||
Amortization of intangible assets | — | — | 8.7 | ||||||||||||||||||
Other expense, net (2) | — | — | 1.5 | ||||||||||||||||||
Total Adjustments | $ | 9.8 | $ | 10.4 | $ | 14.0 |
(1) | Other, net includes the gains and losses from sale of long-lived assets. |
(2) | Other expense, net, for the periods indicated, consists primarily of gains and losses from foreign currency transactions, actuarial gains and losses on pension, and the non-service cost components of net periodic benefit credits associated with our defined benefit plans. |
(3) | Represents accelerated depreciation associated with our strategic supply chain optimization and footprint repositioning initiatives. |
First Quarter Ended June 30, 2018 | |||||||||||||||||||||
Reported Results | Adjustments | Non-GAAP Results | |||||||||||||||||||
Net Sales | $ | 503.6 | $ | — | $ | 503.6 | |||||||||||||||
EBITDA | 94.3 | 10.7 | (a) | 105.0 | |||||||||||||||||
Depreciation and amortization | (22.2 | ) | 1.3 | (d) | (20.9 | ) | |||||||||||||||
Income from operations | 72.1 | 12.0 | (b) | 84.1 | |||||||||||||||||
Income before income taxes | 55.2 | 12.7 | (c) | 67.9 | |||||||||||||||||
Provision for income taxes and indicated rate | (14.5 | ) | 26.3 | % | (3.3 | ) | 26.0 | % | (17.8 | ) | 26.2 | % | |||||||||
Equity method investment income | 1.5 | (1.5 | ) | — | |||||||||||||||||
Net income from continuing operations | 42.2 | 7.9 | 50.1 | ||||||||||||||||||
Loss from discontinued operations, net of tax | (42.8 | ) | 42.8 | — | |||||||||||||||||
Net loss | (0.6 | ) | 50.7 | 50.1 | |||||||||||||||||
Non-controlling interest income | 0.1 | (0.1 | ) | — | |||||||||||||||||
Net loss attributable to Rexnord | (0.7 | ) | 50.8 | 50.1 | |||||||||||||||||
Dividends on preferred stock | (5.8 | ) | 5.8 | — | |||||||||||||||||
Net loss attributable to Rexnord common stockholders | $ | (6.5 | ) | $ | 56.6 | $ | 50.1 | ||||||||||||||
EBITDA Adjustments (a) | Income from Operations Adjustments (b) | Income before Income Taxes Adjustments (c) | |||||||||||||||||||
Restructuring and other similar charges | $ | 3.1 | $ | 3.1 | $ | 3.1 | |||||||||||||||
Acquisition-related fair value adjustment | 1.6 | 1.6 | 1.6 | ||||||||||||||||||
Other, net (1) | (0.1 | ) | (0.1 | ) | (0.1 | ) | |||||||||||||||
Last-in-first-out inventory adjustments | 0.2 | 0.2 | — | ||||||||||||||||||
Stock-based compensation expense | 5.9 | 5.9 | — | ||||||||||||||||||
Supply chain optimization and footprint repositioning initiatives (d)(3) | — | 1.3 | 1.3 | ||||||||||||||||||
Amortization of intangible assets | — | — | 8.5 | ||||||||||||||||||
Other income, net (2) | — | — | (1.7 | ) | |||||||||||||||||
Total Adjustments | $ | 10.7 | $ | 12.0 | $ | 12.7 |
(1) | Other, net includes the gains and losses from sale of long-lived assets. |
(2) | Other income, net, for the periods indicated, consists primarily of gains and losses from foreign currency transactions, actuarial gains and losses on pension, and the non-service cost components of net periodic benefit credits associated with our defined benefit plans. |
(3) | Represents accelerated depreciation associated with our strategic supply chain optimization and footprint repositioning initiatives. |
First Quarter Ended | |||||||
Adjusted EBITDA | June 30, 2019 | June 30, 2018 | |||||
Net income (loss) attributable to Rexnord common stockholders | $ | 40.7 | $ | (6.5 | ) | ||
Dividends on preferred stock | 5.8 | 5.8 | |||||
Non-controlling interest income | 0.2 | 0.1 | |||||
Loss from discontinued operations, net of tax | 1.8 | 42.8 | |||||
Equity method investment income | (0.1 | ) | (1.5 | ) | |||
Provision for income taxes | 14.8 | 14.5 | |||||
Other expense (income), net (1) | 1.5 | (1.7 | ) | ||||
Interest expense, net | 15.5 | 18.6 | |||||
Income from operations | $ | 80.2 | $ | 72.1 | |||
Adjustments | |||||||
Depreciation and amortization | $ | 21.0 | $ | 22.2 | |||
Restructuring and other similar charges | 3.2 | 3.1 | |||||
Acquisition-related fair value adjustment | 0.5 | 1.6 | |||||
Stock-based compensation expense | 6.9 | 5.9 | |||||
Last-in first-out inventory adjustments | (0.3 | ) | 0.2 | ||||
Other, net (2) | (0.5 | ) | (0.1 | ) | |||
Subtotal of adjustments | 30.8 | 32.9 | |||||
Adjusted EBITDA | $ | 111.0 | $ | 105.0 |
(1) | Other expense (income), net, for the periods indicated, consists primarily of gains and losses from foreign currency transactions, actuarial gains and losses on pension, and the non-service cost components of net periodic benefit credits associated with our defined benefit plans. |
(2) | Other, net includes the gains and losses from sale of long-lived assets. |
First Quarter Ended | |||||||
Adjusted Net Income and Earnings Per Share | June 30, 2019 | June 30, 2018 | |||||
Net income (loss) attributable to Rexnord common stockholders | $ | 40.7 | $ | (6.5 | ) | ||
Dividends on preferred stock | 5.8 | 5.8 | |||||
Non-controlling interest income | 0.2 | 0.1 | |||||
Loss from discontinued operations, net of tax | 1.8 | 42.8 | |||||
Equity method investment income | (0.1 | ) | (1.5 | ) | |||
Amortization of intangible assets | 8.7 | 8.5 | |||||
Restructuring and other similar charges | 3.2 | 3.1 | |||||
Supply chain optimization and footprint repositioning initiatives (3) | 0.6 | 1.3 | |||||
Acquisition-related fair value adjustment | 0.5 | 1.6 | |||||
Other expense (income), net (1) | 1.5 | (1.7 | ) | ||||
Other, net (2) | (0.5 | ) | (0.1 | ) | |||
Tax effect on above items | (3.4 | ) | (3.3 | ) | |||
Adjusted net income | $ | 59.0 | $ | 50.1 | |||
GAAP diluted net income per share from continuing operations | $ | 0.39 | $ | 0.34 | |||
Adjusted earnings per share - diluted | $ | 0.48 | $ | 0.41 | |||
Weighted-average number of shares outstanding (in thousands) | |||||||
GAAP basic weighted-average shares | 105,262 | 104,338 | |||||
Effect of dilutive equity securities | 2,423 | 2,804 | |||||
Adjustment for assumed conversion of preferred stock into common stock | 15,979 | 15,980 | |||||
Adjusted diluted weighted-average shares | 123,664 | 123,122 |
(1) | Other expense (income), net, for the periods indicated, consists primarily of gains and losses from foreign currency transactions, actuarial gains and losses on pension, and the non-service cost components of net periodic benefit credits associated with our defined benefit plans. |
(2) | Other, net includes the gains and losses from sale of long-lived assets. |
(3) | Represents accelerated depreciation associated with our strategic supply chain optimization and footprint repositioning initiatives. |
First Quarter Ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||||||||||
Adjusted EBITDA by Segment | Process & Motion Control | Water Management | Corporate | Process & Motion Control | Water Management | Corporate | |||||||||||||||||
Income (loss) from operations | $ | 55.1 | $ | 40.0 | $ | (14.9 | ) | $ | 49.9 | $ | 36.5 | $ | (14.3 | ) | |||||||||
Operating margin | 16.7 | % | 22.4 | % | 15.0 | % | 21.3 | % | |||||||||||||||
Depreciation and amortization | 14.6 | 6.3 | 0.1 | 15.9 | 6.2 | 0.1 | |||||||||||||||||
Restructuring and other similar charges | 2.9 | 0.3 | — | 2.7 | 0.4 | — | |||||||||||||||||
Acquisition-related fair value adjustment | 0.3 | 0.2 | — | 1.6 | — | — | |||||||||||||||||
Stock-based compensation expense | 1.6 | 0.5 | 4.8 | 1.4 | 0.3 | 4.2 | |||||||||||||||||
Last-in first-out inventory adjustments | (0.1 | ) | (0.2 | ) | — | 0.2 | — | — | |||||||||||||||
Other, net | (0.5 | ) | — | — | (0.1 | ) | — | — | |||||||||||||||
Adjusted EBITDA | $ | 73.9 | $ | 47.1 | $ | (10.0 | ) | $ | 71.6 | $ | 43.4 | $ | (10.0 | ) | |||||||||
Adjusted EBITDA margin | 22.4 | % | 26.4 | % | 21.5 | % | 25.4 | % |
Three Months Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
Cash provided by operating activities | $ | 19.0 | $ | 16.2 | ||||
Expenditures for property, plant and equipment | (5.9 | ) | (11.1 | ) | ||||
Free cash flow | $ | 13.1 | $ | 5.1 |
Fiscal 2020 Earnings Outlook Reconciliation (1) | Earnings Guidance for | |||
the Fiscal Year Ending | ||||
March 31, 2020 | ||||
Net income from continuing operations attributable to Rexnord common stockholders | $181 million to $191 million | |||
Dividends on preferred stock | 15 | |||
Provision for income taxes | 72 | |||
Interest expense, net | 65 | |||
Depreciation and amortization | 88 | |||
Restructuring and other similar charges | 15 | |||
Stock-based compensation expense | 26 | |||
Adjusted EBITDA | $460 million to $475 million |
(1) | Our outlook is based upon the extent of information available as of the date of this filing regarding events and conditions that will impact our future operating results for our fiscal year 2020. Our actual results may be materially impacted by events for which information is not available, such as asset impairments, purchase accounting effects related to future acquisitions, future restructuring actions, gains (losses) recognized on the disposal of tangible and intangible assets, gains (losses) on debt extinguishment, actuarial gains (losses) on our defined benefit plans, and other gains (losses) related to events or conditions not yet known. Consequently, we have not included incremental gains or (losses) for these items in our forward-looking guidance since that information is not reasonably available. |
First Quarter Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
Net income (loss) attributable to Rexnord | $ | 46.5 | $ | (0.7 | ) | |||
Other comprehensive loss: | ||||||||
Foreign currency translation adjustments | (0.5 | ) | (35.7 | ) | ||||
Net change in unrealized losses on interest rate derivatives, net of tax | — | 2.0 | ||||||
Change in pension and postretirement defined benefit plans, net of tax | 0.5 | (0.2 | ) | |||||
Other comprehensive loss, net of tax | — | (33.9 | ) | |||||
Non-controlling interest income | $ | 0.2 | $ | 0.1 | ||||
Total comprehensive income (loss) | $ | 46.7 | $ | (34.5 | ) |
June 30, 2019 | March 31, 2019 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 271.8 | $ | 292.5 | ||||
Receivables, net | 307.4 | 334.3 | ||||||
Inventories | 351.3 | 316.5 | ||||||
Other current assets | 38.9 | 39.6 | ||||||
Total current assets | 969.4 | 982.9 | ||||||
Property, plant and equipment, net | 382.6 | 383.0 | ||||||
Intangible assets, net | 510.3 | 511.5 | ||||||
Goodwill | 1,311.9 | 1,299.7 | ||||||
Other assets | 126.8 | 82.6 | ||||||
Total assets | $ | 3,301.0 | $ | 3,259.7 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Current maturities of debt | $ | 1.4 | $ | 1.2 | ||||
Trade payables | 179.9 | 191.7 | ||||||
Compensation and benefits | 40.3 | 63.7 | ||||||
Current portion of pension and postretirement benefit obligations | 3.3 | 3.3 | ||||||
Other current liabilities | 129.4 | 137.1 | ||||||
Total current liabilities | 354.3 | 397.0 | ||||||
Long-term debt | 1,263.5 | 1,236.8 | ||||||
Pension and postretirement benefit obligations | 153.7 | 158.0 | ||||||
Deferred income taxes | 129.6 | 125.9 | ||||||
Other liabilities | 122.0 | 111.0 | ||||||
Total liabilities | 2,023.1 | 2,028.7 | ||||||
Stockholders' equity: | ||||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 105,813,457 at June 30, 2019 and 104,842,299 at March 31, 2019 | 1.0 | 1.0 | ||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; shares of 5.75% Series A Mandatory Convertible Preferred Stock issued and outstanding: 402,500 at June 30, 2019 and March 31, 2019 | 0.0 | 0.0 | ||||||
Additional paid-in capital | 1,299.5 | 1,293.5 | ||||||
Retained earnings | 71.4 | 30.7 | ||||||
Accumulated other comprehensive loss | (96.6 | ) | (96.6 | ) | ||||
Total Rexnord stockholders' equity | 1,275.3 | 1,228.6 | ||||||
Non-controlling interest | 2.6 | 2.4 | ||||||
Total stockholders' equity | 1,277.9 | 1,231.0 | ||||||
Total liabilities and stockholders' equity | $ | 3,301.0 | $ | 3,259.7 |
Three Months Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
Operating activities | ||||||||
Net income (loss) | $ | 46.7 | $ | (0.6 | ) | |||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||
Depreciation | 12.3 | 15.8 | ||||||
Amortization of intangible assets | 8.7 | 8.8 | ||||||
Non-cash asset impairment | — | 44.0 | ||||||
Deferred income taxes | 3.6 | (8.2 | ) | |||||
Other non-cash charges | 0.8 | 3.6 | ||||||
Stock-based compensation expense | 6.9 | 6.0 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables | 12.5 | 3.2 | ||||||
Inventories | (33.5 | ) | (40.7 | ) | ||||
Other assets | (0.2 | ) | 0.4 | |||||
Accounts payable | (12.1 | ) | (2.1 | ) | ||||
Accruals and other | (26.7 | ) | (14.0 | ) | ||||
Cash provided by operating activities | 19.0 | 16.2 | ||||||
Investing activities | ||||||||
Expenditures for property, plant and equipment | (5.9 | ) | (11.1 | ) | ||||
Acquisitions, net of cash acquired | (24.8 | ) | — | |||||
Proceeds from dispositions of long-lived assets | 1.3 | 3.5 | ||||||
Cash used for investing activities | (29.4 | ) | (7.6 | ) | ||||
Financing activities | ||||||||
Proceeds from borrowings of debt | — | 110.7 | ||||||
Repayments of debt | (3.9 | ) | (127.1 | ) | ||||
Proceeds from exercise of stock options | 4.8 | 2.9 | ||||||
Taxes withheld and paid on employees' share-based payment awards | (5.7 | ) | (0.4 | ) | ||||
Payments of preferred stock dividends | (5.8 | ) | (5.8 | ) | ||||
Cash used for financing activities | (10.6 | ) | (19.7 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 0.3 | (9.2 | ) | |||||
Decrease in cash and cash equivalents | (20.7 | ) | (20.3 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 292.5 | 217.6 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 271.8 | $ | 197.3 |
Fiscal Year 2020 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Fiscal Year | |||||||||||||||
Process & Motion Control | |||||||||||||||||||
Net sales | $ | 330.1 | $ | 330.1 | |||||||||||||||
Income from operations & margin | 55.1 | 16.7% | 55.1 | 16.7% | |||||||||||||||
Depreciation & amortization | 14.6 | 14.6 | |||||||||||||||||
EBITDA & margin | 69.7 | 21.1% | 69.7 | 21.1% | |||||||||||||||
Adjustments | 4.2 | 4.2 | |||||||||||||||||
Adjusted EBITDA & margin | $ | 73.9 | 22.4% | $ | 73.9 | 22.4% | |||||||||||||
Year-over-year sales growth | |||||||||||||||||||
Core growth | 1% | 1% | |||||||||||||||||
Acquisition / divestiture | 1% | 1% | |||||||||||||||||
Currency translation | (3)% | (3)% | |||||||||||||||||
Total reported | (1)% | (1)% | |||||||||||||||||
Water Management | |||||||||||||||||||
Net sales | $ | 178.2 | $ | 178.2 | |||||||||||||||
Income from operations & margin | 40.0 | 22.4% | 40.0 | 22.4% | |||||||||||||||
Depreciation & amortization | 6.3 | 6.3 | |||||||||||||||||
EBITDA & margin | 46.3 | 26.0% | 46.3 | 26.0% | |||||||||||||||
Adjustments | 0.8 | 0.8 | |||||||||||||||||
Adjusted EBITDA & margin | $ | 47.1 | 26.4% | $ | 47.1 | 26.4% | |||||||||||||
Year-over-year sales growth | |||||||||||||||||||
Core growth | 4% | 4% | |||||||||||||||||
Acquisition / divestiture | —% | —% | |||||||||||||||||
Currency translation | —% | —% | |||||||||||||||||
Total reported | 4% | 4% | |||||||||||||||||
Corporate | |||||||||||||||||||
Income from operations | (14.9 | ) | (14.9 | ) | |||||||||||||||
Depreciation & amortization | 0.1 | 0.1 | |||||||||||||||||
EBITDA | (14.8 | ) | (14.8 | ) | |||||||||||||||
Adjustments | 4.8 | 4.8 | |||||||||||||||||
Adjusted EBITDA | $ | (10.0 | ) | $ | (10.0 | ) | |||||||||||||
Total Rexnord | |||||||||||||||||||
Net sales | $ | 508.3 | $ | 508.3 | |||||||||||||||
Income from operations & margin | 80.2 | 15.8% | 80.2 | 15.8% | |||||||||||||||
Depreciation & amortization | 21.0 | 21.0 | |||||||||||||||||
EBITDA & margin | 101.2 | 19.9% | 101.2 | 19.9% | |||||||||||||||
Adjustments | 9.8 | 9.8 | |||||||||||||||||
Adjusted EBITDA & margin | $ | 111.0 | 21.8% | $ | 111.0 | 21.8% | |||||||||||||
Year-over-year sales growth | |||||||||||||||||||
Core growth | 2% | 2% | |||||||||||||||||
Acquisition / divestiture | 1% | 1% | |||||||||||||||||
Currency translation | (2)% | (2)% | |||||||||||||||||
Total reported | 1% | 1% |
Fiscal Year 2019 | |||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Fiscal Year | |||||||||||||||||||||
Process & Motion Control | |||||||||||||||||||||||||
Net sales | $ | 332.4 | $ | 348.7 | $ | 326.7 | $ | 372.8 | $ | 1,380.6 | |||||||||||||||
Income from operations & margin | 49.9 | 15.0% | 56.4 | 16.2% | 53.4 | 16.3% | 66.4 | 17.8% | 226.1 | 16.4% | |||||||||||||||
Depreciation & amortization | 15.9 | 15.5 | 15.5 | 15.5 | 62.4 | ||||||||||||||||||||
EBITDA & margin | 65.8 | 19.8% | 71.9 | 20.6% | 68.9 | 21.1% | 81.9 | 22.0% | 288.5 | 20.9% | |||||||||||||||
Adjustments | 5.8 | 5.7 | 4.1 | 8.2 | 23.8 | ||||||||||||||||||||
Adjusted EBITDA & margin | $ | 71.6 | 21.5% | $ | 77.6 | 22.3% | $ | 73.0 | 22.3% | $ | 90.1 | 24.2% | $ | 312.3 | 22.6% | ||||||||||
Year-over-year sales growth | |||||||||||||||||||||||||
Core growth | 3% | 7% | 4% | 3% | 4% | ||||||||||||||||||||
Acquisition / divestiture | 11% | 10% | 10% | 3% | 8% | ||||||||||||||||||||
Currency translation | 2% | (1)% | (2)% | (3)% | (1)% | ||||||||||||||||||||
Total reported | 16% | 16% | 12% | 3% | 11% | ||||||||||||||||||||
Water Management | |||||||||||||||||||||||||
Net sales | $ | 171.2 | $ | 176.1 | $ | 158.3 | $ | 164.7 | $ | 670.3 | |||||||||||||||
Income from operations & margin | 36.5 | 21.3% | 41.3 | 23.5% | 33.1 | 20.9% | 28.8 | 17.5% | 139.7 | 20.8% | |||||||||||||||
Depreciation & amortization | 6.2 | 6.2 | 6.2 | 6.3 | 24.9 | ||||||||||||||||||||
EBITDA & margin | 42.7 | 24.9% | 47.5 | 27.0% | 39.3 | 24.8% | 35.1 | 21.3% | 164.6 | 24.6% | |||||||||||||||
Adjustments | 0.7 | 0.2 | 1.2 | 5.3 | 7.4 | ||||||||||||||||||||
Adjusted EBITDA & margin | $ | 43.4 | 25.4% | $ | 47.7 | 27.1% | $ | 40.5 | 25.6% | $ | 40.4 | 24.5% | $ | 172.0 | 25.7% | ||||||||||
Year-over-year sales growth | |||||||||||||||||||||||||
Core growth | 7% | 12% | 10% | 5% | 8% | ||||||||||||||||||||
Acquisition / divestiture | 3% | 3% | —% | —% | 2% | ||||||||||||||||||||
Currency translation | —% | —% | —% | —% | —% | ||||||||||||||||||||
Total reported | 10% | 15% | 10% | 5% | 10% | ||||||||||||||||||||
Corporate | |||||||||||||||||||||||||
Income from operations | (14.3 | ) | (16.3 | ) | (15.6 | ) | (14.0 | ) | (60.2 | ) | |||||||||||||||
Depreciation & amortization | 0.1 | 0.2 | 0.2 | 0.1 | 0.6 | ||||||||||||||||||||
EBITDA | (14.2 | ) | (16.1 | ) | (15.4 | ) | (13.9 | ) | (59.6 | ) | |||||||||||||||
Adjustments | 4.2 | 5.6 | 5.0 | 3.3 | 18.1 | ||||||||||||||||||||
Adjusted EBITDA | $ | (10.0 | ) | $ | (10.5 | ) | $ | (10.4 | ) | $ | (10.6 | ) | $ | (41.5 | ) | ||||||||||
Total Rexnord | |||||||||||||||||||||||||
Net sales | $ | 503.6 | $ | 524.8 | $ | 485.0 | $ | 537.5 | $ | 2,050.9 | |||||||||||||||
Income from operations & margin | 72.1 | 14.3% | 81.4 | 15.5% | 70.9 | 14.6% | 81.2 | 15.1% | 305.6 | 14.9% | |||||||||||||||
Depreciation & amortization | 22.2 | 21.9 | 21.9 | 21.9 | 87.9 | ||||||||||||||||||||
EBITDA & margin | 94.3 | 18.7% | 103.3 | 19.7% | 92.8 | 19.1% | 103.1 | 19.2% | 393.5 | 19.2% | |||||||||||||||
Adjustments | 10.7 | 11.5 | 10.3 | 16.8 | 49.3 | ||||||||||||||||||||
Adjusted EBITDA & margin | $ | 105.0 | 20.8% | $ | 114.8 | 21.9% | $ | 103.1 | 21.3% | $ | 119.9 | 22.3% | $ | 442.8 | 21.6% | ||||||||||
Year-over-year sales growth | |||||||||||||||||||||||||
Core growth | 4% | 9% | 6% | 4% | 6% | ||||||||||||||||||||
Acquisition / divestiture | 8% | 8% | 7% | 2% | 6% | ||||||||||||||||||||
Currency translation | 2% | (1)% | (2)% | (2)% | (1)% | ||||||||||||||||||||
Total reported | 14% | 16% | 11% | 4% | 11% |
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