Exhibit 99.1
rexnordcorplogo1214a01a19.jpg
 
Press Release
 
 
May 8, 2019
Contact Information:
 
 
For Immediate Release
Rob McCarthy
 
Vice President - Investor Relations
 
414.223.1615

Rexnord Reports Record FY2019 Financial Results and Initiates FY2020 Operating Outlook
Call scheduled for Thursday, May 9, 2019 at 8:00 a.m. Eastern Time

MILWAUKEE, WI (USA) - Rexnord Corporation (NYSE:RXN)

Fourth Quarter Highlights
Net sales were $538 million and increased 4% year over year (+4% core sales(1), +2% acquisitions, -2% foreign currency translation).
Net income from continuing operations was $48 million (diluted EPS of $0.39), compared with $58 million (diluted EPS of $0.47) in the year-ago quarter.
Net income(2) was $41 million (diluted EPS of $0.38), compared with a net loss(2) of $68 million (diluted loss per share of $0.51), which included a $120 million loss from discontinued operations in the year-ago quarter.
Adjusted EPS(1) was $0.51 compared with $0.47 in the year-ago quarter.
Adjusted EBITDA(1) increased 6% year over year and was $120 million (22.3% of net sales), compared with $113 million (21.8% of net sales) in last year's fourth quarter.
Fiscal 2019 Highlights
Net sales were $2.051 billion and increased 11% year over year (+6% core sales(1), +6% acquisitions, -1% foreign currency translation).
Net income from continuing operations was $189 million (diluted EPS of $1.53), compared with $207 million (diluted EPS of $1.69) in the prior year.
Net income(2) was $11 million (diluted EPS of $0.28), including a $155 million loss from discontinued operations, compared with $53 million (diluted EPS of $0.62), which included a $131 million loss from discontinued operations, in the prior year.
Adjusted EPS(1) was $1.85 and increased 25% from $1.48 in the prior year.
Adjusted EBITDA(1) increased 15% year over year and was $443 million (21.6% of net sales), compared with $386 million (20.9% of net sales) in the prior year.
Net debt leverage ratio decreased to 2.1x.
Todd Adams, President and Chief Executive Officer, commented, “We reported solid operating results for our fourth-quarter to cap off a year of record financial results. We delivered a new record for annual free cash flow of $213 million in our fiscal 2019, which enabled us to reduce our financial leverage to an all-time low. We leveraged the Rexnord Business System (“RBS”) to overcome tariff pressures and deliver further margin expansion and a new record for annual Adjusted EBITDA. Furthermore, we successfully completed the second phase of our Supply Chain Optimization and Footprint Repositioning (“SCOFR”) program and launched a third phase to deliver incremental annualized structural cost savings of $20 million by the end of our fiscal 2022. We are excited about the expanding growth runways that are developing in both platforms as we accelerate our digitally-connected product solutions to market. Looking into our fiscal year 2020, our compounding simplification initiatives and our relentless focus on operational excellence position us well to further expand our margins and free cash flow and we remain confident in our ability to create real value in an environment of slower global growth.”

(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.




The following information was filed by Rexnord Corp (RXN) on Wednesday, May 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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