Rexnord Corporation Reports Second Quarter Results for Fiscal 2013

  Rexnord Corporation Reports Second Quarter Results for Fiscal 2013

   Call scheduled for Thursday, November8, 2012 at 10:00 a.m. Eastern Time

   Quarterly report on Form 10-Q to be filed on or before November 13, 2012

Business Wire

MILWAUKEE -- November 07, 2012

Rexnord Corporation (NYSE:RXN):

Consolidated Highlights

  *Net sales increased 11% from the prior year second quarter to $500 million
    (+2% core sales, +11% acquisitions/divestitures, -2% foreign currency
    translation).
  *Adjusted net income increased 50% from the prior year to $24 million;
    reported net income from continuing operations increased to $20 million
    compared to $4 million in the prior year.
  *Adjusted EBITDA increased 11% from the prior year to $101 million or 20.1%
    of net sales.
  *Adjusted earnings per share was $0.24; reported diluted earnings per share
    was $0.19.
  *Total liquidity was $759 million ($440 million of cash plus $319 million
    of available borrowings).

Todd A. Adams, President and Chief Executive Officer, commented, "We delivered
solid second quarter financial results consistent with what we had expected,
as core sales growth of 2% and solid execution drove an 11% increase in
Adjusted EBITDA. In Process & Motion Control, we posted 3% core growth while
delivering a record second quarter Adjusted EBITDA margin of 25.1% as strong
execution and targeted growth programs offset a generally slow macro
environment. In Water Management, overall sales growth was 38% and core growth
progressed to flat compared to the prior year as our growth initiatives
coupled with the VAG acquisition are delivering the traction we anticipated,
setting up a solid second half for our Water Management platform. We are
reaffirming our full year guidance of $2,020 million to $2,060 million of net
sales and $412 million to $425 million of Adjusted EBITDA.”

Second Quarter Fiscal 2013 Segment Highlights

Process & Motion Control

Process & Motion Control ("PMC") net sales in the second quarter of fiscal
2013 were $309 million compared to $310 million in the second quarter fiscal
2012. Core sales increased 3% from the prior year second quarter driven by
growth in aerospace, energy and food and beverage end-markets. Core sales
growth was offset by the unfavorable impact of foreign currency fluctuations
and a fiscal 2012 second quarter divestiture.

PMC Adjusted EBITDA in the second quarter was $78 million and Adjusted EBITDA
as a percentage of sales increased 140 basis points from the prior year period
to 25.1% of sales. Our Adjusted EBITDA margin increase was driven by
productivity gains and efficiencies as well as increased operating leverage on
higher year-over-year core sales.

Water Management

Water Management net sales in the second quarter increased 38% from the prior
year to $190 million due to the acquisition of VAG. Core sales were flat
year-over-year as market share gains and increased alternative market sales in
our non-residential construction end-markets were offset by expected lower
shipments to our North American municipal water end-markets.

Water Management Adjusted EBITDA in the second quarter was $31 million and
Adjusted EBITDA as a percentage of sales was 16.0% as core margin expansion
year-over-year was offset by the mix impact of VAG.

Discontinued Operations

During the second quarter of fiscal 2013, the Company’s Board of Director's
approved a plan to divest a non-core engineered chain business located in
Shanghai, China within the PMC platform. The Company is currently engaged in
an active sale process and expects the transaction to be completed within the
next 12 months. The Company recognized a loss from discontinued operations net
of tax of $1.1 million in the second quarter of fiscal 2013. Prior year
balance sheet and statement of operations amounts have been reclassified to
conform to the discontinued operations presentation. The Company will not have
continuing involvement after a sale is completed and Management does not
believe that the divestiture of this non-core business will have a material
impact on the Company's results of operations, financial position, or cash
flows.

Non-GAAP Financial Measures

The following non-GAAP financial measures are utilized by management in
comparing our operating performance on a consistent basis. We believe that
these financial measures are appropriate to enhance an overall understanding
of our underlying operating performance trends compared to historical and
prospective periods and our peers. Management also believes that these
measures are useful to investors in their analysis of our results of
operations and provide improved comparability between fiscal periods. Non-GAAP
financial measures should not be considered in isolation from, or as a
substitute for, financial information calculated in accordance with GAAP.
Investors are encouraged to review the reconciliation of these non-GAAP
measures to their most directly comparable GAAP financial measures. A
reconciliation of non-GAAP financial measures presented above to our GAAP
results has been provided in the financial tables included in this press
release.

Core Sales

Core sales excludes the impact of acquisitions, divestitures and foreign
currency translation. Management believes that core sales facilitates easier
comparisons of our net sales performance with prior and future periods and to
our peers. We exclude the effect of acquisitions because the nature, size and
number of acquisitions can vary dramatically from period to period and between
us and our peers, and can also obscure underlying business trends and make
comparisons of long-term performance difficult. We exclude the effect of
foreign currency translation from this measure because the volatility of
currency translation is not under management's control.

Adjusted Net Income and Adjusted Earnings Per Share

Adjusted net income and adjusted earnings per share (calculated on a diluted
basis) exclude actuarial gains and losses on pension and postretirement
benefit obligations, restructuring and other similar costs, gains or losses on
divestitures, gains or losses on extinguishment of debt, the impact of
inventory fair value adjustments in connection with purchase accounting, and
other non-operational, non-cash or non-recurring losses, net of their income
tax impact. The tax rates used to calculate adjusted net income and adjusted
earnings per share is based on a transaction specific basis. We believe that
adjusted net income and adjusted earnings per share are useful in assessing
our financial performance by excluding items that are not indicative of our
core operating performance or that may obscure trends useful in evaluating our
continuing results of operations.

EBITDA

EBITDA represents earnings before interest, taxes, depreciation and
amortization. EBITDA is presented because it is an important supplemental
measure of performance and it is frequently used by analysts, investors and
other interested parties in the evaluation of companies in our industry.
EBITDA is also presented and compared by analysts and investors in evaluating
the performance of issuers of “high yield” securities because it is a common
measure of the ability to meet debt service obligations. Other companies in
our industry maycalculate EBITDA differently. EBITDA is not a measurement of
financial performance under GAAP and should not be considered as an
alternative to cash flow from operating activities or as a measure of
liquidity or an alternative to net income as indicators of operating
performance or any other measures of performance derived in accordance with
GAAP. Because EBITDA is calculated before recurring cash charges, including
interest expense and taxes, and is not adjusted for capital expenditures or
other recurring cash requirements of the business, it should not be considered
as a measure of discretionary cash available to invest in the growth of the
business.

Adjusted EBITDA

“Adjusted EBITDA” is the term we use to describe EBITDA as defined and
adjusted in our senior secured credit facilities, which is net income,
adjusted for the items summarized in the table below. Adjusted EBITDA is
intended to show our unleveraged, pre-tax operating results and therefore
reflects our financial performance based on operational factors, excluding
non-operational, non-cash or non-recurring losses or gains. Adjusted EBITDA is
not a presentation made in accordance with GAAP, and our use of the term
Adjusted EBITDA varies from others in our industry. This measure should not be
considered as an alternative to net income, income from operations or any
other performance measures derived in accordance with GAAP. Adjusted EBITDA
has important limitations as an analytical tool, and you should not consider
it in isolation, or as a substitute for analysis of our results as reported
under GAAP. For example, Adjusted EBITDA does not reflect: (a)our capital
expenditures, future requirements for capital expenditures or contractual
commitments; (b)changes in, or cash requirements for, our working capital
needs; (c)the significant interest expenses, or the cash requirements
necessary to service interest or principal payments, on our debt; (d)tax
payments that represent a reduction in cash available to us; (e)any cash
requirements for the assets being depreciated and amortized that may have to
be replaced in the future; (f)management fees that may be paid to Apollo; or
(g)the impact of earnings or charges resulting from matters that we and the
lenders under our secured senior credit facilities may not consider indicative
of our ongoing operations. In particular, our definition of Adjusted EBITDA
allows us to add back certain non-cash, non-operating or non-recurring charges
that are deducted in calculating net income, even though these are expenses
that may recur, vary greatly and are difficult to predict and can represent
the effect of long-term strategies as opposed to short-term results.

In addition, certain of these expenses can represent the reduction of cash
that could be used for other corporate purposes. Further, although not
included in the calculation of Adjusted EBITDA below, the measure may at times
allow us to add estimated cost savings and operating synergies related to
operational changes ranging from acquisitions to dispositions to
restructurings and/or exclude one-time transition expenditures that we
anticipate we will need to incur to realize cost savings before such savings
have occurred. Further, management and various investors use the ratio of
total debt less cash to Adjusted EBITDA (which includes a full pro-forma
last-twelve-month impact of acquisitions), or "net debt leverage", as a
measure of our financial strength and ability to incur incremental
indebtedness when making key investment decisions and evaluating us against
peers.

Free Cash Flow

We define Free Cash Flow as cash flow from operations less capital
expenditures, and we use this metric in analyzing our ability to service and
repay our debt and to forecast future periods. However, this measure does not
represent funds available for investment or other discretionary uses since it
does not deduct cash used to service our debt.

About Rexnord

Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic
platforms, Process & Motion Control and Water Management, with approximately
7,300 employees worldwide. The Process & Motion Control platform designs,
manufactures, markets and services specified, highly-engineered mechanical
components used within complex systems. The Water Management platform designs,
procures, manufactures and markets products that provide and enhance water
quality, safety, flow control and conservation. Additional information about
the Company can be found at www.rexnord.com.

Conference Call Details

Rexnord will hold a conference call on Thursday, November8, 2012 at 10:00
a.m. Eastern Time to discuss its fiscal 2013 second quarter results and
provide a general business update. Rexnord President and CEO, Todd Adams, and
Senior Vice President and CFO, Mark Peterson, will co-host the call. The
conference call can be accessed via telephone as follows:

Domestic toll-free #: 888-771-4371

International toll #: 847-585-4405

Access Code: 33368802

A live webcast of the call will also be available on the investor relations
section of the Company's website. Please go to the website (www.rexnord.com)
at least fifteen minutes prior to the start of the call to register, download
and install any necessary audio software.

If you are unable to participate during the live teleconference, a replay of
the conference call will be available from 12:30 p.m. Eastern Time, November
8, 2012 until 12:30 p.m. Eastern Time, November 22, 2012. To access the
replay, please dial 888-843-7419 (domestic) or 630-652-3042 (international)
with access code 3336 8802#.

Cautionary Statement on Forward-Looking Statements

Information in this release may involve outlook, expectations, beliefs, plans,
intentions, strategies or other statements regarding the future, which are
forward-looking statements. These forward-looking statements involve risks and
uncertainties. All forward-looking statements included in this release are
based upon information available to Rexnord Corporation as of the date of the
release, and Rexnord Corporation assumes no obligation to update any such
forward-looking statements. The statements in this release are not guarantees
of future performance, and actual results could differ materially from current
expectations. Numerous factors could cause or contribute to such differences.
Please refer to "Risk Factors" and "Cautionary Notice Regarding
Forward-Looking Statements" in the Company's Form 10-K for the fiscal year
ended March 31, 2012 as well as the Company's annual, quarterly and current
reports filed on Forms 10-K, 10-Q and 8-K from time to time with the
Securities and Exchange Commission for a further discussion of the factors and
risks associated with the business.

Rexnord Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(in Millions, except share and per share amounts)
(Unaudited)
                                                
                     Second Quarter Ended          Six Months Ended
                     September     October 1,     September     October 1,
                     29, 2012       2011           29, 2012       2011
Net sales            $  499.5       $  448.5       $  993.1       $  918.2
Cost of sales        312.9         289.1         627.8         592.9     
Gross profit         186.6          159.4          365.3          325.3
Selling, general
and administrative   104.8          85.9           203.8          176.7
expenses
Zurn PEX loss        —              —              10.1           —
contingency
Restructuring and
other similar        2.4            —              4.0            —
charges
Amortization of      13.3          12.4          26.3          24.9      
intangible assets
Income from
continuing           66.1           61.1           121.1          123.7
operations
Non-operating
income (expense):
Interest expense,    (37.2     )    (42.8     )    (75.5     )    (87.2     )
net
Loss on the
extinguishment of    —              —              (21.1     )    (0.7      )
debt
Loss on              —              (6.9      )    —              (6.9      )
divestiture
Other income         0.2           (7.6      )    0.7           (7.8      )
(expense), net
Income from
continuing           29.1           3.8            25.2           21.1
operations before
income taxes
Provision
(benefit) for        8.8           (0.4      )    5.6           6.0       
income taxes
Net income from
continuing           20.3           4.2            19.6           15.1
operations
(Loss) income from
discontinued         (1.1      )    0.3           (2.6      )    0.6       
operations, net of
tax
Net income           $  19.2       $  4.5        $  17.0       $  15.7   
                                                                  
Net income per
share from
continuing
operations:
Basic                $  0.21        $  0.07        $  0.21        $  0.23
Diluted              $  0.20        $  0.06        $  0.20        $  0.21
Net (loss) income
per share from
discontinued
operations:
Basic                $  (0.01  )    $  —           $  (0.03  )    $  0.01
Diluted              $  (0.01  )    $  —           $  (0.03  )    $  0.01
Net income per
share:
Basic                $  0.20        $  0.07        $  0.18        $  0.24
Diluted              $  0.19        $  0.06        $  0.17        $  0.22
                                                                  
Weighted-average
number of shares
outstanding (in
thousands):
Basic                95,878         66,724         94,991         66,724
Effect of dilutive   3,868         5,499         4,378         5,195     
stock options
Diluted              99,746        72,223        99,369        71,919    

Rexnord Corporation and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
Second quarter
(in Millions, except share and per share amounts) (Unaudited)
                                                
                     Second Quarter Ended          Six Months Ended
                     September 29,  October 1,    September     October 1,
                     2012            2011          29, 2012       2011
Net income           $   19.2        $  4.5        $  17.0        $  15.7
Interest expense,    37.2            42.8          75.5           87.2
net
Income tax
provision            8.8             (0.4     )    5.6            6.0
(benefit)
Depreciation and     28.9           26.5         57.0          53.6      
amortization
EBITDA               94.1           73.4         155.1         162.5     
                                                                  
Adjustments to
EBITDA
Actuarial loss on
pension and          —               —             0.2            —
postretirement
benefit obligation
Loss on              —               6.9           —              6.9
divestiture
Loss (income) from
discontinued         1.1             (0.3     )    2.6            (0.6      )
operations, net of
tax
Restructuring and
other similar        2.4             —             4.0            —
costs
Loss on
extinguishment of    —               —             21.1           0.7
debt
Impact of
inventory fair       —               0.1           —              0.9
value adjustment
Stock option         1.9             0.9           3.5            2.1
expense
LIFO expense         1.2             1.7           2.1            3.1
Zurn PEX loss        —               —             10.1           —
contingency
Other (income)       (0.2       )    7.6          (0.7      )    7.8       
expense, net (1)
Subtotal of
adjustments to       6.4            16.9         42.9          20.9      
EBITDA
Adjusted EBITDA      $   100.5      $  90.3      $  198.0      $  183.4  

                        Second Quarter Ended       Six Months Ended
Adjusted Net Income      September    October 1,    September    October 1,
and Earnings Per Share   29, 2012      2011          29, 2012      2011
Net income               $  19.2       $  4.5        $  17.0       $  15.7
Loss on divestiture      —             6.9           —             6.9
Loss (income) from
discontinued             1.1           (0.3     )    2.6           (0.6     )
operations, net of tax
Restructuring and        2.4           —             4.0           —
other similar costs
Loss on extinguishment   —             —             21.1          0.7
of debt
Impact of inventory      —             0.1           —             0.9
fair value adjustment
Stock option expense     1.9           0.9           3.5           2.1
LIFO expense             1.2           1.7           2.1           3.1
Actuarial loss on
pension and              —             —             0.2           —
postretirement benefit
obligation
Zurn PEX loss            —             —             10.1          —
contingency
Other (income)           (0.2     )    7.6           (0.7     )    7.8
expense, net (1)
Tax effect on above      (1.5     )    (5.3     )    (13.1    )    (7.1     )
items
Adjusted net income      $  24.1      $  16.1      $  46.8      $  29.5  
                                                                   
Weighted-average
number of shares
outstanding (in
thousands)
Basic                    95,878        66,724        94,991        66,724
Effect of dilutive       3,868        5,499        4,378        5,195    
stock options
Diluted                  99,746       72,223       99,369       71,919   
                                                                   
Adjusted earnings per    $  0.24       $  0.22       $  0.47       $  0.41
share - diluted
Net income per share -
diluted (in accordance   $  0.19       $  0.06       $  0.17       $  0.22
with GAAP)

(1) Other income, net for the quarter ended September29, 2012, consists of
foreign currency transaction losses of $0.1 million, loss on sale of assets of
$0.1 million and other miscellaneous income of $0.4 million. Other expense,
net for the quarter ended October1, 2011, consists of management fee expense
of $0.8 million, foreign currency translation losses of $5.9 million, and
miscellaneous other losses of $0.9 million. Other income, net for the first
six months of fiscal 2013 was $0.7 million and consisted of management fee
expense of $15.0 million to terminate our management agreement with Apollo,
foreign currency transaction losses of $4.9 million, a CDSOA recovery of $16.6
million, a $4.1 million gain on the sale of property, plant and equipment and
other miscellaneous losses of $0.1 million. Other expense, net for the first
six months of fiscal 2012 was $7.8 million and consisted of management fee
expense of $1.5 million, foreign currency transaction losses of $5.3 million
and other miscellaneous losses of $1.0 million.

Rexnord Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive (Loss) Income
(in Millions)
(Unaudited)
                                                 
                        Second Quarter Ended         Six Months Ended
                        September 29,  October 1,   September    October 1,
                        2012            2011         29, 2012      2011
  Net income            $   19.2        $  4.5       $  17.0       $  15.7
  Other comprehensive
  income (loss):
  Foreign currency
  translation           6.3             (3.8    )    (6.4     )    (3.3     )
  adjustments
  Unrealized gain on
  interest rate         —               1.2          —             1.7
  derivatives, net of
  tax
  Change in pension
  and other
  postretirement        0.3            0.3         0.6          0.6      
  defined benefit
  plans, net of tax
  Other comprehensive
  income (loss), net    6.6            (2.3    )    (5.8     )    (1.0     )
  of tax
  Total comprehensive   25.8           2.2         11.2         14.7     
  income

Rexnord Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in Millions, except share amounts)
(Unaudited)
                                                             
                                           September 29, 2012   March 31, 2012
Assets
Current assets:
Cash and cash equivalents                  $    440.2           $  298.0
Receivables, net                           327.9                337.9
Inventories, net                           349.3                320.3
Other current assets                       54.2                62.1        
Total current assets                       1,171.6              1,018.3
Property, plant and equipment, net         413.9                419.2
Intangible assets, net                     629.1                647.1
Goodwill                                   1,108.2              1,114.7
Insurance for asbestos claims              42.0                 42.0
Other assets                               50.7                49.6        
Total assets                               $    3,415.5        $  3,290.9  
Liabilities and stockholders' equity
(deficit)
Current liabilities:
Current maturities of debt                 $    23.1            $  10.3
Trade payables                             181.4                215.6
Compensation and benefits                  51.9                 61.8
Current portion of pension and             6.4                  6.3
postretirement benefit obligations
Interest payable                           38.6                 49.9
Other current liabilities                  129.1               124.7       
Total current liabilities                  430.5                468.6
                                                                
Long-term debt                             2,115.6              2,413.4
Pension and postretirement benefit         150.6                160.5
obligations
Deferred income taxes                      233.5                245.7
Reserve for asbestos claims                42.0                 42.0
Other liabilities                          34.5                41.5        
Total liabilities                          3,006.7              3,371.7
                                                                
Stockholders' equity (deficit):
Preferred stock, $0.01 par value;
10,000,000 shares authorized; none         —                    —
issued
Common stock, $0.01 par value;
200,000,000 shares authorized; shares      1.0                  0.7
issued: 97,506,953 at September 29, 2012
and 67,741,271 at March 31, 2012
Additional paid-in capital                 776.7                298.6
Retained deficit                           (344.6         )     (361.6      )
Accumulated other comprehensive loss       (17.1          )     (11.3       )
Treasury stock at cost; 900,904 shares     (6.3           )     (6.3        )
at September 29, 2012 and March 31, 2012
Total Rexnord stockholders' equity         409.7                (79.9       )
(deficit)
Non-controlling interest                   (0.9           )     (0.9        )
Total stockholders' equity (deficit)       408.8               (80.8       )
Total liabilities and stockholders'        $    3,415.5        $  3,290.9  
equity (deficit)

Rexnord Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in Millions)
(Unaudited)
                                        
                                          Six Months Ended
                                          September 29, 2012  October 1, 2011
Operating activities
Net income                                $    17.0            $   15.7
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation                              30.7                 28.7
Amortization of intangible assets         26.3                 24.9
Amortization of deferred financing        2.0                  3.8
costs
(Gain) loss on dispositions of            (4.1          )      0.8
property, plant and equipment
Non-cash loss on divestiture              —                    4.5
Deferred income taxes                     (14.9         )      1.9
Other non-cash charges                    5.7                  18.1
Loss on debt extinguishment               21.1                 0.7
Stock-based compensation expense          3.5                  2.1
Changes in operating assets and
liabilities:
Receivables                               3.4                  (0.3        )
Inventories                               (33.4         )      (12.4       )
Other assets                              1.4                  (8.7        )
Accounts payable                          (31.1         )      (11.8       )
Accruals and other                        (19.1         )      (31.9       )
Cash provided by operating activities     8.5                  36.1
                                                               
Investing activities
Expenditures for property, plant and      (32.5         )      (21.9       )
equipment
Acquisitions, net of cash                 —                    (18.2       )
Loan receivable for financing under New   (9.7          )      —
Market Tax Credit incentive program
Proceeds from dispositions of property,   5.5                  5.6
plant and equipment
Proceeds from divestiture, net of         —                   3.4         
transaction costs
Cash used for investing activities        (36.7         )      (31.1       )
                                                               
Financing activities
Proceeds from borrowings of long-term     1.4                  75.0
debt
Repayments of long-term debt              (307.3        )      (1.7        )
Proceeds from borrowings of short-term    7.3                  0.3
debt
Repayments of short-term debt             (0.7          )      (97.3       )
Proceeds from financing under New         14.0                 —
Market Tax Credit incentive program
Proceeds from issuance of common stock    458.3                —
Proceeds from exercise of stock options   2.3                  —
Payment of deferred financing fees        (0.4          )      (1.3        )
Payment of early redemption premium on    (17.6         )      —
long-term debt
Excess tax benefit on exercise of stock   14.6                —           
options
Cash provided by (used for) financing     171.9                (25.0       )
activities
Effect of exchange rate changes on cash   (1.5          )      (9.2        )
and cash equivalents
Increase (decrease) in cash and cash      142.2                (29.2       )
equivalents
Cash and cash equivalents at beginning    298.0               391.0       
of period
Cash and cash equivalents at end of       $    440.2          $   361.8   
period

Rexnord Corporation and Subsidiaries
Supplemental Data
(in Millions)
(Unaudited)
                 
                   Fiscal 2013
                   Q1         Q2         Q3         Q4         Total
Net sales
Process & Motion   $ 313.9     $ 309.1                             $ 623.0
Control
Water Management   179.7       190.4                               370.1
Corporate          —          —                                —         
Total              $ 493.6    $ 499.5                          $ 993.1   
                                                                   
Adjusted EBITDA
Process & Motion   $ 74.2      $ 77.7                              $ 151.9
Control
Water Management   29.3        30.5                                59.8
Corporate          (6.0    )   (7.7    )                         (13.7     )
Total              $ 97.5     $ 100.5                          $ 198.0   
                                                                   
Adjusted EBITDA
%
Process & Motion   23.6    %   25.1    %                           24.4      %
Control
Water Management   16.3    %   16.0    %                           16.2      %
Total (including   19.8    %   20.1    %                           19.9      %
Corporate)
                                                                   
                   Fiscal 2012
                   Q1          Q2          Q3          Q4          Total
Net sales
Process & Motion   $ 324.7     $ 310.3     $ 316.5     $ 359.2     $ 1,310.7
Control
Water Management   145.0       138.2       169.4       180.9       633.5
Corporate          —          —          —          —          —         
Total              $ 469.7    $ 448.5    $ 485.9    $ 540.1    $ 1,944.2 
                                                                   
Adjusted EBITDA
Process & Motion   $ 71.5      $ 73.5      $ 76.3      $ 95.6      $ 316.9
Control
Water Management   27.8        22.9        20.2        25.4        96.3
Corporate          (6.2    )   (6.1    )   (7.1    )   (7.9    )   (27.3     )
Total              $ 93.1     $ 90.3     $ 89.4     $ 113.1    $ 385.9   
                                                                   
Adjusted EBITDA
%
Process & Motion   22.0    %   23.7    %   24.1    %   26.6    %   24.2      %
Control
Water Management   19.2    %   16.6    %   11.9    %   14.0    %   15.2      %
Total (including   19.8    %   20.1    %   18.4    %   20.9    %   19.8      %
Corporate)

Contact:

Rexnord Corporation
Mark Peterson, 414.643.3739
Senior Vice President and Chief Financial Officer
 
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