Rexnord Corporation Third Quarter Fiscal 2014 Results

  Rexnord Corporation Third Quarter Fiscal 2014 Results

Call scheduled for Tuesday, January28, 2014 at 5:30 p.m. Eastern Time

Business Wire

MILWAUKEE -- January 28, 2014

Rexnord Corporation (NYSE:RXN):

Third Quarter Highlights

  *Net sales increased 4% (+4% core sales) to $489 million
  *Income from operations increased 13% to $68 million year-over-year
    resulting in a 120 basis point increase in operating margin to 14%
  *Adjusted earnings per share increased 79% from the prior year to $0.34
  *Adjusted EBITDA of $98 million resulting in an adjusted EBITDA margin of
    20%
  *Completed acquisition of Precision Gear Holdings, LLC

Todd A. Adams, President and Chief Executive Officer, commented, "We are
pleased with our third quarter results and overall levels of core growth,
profitability and free cash flow. As it relates to each of our platforms, the
12 percent core growth and 160 basis point adjusted operating margin
improvement in our Water Management platform aligns with our expectations of
accelerating growth and margin improvement within the platform while the
outlook in our served markets continues to improve. In Process & Motion
Control, we are encouraged by the very strong margin performance amidst, in
aggregate, a stable set of industrial end markets that we expect to improve
over the next several quarters. Finally, our strong free cash flow in the
quarter allowed us to both de-lever and acquire Precision Gear Holdings, which
expands our exposure to the energy and aerospace end markets."

Fourth Quarter and Fiscal 2014 Outlook and Guidance

Mr. Adams continued, "We are raising our full year adjusted earnings per share
guidance to $1.35 to $1.39 reflecting our third quarter results, latest
outlook, benefit of the recently completed Precision Gear Holdings acquisition
as well as the inclusion of incremental expenses we will incur related to
acquisition opportunities that we are currently pursuing."

Third Quarter Fiscal 2014 Segment Highlights

Process & Motion Control

Process & Motion Control ("PMC") net sales were $301 million in the third
quarter of fiscal 2014 and $303 million in the third quarter of fiscal 2013.
Core net sales decreased 1% year-over-year as low single digit sales growth in
the majority of our end-markets was offset by a decline in sales to our bulk
material handling markets.

PMC Adjusted EBITDA in the third quarter was $76 million and Adjusted EBITDA
as a percentage of net sales increased 60 basis points from the prior year
period to 25.3% of net sales.

Water Management

Water Management net and core sales increased 12% from the prior year to $188
million in the third quarter of fiscal 2014. The growth in sales was primarily
driven by market share gains in the majority of our served markets, as well as
increased alternative market sales in our non-residential construction
end-markets.

Water Management Adjusted EBITDA in the third quarter was $28 million and
Adjusted EBITDA as a percentage of net sales increased 100 basis points from
the prior year period to 15.0% of net sales.

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
comparison 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
our 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 credit agreement, 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 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
7,500 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 Tuesday, January28, 2014 at 5:30 p.m.
Eastern Time to discuss its fiscal 2014 third 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 #: 888-895-5479
      International toll #: 847-619-6250
      Access Code: 36529547
      

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 8:00 p.m. Eastern Time, January 28,
2014 until 11:30 p.m. Eastern Time, February 11, 2014. To access the replay,
please dial 888-843-7419 (domestic) or 630-652-3042 (international) with
access code 3652 9547#.

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 March31, 2013 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)

                    Third Quarter Ended          Nine Months Ended
                      December 28,  December        December     December
                      2013           29, 2012        28, 2013      29, 2012
Net sales             $  489.1       $  471.7        $ 1,512.3     $ 1,464.8
Cost of sales         307.9         303.8          957.4        931.6     
Gross profit          181.2          167.9           554.9         533.2
Selling, general
and                   99.2           93.7            311.2         297.5
administrative
expenses
Zurn PEX loss         —              —               —             10.1
contingency
Restructuring and
other similar         1.8            2.3             4.8           6.3
charges
Amortization of       12.7          12.4           37.8         38.7      
intangible assets
Income from           67.5           59.5            201.1         180.6
operations
Non-operating
expense:
Interest expense,     (22.2     )    (39.1     )     (86.4     )   (114.6    )
net
Loss on the
extinguishment of     —              (2.9      )     (133.2    )   (24.0     )
debt
Other expense,        (4.2      )    (2.2      )     (10.3     )   (1.5      )
net
Income (loss)
from continuing       41.1           15.3            (28.8     )   40.5
operations before
income taxes
Provision
(benefit) for         12.5          3.9            (18.5     )   9.5       
income taxes
Net income (loss)
from continuing       28.6           11.4            (10.3     )   31.0
operations
Loss from
discontinued          —             (2.2      )     —            (4.8      )
operations, net
of tax
Net income (loss)     $  28.6        $  9.2          $ (10.3   )   $ 26.2
Non-controlling       (0.1      )    —              (0.5      )   —         
interest loss
Net income (loss)
attributable to       $  28.7       $  9.2         $ (9.8    )   $ 26.2    
Rexnord
                                                                   
Net income (loss)
per share from
continuing
operations:
Basic                 $  0.29        $  0.12         $ (0.11   )   $ 0.32
Diluted               $  0.28        $  0.11         $ (0.11   )   $ 0.31
Net loss per
share from
discontinued
operations:
Basic                 $  —           $  (0.02  )     $ —           $ (0.05   )
Diluted               $  —           $  (0.02  )     $ —           $ (0.05   )
Net income (loss)
per share
attributable to
Rexnord:
Basic                 $  0.29        $  0.10         $ (0.10   )   $ 0.27
Diluted               $  0.28        $  0.09         $ (0.10   )   $ 0.26
                                                                   
Weighted-average
number of shares
outstanding (in
thousands):
Basic                 97,843         96,789          97,513        95,591
Effect of
dilutive stock        3,317         3,489          —            4,077     
options
Diluted               101,160       100,278        97,513       99,668    
                                                                             

Rexnord Corporation and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
Third quarter
(in Millions, except share and per share amounts) (Unaudited)

                     Third Quarter Ended         Nine Months Ended
                         December     December        December 28,  December
                         28, 2013      29, 2012        2013           29, 2012
Net income               $  28.6       $  9.2          $  (10.3  )    $  26.2
(loss)
Interest                 22.2          39.1            86.4           114.6
expense, net
Income tax
provision                12.5          3.9             (18.5     )    9.5
(benefit)
Depreciation and         26.7         26.9           80.6          83.9
amortization
EBITDA                   90.0         79.1           138.2         234.2
                                                                      
Adjustments to
EBITDA
Actuarial loss
on pension and
postretirement           —             —               —              0.2
benefit
obligation
Loss from
discontinued             —             2.2             —              4.8
operations, net
of tax
Restructuring
and other                1.8           2.3             4.8            6.3
similar charges
Loss on the
extinguishment           —             2.9             133.2          24.0
of debt
Stock-based
compensation             1.8           1.9             5.3            5.4
expense
LIFO (income)            (0.2     )    1.4             1.3            3.5
expense
Impact of
inventory fair           0.4           —               0.4            —
value adjustment
Zurn PEX loss            —             —               —              10.1
contingency
Other expense,           4.2          2.2            10.3          1.5
net (1)
Subtotal of
adjustments to           8.0          12.9           155.3         55.8
EBITDA
Adjusted EBITDA          $  98.0      $  92.0        $  293.5      $  290.0
                                                                         

                     Third Quarter Ended           Nine Months Ended
Adjusted Net           December 28,   December 29,     December 28,   December
Income and             2013          2012             2013          29, 2012
Earnings Per Share
Net income (loss)      $   28.6       $   9.2          $  (10.3  )    $ 26.2
Actuarial loss on
pension and            —              —                —              0.2
postretirement
benefit obligation
Loss from
discontinued           —              2.2              —              4.8
operations, net of
tax
Restructuring and
other similar          1.8            2.3              4.8            6.3
charges
Loss on the
extinguishment of      —              2.9              133.2          24.0
debt
Stock-based
compensation           1.8            1.9              5.3            5.4
expense
LIFO (income)          (0.2      )    1.4              1.3            3.5
expense
Impact of
inventory fair         0.4            —                0.4            —
value adjustment
Zurn PEX loss          —              —                —              10.1
contingency
Other expense, net     4.2            2.2              10.3           1.5
(1)
Tax effect on          (2.7      )    (3.4      )      (56.3     )    (16.5  )
above items
Adjusted net           $   33.9      $   18.7        $  88.7       $ 65.5 
income
                                                                      
Weighted-average
number of shares
outstanding (in
thousands)
Basic                  97,843         96,789           97,513         95,591
Effect of dilutive     3,317         3,489           3,109         4,077  
stock options
Diluted                101,160       100,278         100,622       99,668 
                                                                      
Adjusted earnings
per share -            $   0.34       $   0.19         $  0.89        $ 0.66
diluted
Net income (loss)
per share -
diluted (in            $   0.28       $   0.09         $  (0.11  )    $ 0.26
accordance with
GAAP)

      Other expense, net for the quarter ended December 28, 2013, consists of
      foreign currency transaction losses of $1.7 million, $0.2 million loss
      on sale of property, plant and equipment and other miscellaneous
      expenses of $2.3 million. Other expense, net for the quarter ended
      December 29, 2012, consists of foreign currency transaction losses of
      $1.7 million, loss on sale of assets of $0.1 million and other
      miscellaneous expenses of $0.4 million. Other expense, net for the first
      nine months of fiscal 2014, consists of $3.0 million of costs
(1)  attributable to our now concluded review of strategic alternatives by
      our Board of Directors, foreign currency transaction losses of $3.0
      million, $1.3 million loss on sale of property, plant and equipment and
      other miscellaneous expenses of $3.0 million. Other expense, net for the
      first nine months of fiscal 2013, consists of management fee expense of
      $15.0 million to terminate our management agreement with Apollo, foreign
      currency transaction losses of $6.6 million, a recovery under the
      Continued Dumping and Subsidy Offset Act of $16.6 million, a $4.0
      million gain on the sale of property, plant and equipment and other
      miscellaneous expenses of $0.5 million.
      

Rexnord Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in Millions)
(Unaudited)

                     Third Quarter Ended         Nine Months Ended
                       December     December        December     December
                       28, 2013      29, 2012        28, 2013      29, 2012
Net income (loss)
attributable to        $  28.7       $  9.2          $  (9.8  )    $  26.2
Rexnord
Other
comprehensive
income (loss):
Foreign currency
translation            (2.7     )    0.7             5.2           (5.7     )
adjustments
Unrealized gain on
interest rate          0.1           —               0.1           —
derivatives, net
of tax
Change in pension
and other
postretirement         (0.3     )    0.3            (0.8     )    0.9      
defined benefit
plans, net of tax
Other
comprehensive          (2.9     )    1.0             4.5           (4.8     )
(loss) income, net
of tax
Non-controlling        (0.1     )    —              (0.5     )    —        
interest loss
Total
comprehensive          $  25.7      $  10.2        $  (5.8  )    $  21.4  
income (loss)
                                                                            

Rexnord Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(in Millions, except share amounts)
(Unaudited)

                                        December 28, 2013   March 31, 2013
Assets
Current assets:
Cash and cash equivalents                 $   192.7             $  524.1
Receivables, net                          320.0                 350.4
Inventories, net                          379.3                 326.2
Other current assets                      51.6                 46.4        
Total current assets                      943.6                 1,247.1
Property, plant and equipment, net        435.8                 410.7
Intangible assets, net                    607.0                 613.5
Goodwill                                  1,151.9               1,118.4
Insurance for asbestos claims             35.0                  35.0
Other assets                              42.8                 49.1        
Total assets                              $   3,216.1          $  3,473.8  
Liabilities and stockholders' equity
Current liabilities:
Current maturities of debt                $   26.1              $  169.3
Trade payables                            195.7                 208.3
Compensation and benefits                 59.0                  55.6
Current portion of pension and            5.7                   5.7
postretirement benefit obligations
Interest payable                          0.8                   48.1
Other current liabilities                 114.8                121.2       
Total current liabilities                 402.1                 608.2
                                                                
Long-term debt                            1,952.1               1,962.3
Pension and postretirement benefit        163.4                 170.8
obligations
Deferred income taxes                     197.6                 231.6
Reserve for asbestos claims               35.0                  35.0
Other liabilities                         31.8                 37.4        
Total liabilities                         2,782.0               3,045.3
                                                                
Stockholders' equity:
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                   1.0
issued: 98,846,185 at December 28,
2013 and 98,108,438 at March 31, 2013
Additional paid-in capital                795.0                 784.0
Retained deficit                          (321.3        )       (311.5      )
Accumulated other comprehensive loss      (34.2         )       (38.7       )
Treasury stock at cost; 900,904
shares at December 28, 2013 and March     (6.3          )       (6.3        )
31, 2013
Total Rexnord stockholders' equity        434.2                 428.5
Non-controlling interest                  (0.1          )       —           
Total stockholders' equity                434.1                428.5       
Total liabilities and stockholders'       $   3,216.1          $  3,473.8  
equity
                                                                            

Rexnord Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in Millions)
(Unaudited)

                                     Nine Months Ended
                                       December 28, 2013   December 29, 2012
Operating activities
Net (loss) income                      $     (10.3   )       $    26.2
Adjustments to reconcile net
(loss) income to cash provided by
operating activities:
Depreciation                           42.8                  45.2
Amortization of intangible assets      37.8                  38.7
Amortization of deferred financing     2.1                   3.0
costs
Loss (gain) on dispositions of         1.3                   (4.0          )
property, plant and equipment
Deferred income taxes                  (30.2         )       (12.9         )
Other non-cash charges                 0.8                   8.0
Loss on debt extinguishment            133.2                 24.0
Stock-based compensation expense       5.3                   5.4
Changes in operating assets and
liabilities:
Receivables                            36.4                  36.2
Inventories                            (33.9         )       (41.6         )
Other assets                           (5.2          )       (0.9          )
Accounts payable                       (18.0         )       (33.5         )
Accruals and other                     (68.7         )       (44.7         )
Cash provided by operating             93.4                  49.1
activities
                                                             
Investing activities
Expenditures for property, plant       (31.6         )       (41.5         )
and equipment
Acquisitions, net of cash              (112.0        )       (21.1         )
Loan receivable for financing
under New Market Tax Credit            —                     (9.7          )
incentive program
Proceeds from dispositions of          —                     6.1
property, plant and equipment
Proceeds from dispositions of
discontinued operations, net of        —                    2.3           
cash
Cash used for investing activities     (143.6        )       (63.9         )
                                                             
Financing activities
Proceeds from borrowings of            1,934.8               15.4
long-term debt
Repayments of long-term debt           (1,938.2      )       (308.1        )
Proceeds from borrowings of            6.9                   10.2
short-term debt
Repayments of short-term debt          (162.1        )       (5.1          )
Payment of deferred financing fees     (17.1         )       (2.0          )
Payment of early redemption            (109.9        )       (17.6         )
premium on long-term debt
Net proceeds from issuance of          —                     458.3
common stock
Proceeds from exercise of stock        1.8                   2.3
options
Third party investment in              0.4                   —
non-controlling interest
Excess tax benefit on exercise of      3.9                  17.2          
stock options
Cash (used for) provided by            (279.5        )       170.6
financing activities
Effect of exchange rate changes on     (1.7          )       (1.3          )
cash and cash equivalents
(Decrease) increase in cash and        (331.4        )       154.5
cash equivalents
Cash and cash equivalents at           524.1                298.0         
beginning of period
Cash and cash equivalents at end       $     192.7          $    452.5    
of period
                                                                           

Rexnord Corporation and Subsidiaries
Supplemental Data
(in Millions)
(Unaudited)

                 Fiscal 2014
                   Q1         Q2         Q3         Q4         Total
Net sales
Process &          $ 314.6     $ 311.8     300.8                   $ 927.2
Motion Control
Water              194.1       202.7       188.3                   585.1
Management
Corporate          —          —          —                     —         
Total              $ 508.7    $ 514.5    489.1                 $ 1,512.3 
                                                                   
Adjusted
EBITDA
Process &          $ 70.8      $ 77.6      76.2                    $ 224.6
Motion Control
Water              29.5        32.1        28.2                    89.8
Management
Corporate          (7.5    )   (7.0    )   (6.4    )              (20.9     )
Total              $ 92.8     $ 102.7    98.0                  $ 293.5   
                                                                   
Adjusted
EBITDA %
Process &          22.5    %   24.9    %   25.3    %               24.2      %
Motion Control
Water              15.2    %   15.8    %   15.0    %               15.3      %
Management
Total
(including         18.2    %   20.0    %   20.0    %               19.4      %
Corporate)
                                                                   
                   Fiscal 2013
                   Q1          Q2          Q3          Q4          Total
Net sales
Process &          $ 313.9     $ 309.1     $ 302.9     $ 340.2     $ 1,266.1
Motion Control
Water              179.7       190.4       168.8       200.1       739.0
Management
Corporate          —          —          —          —          —         
Total              $ 493.6    $ 499.5    $ 471.7    $ 540.3    $ 2,005.1 
                                                                   
Adjusted
EBITDA
Process &          $ 74.2      $ 77.7      $ 74.9      $ 89.0      $ 315.8
Motion Control
Water              29.3        30.5        23.7        30.7        114.2
Management
Corporate          (6.0    )   (7.7    )   (6.6    )   (4.7    )   (25.0     )
Total              $ 97.5     $ 100.5    $ 92.0     $ 115.0    $ 405.0   
                                                                   
Adjusted
EBITDA %
Process &          23.6    %   25.1    %   24.7    %   26.2    %   24.9      %
Motion Control
Water              16.3    %   16.0    %   14.0    %   15.3    %   15.5      %
Management
Total
(including         19.8    %   20.1    %   19.5    %   21.3    %   20.2      %
Corporate)
                                                                             

Contact:

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