Rexnord Corp. (RXN), which designs, manufactures, markets, and services process and motion control, and water management products, Tuesday reported net income of $24 million or $0.24 per share for the fourth quarter compared with $8.6 million or $0.12 per share during the corresponding quarter last year. The net income for the last year included a loss of $6.3 million or $0.09 per share from discontinued operations.
Adjusted net income for the three-month period was $32.1 million or $0.32 per share. On average, seven analysts polled by Thomson Reuters expected earnings per share of $0.31 for the fourth quarter. Analysts' estimates typically exclude one-time items.
Adjusted EBITDA increased 2 percent to $115 million, resulting in a 40 basis point increase in adjusted EBITDA margin to 21.3 percent.
Net sales remained flat at $540.3 million for the fourth quarter, while the Street estimated revenues of $542.94 million for the quarter.
For the upcoming quarter, the company anticipates adjusted earnings per share in the range of $0.17 - $0.19, on sales of $489 million - $499 million. The Street expects the firm to report earnings per share of $0.27, and revenues of $517.9 million for the next quarter.
Looking forward, the company provided initial financial guidance for the fiscal year 2014, with adjusted earnings per share expected in the range of $1.10 to $1.18, on core sales growth of +1 percent to +3 percent and incremental adjusted EBITDA margins of approximately 30 percent. Analysts estimate earnings per share of $1.10 for the year.
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