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Rexnord Corporation (NYSE: RXN) will participate in the KeyBanc Capital Markets' 2021 Industrials & Basic Materials Conference on June 2, 2021. The company, headquartered in Milwaukee, Wisconsin, operates through two platforms: Process & Motion Control and Water Management, employing around 6,900 people globally. The Process & Motion Control platform focuses on engineering mechanical components, while the Water Management platform emphasizes water quality and conservation. More information can be found at www.rexnordcorporation.com.
Rexnord Corporation (NYSE:RXN) has declared a quarterly dividend of $0.09 per share, payable on June 7, 2021, to stockholders on record by May 20, 2021.
Rexnord operates two key business segments: Process & Motion Control and Water Management, employing approximately 6,900 people globally. The company focuses on engineering components for complex systems and products enhancing water quality and conservation.
Rexnord Corporation (NYSE:RXN) reported first-quarter net sales of $526 million, down 8% year over year, but net income rose to $50 million, or $0.40 EPS, up from $29 million or $0.23 EPS last year. Adjusted EPS was $0.47, down from $0.55. The company announced its planned spin-off of the Process & Motion Control platform to merge with Regal Beloit Corporation, expected to close in Q4 2021. For the second quarter, Rexnord anticipates high double-digit percentage growth in core sales for its Water Management platform and mid-to-high teens growth for Process & Motion Control.
Rexnord Corporation (NYSE: RXN) will host a conference call on April 28, 2021, at 7:00 a.m. CT to discuss its first-quarter fiscal year 2021 financial results. The call will be co-hosted by Chairman and CEO Todd Adams and CFO Mark Peterson. The financial report will be available after market close on April 27, 2021. Investors can access the call via telephone or through a live webcast on the company's investor relations website. A replay will be available post-call until May 12, 2021.
Rexnord Corporation (NYSE: RXN) announced the appointment of Don Butler to its Board of Directors effective February 25, 2021. Butler, a former senior executive at General Motors and Ford, brings extensive experience in engineering, marketing, and product development. Rexnord's CEO highlighted Butler's skills as a valuable addition to the board, enhancing the company's strategic execution and shareholder value. Rexnord operates in Process & Motion Control and Water Management, employing approximately 6,600 people globally.
Rexnord Corporation (NYSE:RXN) reported net sales of $490 million in the December quarter, a 2% decline year-over-year, with net income at $37 million and diluted EPS of $0.30. For the full year 2020, net sales dropped to $1.98 billion, down 4%, alongside a decrease in net income to $147 million and adjusted EPS of $1.77. The company achieved record free cash flow of $276 million, up 13%. Looking ahead to 2021, Rexnord expects mid-single-digit sales growth and margin expansion despite ongoing pandemic challenges. The firm also announced a 12.5% increase in its quarterly dividend.
Regal Beloit Corporation (NYSE: RBC) and Rexnord Corporation (NYSE: RXN) announced a definitive agreement to combine Regal and Rexnord's Process & Motion Control (PMC) segment through a Reverse Morris Trust transaction. Regal shareholders will own 61.4% of the new entity, while Rexnord shareholders will hold 38.6% after a potential dividend adjustment. The transaction, expected to close in Q4 2021, values PMC at $3.69 billion, enhancing Regal's pro forma revenue to approximately $4.1 billion, with $120 million in expected cost synergies. The merger aims to accelerate growth and deliver comprehensive industrial solutions.
Rexnord Corporation (NYSE: RXN) will host a conference call on February 19, 2021, at 7:00 a.m. CT to discuss its December quarter 2020 financial results and provide a business update. The financial report will be released on February 18, 2021, after market close and can be accessed via the SEC filing on Form 8-K and on Rexnord's investor relations website. Investors can join the call via telephone or through a live webcast. A replay will be available from February 19 until March 5, 2021. Rexnord has transitioned its fiscal year-end to December 31.
Rexnord Corporation (NYSE:RXN) has declared a quarterly cash dividend of $0.09 per share, which will be payable on March 8, 2021, to stockholders recorded as of February 19, 2021. The company operates through two main platforms: Process & Motion Control and Water Management, employing approximately 6,600 individuals globally. This dividend reflects Rexnord's commitment to returning value to its shareholders while maintaining a focus on its strategic business operations.
