Rexnord Q2 Adj. Profit Beats View, Lifts 2014 Earnings Outlook - Quick Facts

(RTTNews) - Rexnord Corp. (RXN) reported second-quarter net loss attributable to company of $52.3 million or $0.54 per share, compared to net income of $19.2 million or $0.19 per share in the year-ago period.

However, adjusted net income for the quarter was $30.7 million or $0.31 per share, compared to $24.1 million or $0.24 per share in the prior-year quarter. On average, six analysts polled by Thomson Reuters expected the company to report earnings per share of $0.26 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 3 percent to $514.5 million from $499.5 million in the same period last year. Analysts had a consensus revenue estimate of $514.67 million for the quarter.

Looking ahead, Rexnord expects third-quarter sales in a range of $495 million to $505 million and adjusted earnings per share in a range of $0.29 to $0.32. Analysts expect the company to report earnings per share of $0.30 for the quarter on revenue of $495.91 million.

For fiscal 2014, Rexnord increased its adjusted earnings per share guidance range by $0.20, to a range of $1.32 to $1.38 from the prior range of $1.12 to $1.18. Street expects the company to earn $1.25 per share for the year on revenues of $2.09 billion.