Rexnord Swings To Profit; Cuts FY Guidance

(RTTNews) - Rexnord Corp (RXN) Thursday reported second-quarter net earnings of $37.2 million or $0.36 per share compared with a loss of $52.3 million or $0.54 per share last year.

Excluding items, adjusted earnings for the quarter were $0.40 per share compared with earnings of $0.29 per share a year ago.

Revenues for the quarter were $538 million compared with $514.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.40 per share on revenues of $548 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, the company expects adjusted earnings of $0.29 to $0.32 per share on revenues of $496 million to $504 million. Analysts expect earnings of $0.40 per share on revenues of $527.6 million.

For the full year, the company now projects adjusted earnings of $1.52 to $1.60 per share, down from prior guidance of $1.60 to 1.70 per share. Analysts expect earnings of $1.65 per share.