Rexnord (NYSE:RXN) reports 4Q17 Profit Down 5%; Beats Street View

Rexnord (NYSE:RXN) reports 4Q17 Profit Down 5%; Beats Street View

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Rexnord (NYSE:RXN) headquartered in Milwaukee, Wisconsin, announced net income for the fourth quarter of $ 21.60 million or $ 0.21 per share, compared to income $ -0.40 million or $ 0.00 per share for the year-ago quarter.

The company recorded fourth quarter adjusted net income of $ 43.20 million or $ 0.35 per share, while analysts from Thomson Reuters expected income of $ 0.33 per share.

Top line figures for the fourth quarter rose 2% to $ 503.60 million from $ 492.60 million in the same quarter last year, where as analysts anticipated $ 493.64 million.

Analysts estimates generally exclude one time charges / gains.

Todd A. Adams, President and CEO, noted: Our fourth quarter results were in line with our expectations and concluded an important year of strategic progress for Rexnord. As we move into the new fiscal year, we remain focused on leveraging the Rexnord Business System; to bring innovative new products to market, to execute against our compelling growth opportunities in consumer driven end markets, and to leverage our leaner cost structure as core growth turns positive in fiscal 2018.

For Fiscal 2018 Outlook, RXN expect Net income in the range of $87 million to $107 million.