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Regal Rexnord Corporation - $RRX STOCK NEWS

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Regal Rexnord reported strong first-quarter 2024 financial results, with a focus on debt reduction and portfolio transformation. The company sold its Industrial Systems business, leading to net proceeds used for debt reduction. Despite market headwinds in the PES segment, the company remains cautiously optimistic and continues to work on value creation opportunities.

Key financial highlights include a GAAP EPS of $0.30 and adjusted diluted EPS of $2.00, sales of $1,547.7 million, adjusted free cash flow of $64.6 million, and adjusted EBITDA of $317.4 million. The company is updating its annual guidance for 2024, with GAAP diluted EPS to range from $3.97 to $4.77 and adjusted diluted EPS from $9.60 to $10.40.

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Regal Rexnord announced its evolved business purpose after completing the sale of its Industrial Motors and Generators businesses, marking the end of a strategic portfolio transformation. The Company's portfolio now focuses on industrial power transmission, factory automation solutions, and high-efficiency electric motors and air moving subsystems. With a shift towards more innovative, industry-leading products, Regal Rexnord aims to achieve a 40% adjusted gross margin by 2025. The new purpose emphasizes sustainable solutions that power, transmit, and control motion, reflecting the Company's commitment to growth and value creation.

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Regal Rexnord announced the closure of the sale of its Industrial Motors and Generators business to WEG S.A., totaling $400 million, with plans to use the proceeds to reduce debt. The Company focuses on providing sustainable solutions for motion control and operates in various end markets.

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Regal Rexnord (NYSE: RRX) will host its first quarter 2024 earnings conference call on May 7, 2024, following the release of financial results on May 6, 2024. Investors can participate in the call by visiting the company's investor website or dialing in. A webcast and telephone replay will be available for three months after the call.
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Regal Rexnord declared a quarterly dividend of $0.35 per share. The dividend will be payable on July 12, 2024, to shareholders of record on June 28, 2024. The company has a history of paying dividends every quarter since January 1961. Regal Rexnord is a global leader in engineering and manufacturing various industrial products and components. The company focuses on producing socially conscious and environmentally-friendly products to meet customer demands in various industries.
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1.87%
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Regal Rexnord Corporation (NYSE: RRX) reported strong financial performance in the fourth quarter of 2023. The company achieved GAAP Diluted EPS of $0.84 and Adjusted Diluted EPS of $2.28, with a strong adjusted free cash flow of $170.9 million. Sales were up 29.2% versus the previous year, and the company paid down $116.7 million of gross debt, leading to a decline in net debt by $153.2 million. The company also provided guidance for 2024, with a range of $4.58 to $5.38 for GAAP Diluted EPS and $9.75 to $10.55 for Adjusted Diluted EPS. The CEO highlighted the significant portfolio transformation and expressed optimism for the future, emphasizing the company's focus on self-help opportunities and value creation potential.
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Regal Rexnord Corporation (RRX) declared a dividend of $0.35 per share, payable on April 12, 2024, to shareholders of record at the close of business on March 28, 2024. The company has paid a dividend every quarter since January 1961. Regal Rexnord is a global leader in engineering and manufacturing, focusing on socially conscious and environmentally-friendly products. The company operates in various end markets and is comprised of four operating segments. Regal Rexnord is headquartered in Milwaukee, Wisconsin, and has a global presence.
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Regal Rexnord Corporation (NYSE: RRX) is set to release its fourth quarter 2023 financial results on February 7, 2024, followed by a conference call on February 8, 2024. The company will host a webcast and provide a telephone replay for three months after the call.
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Regal Rexnord Corporation (NYSE: RRX) has published its annual Sustainability Report, emphasizing its growth strategy, progress towards carbon emission neutrality, and commitment to achieving Net Zero emissions. The report also highlights the acquisition of Altra Industrial Motion Corp. and the development of new sustainable and energy-efficient products. CEO Louis Pinkham expressed excitement about the company's initiatives and the increasing diversity and engagement of its associates.
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Regal Rexnord Corporation (NYSE: RRX) CEO, Louis Pinkham, will present at the 2023 Baird Global Industrial Conference on November 8, 2023. The presentation will be available on Regal Rexnord's Investor website.
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Regal Rexnord Corporation

NYSE:RRX

RRX Rankings

RRX Stock Data

10.45B
66.03M
0.52%
100.87%
1.83%
Motor and Generator Manufacturing
Manufacturing
Link
United States of America
MILWAUKEE

About RRX

all 29k+ associates at regal rexnord have a shared purpose: create a better tomorrow by energy-efficiently converting power into motion. we are a leading, global manufacturer of airflow, motion control, power transmission, and power generation solutions used in commercial, industrial and residential settings. you may not know it, but regal rexnord impacts your life every day. our products enable the fans in hvac systems that keep us comfortable; the power source that keeps smart buildings running; the agricultural and food service equipment that keeps us fed; and the conveyor systems that keep e-commerce flowing. regal rexnord is comprised of four operating segments: motion control solutions, climate solutions, commercial systems and industrial systems. regal rexnord is headquartered in beloit, wisconsin and has manufacturing, sales, and service facilities worldwide. for more information, visit regalrexnord.com.