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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.
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.
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.