|Over a week ago|
Rexnord upgraded to Outperform at Baird » 08:1801/2901/29/20
As reported previously,…
As reported previously, Baird analyst Mircea Dobre upgraded Rexnord to Outperform from Neutral. The analyst noted the company demonstrated good execution in the choppy macro environment. He cited its de-levered balance sheet, update capital allocation roadmap,and its proven resilience in PMC along with upcoming catalysts as the reason for the upgrade. Dobre raised his price target to $42 from $36 on Rexnord shares.
Rexnord upgraded to Outperform from Neutral at Baird » 05:3301/2901/29/20
Baird analyst Mircea…
Baird analyst Mircea Dobre upgraded Rexnord to Outperform from Neutral with a $42 price target.
Rexnord sees FY20 adjusted EBITDA $460M-$467M » 16:2201/2801/28/20
Adams continued, "With one quarter to go in our fiscal 2020, we're updating our outlook for net income from continuing operations to be between $192 million and $195 million and narrowing the range of our guidance for Adjusted EBITDA(1) from $460 million to $467 million to $460 million to $464 million to primarily reflect the estimated impact of the suspension of 737MAX aircraft production in our fourth quarter. We continue to expect our free cash flow to exceed net income."
Rexnord reports Q3 adjusted EPS 48c, consensus 42c » 16:2101/2801/28/20
Reports Q3 revenue $492M,…
Reports Q3 revenue $492M, consensus $487.2M. Todd Adams, President and Chief Executive Officer, commented, "We delivered another set of solid operating results in our third quarter and continue to demonstrate our ability to deliver improving margins and cash flow within a broadly stagnant macro environment. Both platforms continue to make important progress with our strategic initiatives around simplification and structural cost reduction and with our DiRXN (pronounced "Direction") digital enterprise strategy. The investments we've made to expand our relative exposure to more stable growth areas and to develop innovative product and service solutions supports our optimism as we navigate our fourth quarter and look into the coming fiscal year. Our free cash flow has increased by more than 25% through the first nine months of the fiscal year, and we repurchased $20 million of our shares in the third quarter. As we announced yesterday, our Board has approved an enhanced capital allocation strategy, which includes an increase in our share repurchase authority and the first common stock dividend since our initial public offering."
Fly Intel: What to watch in General Electric earnings report » 13:4901/2801/28/20
GE, HON, PH, ETN, RXN, NDRA, EADSY, ERJ, BA
General Electric (GE) is…
Rexnord sees annual increases in common dividend amount » 07:0901/2701/27/20
Rexnord announced that…
Rexnord announced that its board has approved a comprehensive capital allocation strategy "that leverages the company's consistent and high-level of free cash flow to enhance shareholder value creation." Rexnord's enhanced capital allocation strategy anticipates: "Maintaining our net debt leverage ratio in a 2x - 3x range; Annual increases in the common dividend amount; Annual cash used for share repurchases of $75 million to $150 million; Sustaining internal investments that enhance growth, innovation and productivity; Targeted acquisitions that enhance our strategic positioning and drive future sales and earnings growth." Todd Adams, Rexnord's President and CEO, commented, "Over the past four years, we have repositioned our business portfolio, executed significant structural cost reductions, increased our return on invested capital and increased our sustainable free cash flow while reducing our financial leverage. Our enhanced financial profile positions the company to expand its options to drive shareholder value creation."
Rexnord expands share repurchase authorization to $300M » 07:0801/2701/27/20
The Rexnord board…
The Rexnord board approved expanding Rexnord's existing share repurchase authorization to $300 million of available capacity.
Rexnord initiates quarterly dividend of 8c per share » 07:0701/2701/27/20
The Rexnord board…
The Rexnord board approved an initial 8c per-share quarterly dividend to be paid on March 6, to shareholders of record as of February 21, which represents the first common stock dividend Rexnord has paid since its 2012 initial public offering.
Vertical Research 'throws in the towel' on Boeing as MAX return stalls » 10:1801/2201/22/20
BA, GE, HON, PH, ETN, RXN, EADSY
After Boeing (BA) said…
General Electric among Boeing suppliers at risk due to 737 MAX delay, says BofA » 07:0101/2201/22/20
GE, BA, HON, PH, ETN, RXN
BofA analyst Andrew Obin…
BofA analyst Andrew Obin said yesterday's announcement from Boeing (BA) increases the likelihood that its 737 MAX production pause extends through the first half of 2020, which presents a risk to General Electric (GE), Honeywell (HON), Parker-Hannifin (PH), Eaton (ETN), and Rexnord (RXN), which all have exposure to the MAX program. While he believes investors may look through 737 MAX issues in the first half, he also thinks investors may underestimate the impact on secondary and tertiary suppliers and broader U.S. industrial firms, Obin stated. He maintains a Neutral rating on GE shares and looks for more details to come about the MAX on the company's earnings call on January 29.