Regal Rexnord Corporation
Regal Rexnord Reports Fourth Quarter and Full Year 2023 Financial Results
Summary
Regal Rexnord Corporation reported its financial results for the fourth quarter and full year ended December 31, 2023. The company delivered a GAAP diluted EPS of $0.84 and an adjusted diluted EPS of $2.28, showing a decrease from the prior year's GAAP diluted EPS of $1.53 and an adjusted diluted EPS of $2.64. Despite end market headwinds, especially in the PES segment, the company generated strong adjusted free cash flow of $170.9 million for the quarter and $683.1 million for the full year, nearly doubling compared to 2022. The full-year 2023 results included significant portfolio transformation with the acquisition of Altra Industrial Motion Corp. and the announcement of the sale of its Industrial Motors & Generators business for $400 million. The company provided guidance for 2024 GAAP diluted EPS in the range of $4.58 to $5.38 and adjusted diluted EPS in the range of $9.75 to $10.55.
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About Regal Rexnord Corporation
Regal Rexnord Corporation is an industrial conglomerate specializing in the engineering and provision of high-efficiency electric motors, power transmission products, and electronic controls. As a key player in manufacturing, the company serves a plethora of sectors, including HVAC, food and beverage processing, transportation, and material handling industries. Regal Rexnord's offerings include a wide array of components from bearings and couplings to gear drives and electric motors, all pivotal for infrastructure and industrial applications. By combining Regal's robust motor technology with Rexnord's advanced power transmission systems, the corporation is positioned to enhance energy efficiency and reliability in operations worldwide. Established through the merger of Regal Beloit Corporation and Rexnord Process & Motion Control segment, the company sets industry standards for innovation and productivity. Its focus on sustainable and efficient mechanical components makes Regal Rexnord a crucial contributor to modern industrial processes, reflecting its importance in the global supply chain and industrial market landscape.
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