Zurn Elkay Q2 2021 Earnings Report
Key Takeaways
Rexnord Corporation reported a strong second quarter with net sales of $568 million, a 27% increase year-over-year. Net income was $73 million, or $0.59 per diluted share, compared to $36 million, or $0.29 per diluted share, in the year-ago quarter. Adjusted EPS was $0.58 compared to $0.36 in the year-ago quarter. Adjusted EBITDA was $133 million, or 23.5% of net sales, compared to $103 million, or 23.0% of net sales, in the year-ago quarter.
Net sales were $568 million compared with $449 million in last year’s June quarter (+21% core sales(1), +3% acquisitions and divestitures, +3% foreign currency translation).
Net income(2) was $73 million (diluted EPS of $0.59), compared with $36 million (diluted EPS of $0.29) in the year-ago quarter.
Adjusted EPS(1) was $0.58 compared with $0.36 in the year-ago quarter.
Adjusted EBITDA(1) was $133 million (23.5% of net sales) compared with $103 million (23.0% of net sales) in last year's June quarter.
Zurn Elkay
Zurn Elkay
Zurn Elkay Revenue by Segment
Forward Guidance
Based on the permanent cost reduction initiatives we have implemented, our order backlog heading into the third quarter and an anticipated range of demand patterns through September, we expect third quarter sales in our WM platform to increase year over year in the high teens percentage range and Adjusted EBITDA margin to range between 26% and 27%. We expect sales in our PMC platform to increase by a mid-teens percentage range and Adjusted EBITDA margin to range between 23% and 24%, and for our corporate expenses to approximate $10 million.
Positive Outlook
- Third quarter sales in our WM platform to increase year over year in the high teens percentage range
- Adjusted EBITDA margin for WM platform to range between 26% and 27%.
- Sales in our PMC platform to increase by a mid-teens percentage range
- Adjusted EBITDA margin for PMC platform to range between 23% and 24%
- Corporate expenses to approximate $10 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income