Regal Rexnord Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 07, 2024 at 09:15 pm
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Regal Rexnord Corporation reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 1,608.2 million compared to USD 1,244.7 million a year ago. Net income was USD 55.9 million compared to USD 101.5 million a year ago. Basic earnings per share from continuing operations was USD 0.84 compared to USD 1.53 a year ago. Diluted earnings per share from continuing operations was USD 0.84 compared to USD 1.53 a year ago.
For the full year, the company reported sales was USD 6,250.7 million compared to USD 5,217.9 million a year ago. Net loss was USD 57.4 million compared to net income of USD 488.9 million a year ago. Basic loss per share from continuing operations was USD 0.87 compared to basic earnings per share from continuing operations of USD 7.33 a year ago. Diluted loss per share from continuing operations was USD 0.87 compared to diluted earnings per share from continuing operations of USD 7.29 a year ago.
Regal Rexnord Corporation is engaged in the engineering and manufacturing of factory automation sub-systems, industrial powertrain solutions, automation and mechanical power transmission components, electric motors and electronic controls, air-moving products, and specialty electrical components and systems. Its segments consists of Industrial Powertrain Solutions (IPS), Power Efficiency Solutions (PES), and Automation & Motion Control (AMC). Its IPS segment designs, produces and services mounted and unmounted bearings, couplings, mechanical power transmission drives, gearboxes and gear motors, clutches, brakes, and industrial powertrain components. Its PES segment designs and produces fractional to approximately five horsepower alternating current and direct current motors, electronic variable speed controls, and more. Its AMC segment designs, produces and services conveyor products, conveying automation subsystems, aerospace components, rotary precision motion solution, and more.