Regal Rexnord Files Q3 2024 10-Q

TL;DR

Regal Rexnord's Q3 2024 10-Q is in. Check financials.

AI Summary

Regal Rexnord Corporation filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides investors with the latest financial performance data for Regal Rexnord, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• REGAL REXNORD CORP (company) — Filer
• 20240930 (date) — Period of Report
• 20241105 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ding 66,228,082 shares of common stock, $0.01 par value per share. REGAL REXNORD CO

Filing Documents

• rbc-20240930.htm (10-Q) — 1988KB
• exhibit2209302410q.htm (EX-22) — 15KB
• rrx-2024930xex311.htm (EX-31.1) — 11KB
• rrx-2024930xex312.htm (EX-31.2) — 11KB
• rrx-2024930xex321.htm (EX-32.1) — 5KB
• 0000082811-24-000210.txt ( ) — 11262KB
• rbc-20240930.xsd (EX-101.SCH) — 54KB
• rbc-20240930_cal.xml (EX-101.CAL) — 122KB
• rbc-20240930_def.xml (EX-101.DEF) — 308KB
• rbc-20240930_lab.xml (EX-101.LAB) — 771KB
• rbc-20240930_pre.xml (EX-101.PRE) — 564KB
• rbc-20240930_htm.xml (XML) — 2288KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— Condensed Consolidated Financial Statements (Unaudited)

Item 1 — Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Statements of Income (Loss) 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 6 Condensed Consolidated Balance Sheets 7 Condensed Consolidated Statements of Equity 8 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 12 1. Basis of Presentation 12 2. Other Financial Information 13 3. Acquisitions and Divestitures 14 4. Accumulated Other Comprehensive Income (Loss) 20 5. Goodwill and Intangible Assets 21 6. Segment Information 22 7. Debt and Bank Credit Facilities 26 8. Retirement Plans 28 9. Shareholders' Equity 28 10. Income Taxes 29 11. Earnings Per Share 30 12. Contingencies 30 13. Derivative Financial Instruments 32 14. Fair Value 36 15. Restructuring Activities 37

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations 38

— Quantitative and Qualitative Disclosures about Market Risk

Item 3 — Quantitative and Qualitative Disclosures about Market Risk 47

— Controls and Procedures

Item 4 — Controls and Procedures 49

— OTHER INFORMATION

PART II — OTHER INFORMATION

— Legal Proceedings

Item 1 — Legal Proceedings 49

— Risk Factors

Item 1A — Risk Factors 49

— Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 50

— Other Information

Item 5 — Other Information 50

— Exhibits

Item 6 — Exhibits 51

Signatures

Signatures 52 2 CAUTIONARY STATEMENT All statements in this report, other than those relating to historical facts, are "forward-looking statements." Forward-looking statements can generally be identified their use of terms such as "anticipate," "believe," "confident," "estimate," "expect," "intend," "plan," "may," "will," "would," "project," "forecast," "could," "should," and similar expressions including references to assumptions. Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. Forward-looking statements include, but are not limited to, statements about expected market or macroeconomic trends, future strategic plans and future financial and operating results. Important factors that could cause actual results to differ materially from those presented or implied in the forward-looking statements in this report include, without limitation: the possibility that the Company may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the sale of the Industrial Motors and Generators businesses, the acquisition of Altra Industrial Motion Corp. (the "Altra Transaction"), and the merger with the Rexnord Process & Motion Control business (the "Rexnord PMC business") within the expected time-frames or at all and to successfully integrate Altra Industrial Motion Corp. ("Altra") and the Rexnord PMC business; the Company's substantial indebtedness as a result of the Altra Transaction and the effects of such indebtedness on the Company's financial flexibility; the Company's ability to achieve its objectives on reducing its indebtedness on the desired timeline; dependence on key suppliers and the potential effects of supply disruptions; fluctuations in commodity prices and raw material costs; any unforeseen changes to or the effe

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS REGAL REXNORD CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (Amounts in Millions, Except Per Share Data) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net Sales $ 1,477.4 $ 1,649.8 $ 4,572.7 $ 4,642.5 Cost of Sales 921.1 1,107.6 2,892.3 3,138.4 Gross Profit 556.3 542.2 1,680.4 1,504.1 Operating Expenses 382.2 388.9 1,172.7 1,127.9 Goodwill Impairment — 57.3 — 57.3 Asset Impairments — 3.7 1.5 6.1 Loss on Sale of Businesses — 112.7 4.3 112.7 Total Operating Expenses 382.2 562.6 1,178.5 1,304.0 Income (Loss) from Operations 174.1 ( 20.4 ) 501.9 200.1 Interest Expense 98.0 111.5 305.1 323.3 Interest Income ( 5.1 ) ( 3.5 ) ( 13.2 ) ( 40.5 ) Other (Income) Expense, Net ( 0.2 ) ( 2.5 ) 0.4 ( 6.7 ) Income (Loss) before Taxes 81.4 ( 125.9 ) 209.6 ( 76.0 ) Provision for Income Taxes 8.4 12.7 53.2 34.9 Net Income (Loss) 73.0 ( 138.6 ) 156.4 ( 110.9 ) Less: Net Income Attributable to Noncontrolling Interests 0.3 0.9 1.4 2.4 Net Income (Loss) Attributable to Regal Rexnord Corporation $ 72.7 $ ( 139.5 ) $ 155.0 $ ( 113.3 ) Earnings (Loss) Per Share Attributable to Regal Rexnord Corporation: Basic $ 1.09 $ ( 2.10 ) $ 2.33 $ ( 1.71 ) Assuming Dilution $ 1.09 $ ( 2.10 ) $ 2.32 $ ( 1.71 ) Weighted Average Number of Shares Outstanding: Basic 66.4 66.3 66.4 66.3 Assuming Dilution 66.7 66.3 66.8 66.3 See Accompanying Notes to Condensed Consolidated Financial Statements 5 REGAL REXNORD CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Dollars in Millions) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net Income (Loss) $ 73.0 $ ( 138.6 ) $ 156.4 $ ( 110.9 ) Other Comprehensive Income (Loss) Net of Tax: Foreign Currency Translation Adjustments 124.7 ( 86.1 ) ( 18.8 ) ( 82.1 ) Reclassification

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View this 10-Q filing on SEC EDGAR