Milwaukee-based Rexnord Corp. completed its first quarter as a public company with net earnings of $9 million, or 12 cents per share.
During the fourth quarter, the company completed its initial public offering, and its common stock began trading on March 29 on the New York Stock Exchange under the symbol RXN.
The IPO, which closed on April 3, 2012, resulted in the sale of approximately 27.2 million new shares or 29% of the total common shares outstanding.
Upon closing, the company received net proceeds of $462 million that were primarily utilized to redeem $300 million of its outstanding 11.75 percent senior subordinated notes and pay other fees and expenses.
Rexnord’s quarterly net sales grew to $546 million.
“We’re pleased with the strong finish to our fiscal 2012. Over the past year, we have continued to accelerate our progress in driving core growth initiatives and expanding in emerging markets while driving customer satisfaction through operational excellence. We are excited about the long-term prospects for Rexnord and we look forward to creating value for our shareholders as we move forward,” said Todd Adams, president and chief executive officer.
