RTTNews | Feb 16, 2021 10:02AM EST

10:02 Tuesday, February 16, 2021 (RTTNews.com) - Shares of Rexnord Corp. (RXN) are currently trading at $44.89, up $3.37 or 8.12%, with trading volume rising over 380K versus an average volume of 740K shares. The stock has been trading between $18.87 and $49.08 for the past one year.

The company's December-quarter net income was $37 million or $0.30 per share compared to $46 million or $0.39 per share last year. Adjusted net income was $48.3 million or $0.39 per share versus $59 million or $0.48 per share in the prior year period. Net sales for the quarter declined to $490 million from $492 million generated a year ago. Wall Street analysts estimate earnings of $0.38 per share on revenue of $448.97 million for the quarter.

Separately, Regal Beloit Corp. and Rexnord have reached a definitive agreement under which Rexnord will separate its Process & Motion Control segment by way of a tax-free spin-off to Rexnord shareholders and then immediately combine it with Regal in a Reverse Morris Trust deal. Regal shareholders will own 61.4% and Rexnord shareholders will own 38.6% of the combined entity. The transaction values Process & Motion Control segment at $3.69 billion. Regal shareholders would be expected to receive a dividend of about $7 per share. The transaction is expected to be accretive to cash EPS in year one after closing.

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