Regal Rexnord Corporation (NYSE:RRX) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET
Company Participants
Conference Call Participants
Operator
Good day and welcome to the Regal Rexnord First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Rob Barry, Vice President, Investor Relations. Please go ahead.
Rob Barry
Great. Thank you, operator. Good morning, and welcome to Regal Rexnord's First Quarter 2024 Earnings Conference Call. Joining me today are Louis Pinkham, our Chief Executive Officer and Rob Rehard, our Chief Financial Officer.
I'd like to remind you that during today's call, you may hear forward-looking statements related to our future financial results, plans and business operations. Our actual results may differ materially from those projected or implied due to a variety of factors, which we describe in greater detail in today's press release and in our reports filed with the SEC, which are available on the regalrexnord.com website.
On slide 3, we state that we are presenting certain non-GAAP financial measures that we believe are useful to our investors, and we have included reconciliations between the non-GAAP financial information and the GAAP equivalent in the press release and in these presentation materials.
Turning to slide 4. Let me briefly review the agenda for today's call. Louis will lead off with his opening comments and an overview of our 1Q performance. Rob Rehard will then provide our first quarter financial results in more detail and review our latest 2024 guidance. We'll then move to Q&A, after which Louis will have some closing remarks.
And with that, I'd now like to turn the call over to Louis.
Louis Pinkham
Great. Thanks, Rob. And good morning, everyone. Thanks for joining us to discuss our first quarter results to get an update on our business and for your continued interest in Regal Rexnord. Before discussing our first quarter performance, I'd like to acknowledge an important milestone on our Regal Rexnord transformation journey, which is the April 30th close on selling our Industrial systems business.
Completing that transaction is notable for a number of reasons. It allows us to focus on more durable, higher growth and higher margin opportunities in our remaining segments. And it is generating attractive sale proceeds that allow us to accelerate paying down our debt. But it also marks the conclusion of our inorganic portfolio transformation.