Regal Rexnord Corporation (NYSE:RRX) Q3 2024 Earnings Call Transcript November 5, 2024 10:00 AM ET
Company Participants
Rob Barry - IR
Louis Pinkham - CEO
Rob Rehard - CFO
Conference Call Participants
Mike Halloran - Baird
Jeff Hammond - KeyBanc Capital Markets
Julian Mitchell - Barclays
Nigel Coe - Wolfe Research
Joe Ritchie - Goldman Sachs
Christopher Glynn - Oppenheimer
Operator
Good morning and welcome to Regal Rexnord Third Quarter 2024 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Rob Barry, Investor Relations. Please go ahead.
Rob Barry
Great. Thank you, operator. Good morning and welcome to Regal Rexnord's third 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 described in greater detail in today's press release and in our reports filed with the SEC, which are available on the regalrexnord.com website. Also, on this slide, we state that we are presenting certain non-GAAP financial measures that we believe are useful to our investors and we've included reconciliations between the non-GAAP financial information and the GAAP equivalents in the press release and in these presentation materials.
Turning to Slide 3, let me briefly review the agenda for today's call. Louis will lead off with his opening comments, an overview of our 3Q performance and an update on our powertrain business. Rob Rehard will then present our third quarter financial results in more detail and review our latest guidance. We'll then move on to Q&A, after which Louis will have some closing remarks.
And with that, I'll turn the call over to Louis.
Louis Pinkham
Great. Thanks, Rob. And good morning, everyone. Thanks for joining us to discuss our third quarter results and get an update on our business and for your continued interest in Regal Rexnord. I believe our third quarter can be characterized by significant and strong controllable execution by our team. As an enterprise, we achieved a record adjusted gross margin of 38.4% and a record adjusted EBITDA margin of 22.8%, which is up 110 basis points versus prior year on a comparable basis.