Rexnord reports decline in 1Q earnings

Special to The Freeman

August 7, 2014

MILWAUKEE Rexnord Corp., a Milwaukee-based maker of process and motion control equipment and water management products, said it saw a 12.3 percent decline in its first-quarter earnings.

The company reported its net income fell to $12.1 million, or 12 cents a share, from $13.8 million, or 14 cents, a year earlier. Rexnord said its sales rose 0.2 percent to $509.8 million from $508.7 million.

Results were in line with our expectations for the first quarter, as we continued to focus on creating value in a generally stable market environment. We are pleased with our recent acquisitions that contributed 3 points of growth this quarter, and our acquisition pipeline continues to be quite active. Looking forward to the second quarter, we expect our core growth to accelerate to 4 percent to 6 percent as both platforms benefit from our progress on strategic growth initiatives and, in aggregate, relatively stable to improving end-markets, said Todd A. Adams, president and chief executive officer.

Rexnord said it expects second quarter sales of $540 million to $550 million.