Rexnord beats Street 2Q forecasts

Freeman Staff

Nov. 2, 2017

MILWAUKEE  Rexnord Corp. (RXN) on Wednesday reported fiscal second-quarter earnings of $29.8 million.

On a per-share basis, the Milwaukee-based company said it had net income of 23 cents. Earnings, adjusted for one-time gains and costs, were 32 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.

The motion control and water management company posted revenue of $510.8 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $505.7 million.

Rexnord shares have climbed 30 percent since the beginning of the year to $25.44.