Rexnord Corporation sales up 1 percent
Rexnord Corporation reported net sales were $491 million for its fiscal 2017 second quarter, up 1% year over year from $485.9 million.
Core sales declined 2%, while acquisitions contributed 4%.
Net income of $24.6 million, or 24 cents per share, compared to $22.6 million, or 22 cents, in the same period last year.
Process & Motion Control net sales were $287 million in the second quarter of fiscal 2017, up 7% year over year. The Cambridge acquisition contributed 8%, and more than offset the 1% year over year decrease in core sales. Adverse OEM and end user demand across several of industrial process end markets was largely offset by positive core sales growth in industrial distribution channels and consumer-facing end markets.
Water Management net sales were $204 million in the second quarter of fiscal 2017, a decline of 6% year over year. Core sales decreased 4% year over year, which excludes a 1% adverse impact associated with the exit of the Rodney Hunt Fontaine product line and a 1% unfavorable impact from foreign currency translation. Project shipments to global water and wastewater infrastructure end markets were lower than in the year-earlier quarter and more than offset stable demand in nonresidential construction end markets.