Rexnord Sales Decline 18% in Third Quarter

Rexnord LLC, Milwaukee, WI, reported sales for the third quarter ended Dec. 26, 2009, were $366 million, down 18% compared with the prior year third quarter. Core sales declined 20%. Profit was $2.8 million, compared with a loss of $409.9 million a year ago.

"We are encouraged by the continued positive trends we experienced in our third quarter, both from an end-market perspective as well as our operating performance," said Todd Adams, Rexnord's president and CEO. "That being said, I would characterize our view of the environment in our end-markets as becoming more stable, or at least more predictable, compared to any significant recovery."

For the nine month period ended Dec. 26, 2009, sales were $1.1 billion, down 21.4% from the prior year same period. The company recorded a loss of $16.7 million during the period, compared to a loss of $386.5 million a year ago.

Power Transmission sales in the third quarter of fiscal 2010 were $246.4 million, a decrease of 21.9% from the prior year third quarter. Core sales contracted 25.8%. Power Transmission Adjusted EBITDA was $51.6 million, compared to $61.7 million.

Water Management sales in the third quarter of fiscal 2010 were $119.3 million, a decrease of 6.4% from the prior year third quarter. Core sales contracted 7.1%. Adjusted EBITDA in the third quarter was $23.2 million, compared to $20.6 million in the fiscal 2009 third quarter.