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Rexnord LLC, Milwaukee, WI, reported third quarter 2011 sales were $420 million, an increase of 15 percent from the prior-year period. Profit was $4.4 million.
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In the first nine months of Rexnord's fiscal 2011, sales were $1.24 billion, and the manufacturer recorded a loss of $88.1 million.
“We are pleased with our third quarter performance. Our investments in growth capabilities and improving fundamentals in some of our core industrial vertical markets should continue to deliver solid core sales growth and strong financial results,” said Todd A. Adams, president and CEO.
Process & Motion Control sales in the third quarter were $299.6 million, an increase of 22 percent from the prior year. Core sales in PMC increased 23 percent as foreign currency translation unfavorably impacted net sales by 1 percent. The year-over-year increase in sales was driven by solid international growth, improving end-market demand in our North American businesses and market share gains across many of our businesses.
Water Management sales in the third quarter were $120.2 million, an increase of 1 percent from the prior-year third quarter. Core sales increased 1 percent in the third quarter as market share gains and growth in alternative markets offset the overall decline in the core infrastructure and non-residential construction markets.