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Rexnord Corp. (NYSE: RXN), Milwaukee, WI, reported sales for the fiscal year ended March 31, 2013, of $2 billion, an increase of 3 percent from the prior year. Profit increased 67.6 percent to $50.1 million.
Fourth-quarter sales for the manufacturer were $540.3 million, a slight increase from the prior-year period. Profit increased 178 percent to $23.9 million.
Process & Motion Control sales were $340 million in the fourth quarter. Excluding the 1 percent unfavorable impact of foreign currency translation, core sales decreased 4 percent year-over-year primarily due to lower year-over-year shipments to mining end-markets and a flat to slightly down industrial MRO environment in North America.
Water Management core and reported net sales increased 11 percent to $200 million in the fourth quarter. The year-over-year sales growth in the fourth quarter was due to an increase in shipments to Rexnord’s global water infrastructure end-markets, as well as market share gains and increased alternative market sales in Rexnord's non-residential construction end-markets.
Todd A. Adams, president and CEO, said, “We're pleased with our fourth quarter results which reflect our continued ability to outperform our competition and the underlying market growth in our served markets. Core sales growth was +1 percent in the quarter and our adjusted EBITDA margin and free cash flow were both fourth quarter records of 21.3 percent and $77 million, respectively.”