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Rexnord Core Sales Contract 2% in 3Q

Rexnord LLC, Milwaukee, WI, a diversified industrial company focused on power transmission and water management products, reported third quarter sales of $443 million, a decline of 1% from the prior year. The company recorded a quarterly loss of $355 million. Core sales contracted 2%.
Third quarter power transmission sales declined 6% from the prior year third quarter to $316 million. Core sales were flat.
Water management third quarter sales were $128 million, an increase of 11%. Core sales declined 6%.
In response to economic conditions, Rexnord took actions during the third quarter to reduce its cost structure. Headcount was reduced by 500 employees,  7% of the employee base, and will be reduced by an additional 7% in the fourth quarter.
Sales in the first nine months of fiscal 2009 were $1.45 billion, an increase of 7.3% from the prior year nine months. Power transmission sales were $1.01 billion, up 4.1% from the prior year nine months. Water management sales increased 15.3% $440.0 million.
Net loss for the nine months of fiscal 2009 was $386.5 million compared to profit of $29.2 million in the nine months of fiscal 2008. The net loss for the nine months of fiscal 2009 includes a $403 million intangible asset and goodwill impairment charge and a $4 million restructuring charge.

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