Rexnord Corp. (NYSE: RXN), Milwaukee, WI, reported sales for the fiscal first quarter of $509.8 million, a 0.2 percent increase over the same period a year ago. Profit decreased 11.8 percent to $12 million.
"In our process & motion control platform, demand trends remained generally stable across most of our end markets,” said President and CEO Todd Adams. “We believe we are now past the inflection point in our bulk material handling end markets, and we expect our growth rates to improve going forward.”
Rexnord delivered a strong sequential improvement in water management and the company’s core growth rate was moderated temporarily by strong water infrastructure project shipments in the prior year quarter. Core growth rates for products serving non-residential construction markets remained robust, order backlog increased and overall demand fundamentals remained favorable. Green Turtle added incremental growth potential as its product technology is leveraged across the company’s distribution footprint in recovering non-residential construction markets.