Rexnord Corp. (NYSE: RXN), Milwaukee, WI, reported sales for the fourth quarter ended March 31, 2012, were up 19 percent to $546 million. Profit was $9 million. Sales growth was 10 percent organic, 10 percent acquisition with a negative 1 percent from a divestiture.
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In the fourth quarter, Rexnord completed its initial public offering (IPO). It is now trading on the NYSE under the symbol RXN.
Sales for the year were up 16 percent to $1.97 billion. Growth was 10 percent organic, 6 percent from acquisitions and 1 percent from foreign currency translation. Sales were affected negatively by a divestiture by 1 percent.
“We're pleased with the strong finish to our fiscal 2012. Over the past year, we have continued to accelerate our progress in driving core growth initiatives and expanding in emerging markets while driving customer satisfaction through operational excellence,” said Todd A. Adams, president and CEO.
Process & Motion Control sales increased 11 percent in the fourth quarter to $365 million. The core sales growth of 14 percent in the quarter was driven by continued solid demand and market share gains across the majority of global markets.
Water Management sales in the fourth quarter increased 37 percent, and 1 percent on an organic basis to $181 million. The core sales growth of 1 percent was driven by the impact of market share gains and increased alternative market sales, which was partially offset by lower shipments to the North American municipal water markets.