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Rexnord Exploring Possible Sale of Company

Third-quarter sales for the manufacturer declined 3 percent.

Rexnord Corp. (NYSE: RXN), Milwaukee, WI, reported sales for the third quarter ended Dec. 29, 2012, were $471.7 million, down 3 percent from the same period a year ago. Core sales decreased 2 percent. Profit was $9.2 million, compared to profit of $5.6 million for the third quarter of 2011.

For the first nine months of the fiscal year, sales were $1.5 billion, up 4 percent over the prior year. Profit grew 23 percent to $26.2 million.

The manufacturer also announced it would review "strategic alternatives" for the business, including the possible sale of the company or the sale of one or both of its business platform.

Process & Motion Control third-quarter sales of $303 million contracted 4 percent from the third quarter of fiscal 2012. Core sales decreased 3 percent year-over-year as growth in sales to mining (non-U.S.) and energy end-markets were more than offset by softness in the North American short-cycle MRO business.

Water Management net sales in the third quarter were flat with the prior year on a reported basis as 1 percent core growth was offset by a 1 percent adverse impact related to foreign currency translation. Market share gains and increased alternative market sales in non-residential construction end-markets were partially offset by expected lower shipments to North American municipal water end-markets.

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