Rexnord Corp. reported fiscal second quarter net income of $37.1 million, or 35 cents per share, up from a net loss of $52.5 million, or 54 cents per share, in the same period a year ago.
The Milwaukee-based company’s quarterly net sales grew to $537.9 million from $514.5 million a year earlier.
Todd Adams, president and chief executive officer of Rexnord, said, “We delivered 6 percent overall sales growth in the second quarter, as 3 percent core growth and 3 percent growth from acquisitions combined with strong operating performance in both platforms to drive a 38 percent increase in our adjusted earnings per share to 40 cents. Our sales growth improved sequentially but was slightly below our expectations, driven by weaker European industrial demand and adverse currency translation that we anticipate to continue over the back half of our fiscal year. We recently announced two highly strategic acquisitions that enhance our overall capabilities to better serve our customers, and both of the acquisitions have favorable growth profiles relative to our underlying industrial businesses.”
