West Milwaukee-based Rexnord Corp. reported fiscal first quarter net income of $14 million, a recovery from a net loss of $1 million in the first quarter of the previous fiscal year.
The company also reported a 3 percent net sales increase to $509 million.
Todd A. Adams, president and chief executive officer, said “We are pleased with the start to our fiscal year as core sales growth, earnings and free cash flow were slightly better than we anticipated going into our first quarter.”
Process & Motion Control (PMC) net sales were $315 million in the first quarter of fiscal 2014, compared to $314 million in the first quarter of fiscal 2013. Water Management net sales increased 8 percent from the prior year to $194 million in the first quarter of fiscal 2014.
“Looking ahead, we anticipate the global macro environment to remain somewhat muted but believe we can continue to outperform the market in both segments of our business while driving margin improvement and solid free cash flow,” Adams said.