Rexnord profits surge in second quarter

West Milwaukee-based Rexnord LLC posted fiscal second quarter net income of $23.8 million, up significantly from its 2009 second quarter net income of $4.5 million.
However, the company reported a net loss of $92.5 million for the first half of the fiscal year, up from a net loss of $19.5 million for the first half of fiscal 2009.
Second quarter net sales were $412 million, up 12 percent compared to the second quarter of fiscal 2009.
Second quarter income from operations improved to $53 million, an increase of 38 percent compared to the second quarter of fiscal 2009.
“Rexnord continued to deliver solid core growth and margin expansion in our fiscal second quarter,” said Todd A. Adams, president and chief executive officer. “The combination of investments we’ve made to drive growth, the operational excellence initiatives we’ve implemented through the deployment of the Rexnord Business System and focused cost reductions are delivering the results we expected over the first half of our fiscal year.”