Milwaukee-based Rexnord Corp. reported fiscal 2015 first quarter net income of $12 million, or 11 cents per share, down from $13.6 million, or 14 cents per share, in the first quarter of 2014.
The manufacturer’s net sales were $509.8 million, up slightly from $508.7 million a year ago.
Process and motion control net sales declined 3 percent year-over-year to $305 million. Water management net sales were up 5 percent from 2014.
The company reported an $8.5 million decline related to its Mill Products line, which includes non-core ring gear and pinion products. It is exploring strategic alternatives for the segment.
During the quarter, Rexnord completed the acquisition of Green Turtle Technologies, which added to its water management offerings.
“Results were in line with our expectations for the first quarter, as we continued to focus on creating value in a generally stable market environment,” said Todd Adams, president and chief executive officer. “We are pleased with our recent acquisitions that contributed 3 points of growth this quarter, and our acquisition pipeline continues to be quite active. Looking forward to the second quarter, we expect our core growth to accelerate to 4 percent to 6 percent as both platforms benefit from our progress on strategic growth initiatives and, in aggregate, relatively stable to improving end-markets.”
