Rexnord Corp. reported fiscal second quarter net income of $19.2 million, or 19 cents per share, up from $4.5 million, or 6 cents per share, in the same period a year ago.
The Milwaukee-based company’s quarterly net sales grew to $499.5 million from $448.5 million a year earlier.
Todd Adams, president and chief executive officer, said, “We delivered solid second quarter financial results consistent with what we had expected, as core sales growth of 2 percent and solid execution drove an 11 percent increase in Adjusted EBITDA. In Process & Motion Control, we posted 3 percent core growth while delivering a record second quarter Adjusted EBITDA margin of 25.1 percent as strong execution and targeted growth programs offset a generally slow macro environment. In Water Management, overall sales growth was 38 percent and core growth progressed to flat compared to the prior year as our growth initiatives coupled with the VAG acquisition are delivering the traction we anticipated, setting up a solid second half for our Water Management platform. We are reaffirming our full year guidance of $2,020 million to $2,060 million of net sales and $412 million to $425 million of Adjusted EBITDA.”