Rexnord sales down 7 percent
Rexnord Corporation reported that its third quarter net sales of $460 million decreased 7% year over year.
Net income of $24.3 million compared with net income of $2.2 million in the same period last year. Diluted earnings per share from continuing operations was 24 cents compared with 6 cents in the prior year.
“Our third quarter operating results were essentially in line with our expectations heading into the quarter. As we anticipated, the December quarter was a bit choppy from a demand perspective as customers managed their inbound shipments and inventory levels into the calendar year-end," said Todd Adams, president and chief executive officer.
Process & Motion Control net sales were $266 million in the third quarter of fiscal 2016. Core net sales declined 9%, acquisitions contributed 2%, and foreign currency translation had a 4% adverse impact.
Water Management net sales were $194 million in the third quarter of fiscal 2016. Excluding a 4% unfavorable impact from foreign currency translation, core net sales increased 2% year over year as favorable trends in nonresidential construction markets were partially offset by slightly lower project shipments to water and wastewater infrastructure end markets.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
