Rexnord sales fall 18%
Rexnord LLC said its third quarter sales were $366 million, a decline of $77 million, or 18%, compared with the prior year third quarter.
Power Transmission sales were $246.4 million, a decrease of $69.2 million, or 21.9%, from the prior year third quarter. Power Transmission core sales contracted 25.8% and foreign currency translation increased sales 3.9% from the prior year third quarter. Sequentially, daily order rates improved by 18.3% and sales increased $8.0 million, or 3.4%, from the second quarter, reflecting increased demand across the majority of the end-markets in Power Transmission.
“We are encouraged by the continued positive trends we experienced in our third quarter, both from an end-market perspective as well as our operating performance. That being said, I would characterize our view of the environment in our end-markets as becoming more stable, or at least more predictable, compared to any significant recovery," said Todd Adams, president and CEO.
Adams said daily order rates grew over 9.0% sequentially from the second quarter.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
