Rexnord posts loss
Rexnord reported a net loss of $2 million despite a 4% increase in sales in its fiscal 2013 first quarter.
The manufacturer of motion control products and water management equipment said it lost $2.2 million, or 22 cents per share, compared to a gain of $11.2 million, or 16 cents a share, for the same period last year.
Net sales of $497 million compared to $476 million last year.
Net sales in the Process & Motion Control segment decreased 4% from the prior year to $317 million. Core sales increased by 2%, driven by growth in non-U.S. mining, aerospace and energy end-markets, but was partially offset by slower European industrial demand and pockets of weakness within North American mining end-markets.
"We have anticipated a lower growth environment for the balance of our fiscal year and have proactively taken steps to reduce our costs while protecting prioritized growth investments," said Todd A. Adams, president and chief executive officer.
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