Rexnord earnings up for quarter
Rexnord reported income of $21.2 million for its fiscal 2016 first quarter, or 20 cents per share, compared to income of $12 million, or 11 cents, in the same period last year.
The company's sales declined by 4 percent to $485 million for the period.
Process & Motion Control net sales were $272 million in the first quarter of fiscal 2016, 7 percent lower than a year ago. The decrease in year-over-year core net sales was driven primarily by adverse demand across several of industrial process end markets coupled with the related de-stocking within corresponding distribution channels.
"In our Process & Motion Control platform, core sales declined by 7%, of which approximately 5% was attributable to our industrial distribution channel partners," said Todd Adams, president and chief executive officer. "The underlying sell-through within the U.S. industrial distribution channel weakened significantly during the quarter in addition to the de-stocking impact we had been expecting. Added to the ongoing broadly weak economic environment in several of our process industry end markets, we are now anticipating a modest sales decline within our US industrial distribution channel for the balance of our fiscal 2016.
Water Management net sales increased 4% year-over-year to $214 million in the first quarter of fiscal 2016.
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.
