Posted July 29, 2020

Rexnord posts 12 percent sales decline

Rexnord Corporation's sales of $449 million in the second quarter were12 percent below the same period last year.

Net income of $36 million, or 29 cents per diluted share, compared with $41 million, or 38 cents, in the year-ago quarter.

Process & Motion Control net sales were $274.4 million in the quarter, compared to $330.1 million during the three-month period in 2019. Core sales decreased 15 percent year over year as a result of a reduction in market demand across the majority of end markets and geographies as customers reacted to and changed buying patterns given the current COVID-19 pandemic.

Water Management net sales were $174.7 million during the three months, which was 2 percent less than in the year-ago quarter.