Posted July 31, 2019

Rexnord sales increase 1 percent

Rexnord Corporation reported that its fiscal 2020 first quarter net sales of $508 million increased 1 percent compared to last year's first quarter.

Core sales increased by 2 percent, acquisitions added 1 percent acquisitions, and foreign currency translation had a negative 2 percent effect on the results.

Net income from continuing operations was $49 million, or 39 cents per diluted share, compared with the comparable $42 million, or 34 cents, in the year-ago quarter.

Process & Motion Control net sales decreased 1 percent year over year to $330.1 million in the first quarter of fiscal 2020. Core sales increased 1 percent and the acquisition of Centa China added 1 percent to sales growth, which was more than offset by foreign currency translation that had an unfavorable impact of 3 percent year over year. Core sales growth in North American end markets was partially offset by weaker demand in European and Asian end markets as well as ongoing product line simplification initiatives..

Water Management net sales were $178.2 million in the first quarter of fiscal 2020, an increase of 4 percent year over year. The 4 percent increase in core growth is the result of increased demand across North American building construction end markets, partially offset by a modest impact of ongoing product line simplification initiatives.