Rexnord Corp. (NYSE: RXN), Milwaukee, WI, reported sales for the fiscal first quarter of $485.1 million, a 4 percent decrease over the same period a year ago. Profit increased 76 percent to $21.3 million.
"Our first quarter operating results were slightly better than we had guided, despite the uneven global market environment and significant de-stocking in our industrial distribution channels," said Todd Adams, president & CEO. "We believe our Water Management and aerospace end-markets will continue to be strong over the balance of the year, and we anticipate the ongoing weak demand from our process industry customers to continue."
