Rexnord: Fiscal 2Q Earnings Snapshot
MILWAUKEE (AP) _ Rexnord Corp. (RXN) on Tuesday reported fiscal second-quarter net income of $56.6 million, after reporting a loss in the same period a year earlier.
The Milwaukee-based company said it had net income of 46 cents per share. Earnings, adjusted for one-time gains and costs, were 51 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The motion control and water management company posted revenue of $521.3 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $525.9 million.
Rexnord shares have increased 24% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $28.48, an increase of 18% in the last 12 months.