Rexnord: Fiscal 1Q Earnings Snapshot
MILWAUKEE (AP) _ Rexnord Corp. (RXN) on Monday reported a fiscal first-quarter loss of $700,000, after reporting a profit in the same period a year earlier.
On a per-share basis, the Milwaukee-based company said it had a loss of 6 cents. Earnings, adjusted for one-time gains and costs, were 41 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The motion control and water management company posted revenue of $503.6 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $498 million.
Rexnord shares have increased 15 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $29.86, an increase of 28 percent in the last 12 months.