Posted May 26, 2010
Rexnord suffers sales decline
Rexnord reported fourth quarter sales of $407 million, a decline of $26 million, or 6%, compared with the prior year fourth quarter.
Fourth quarter income from operations was $57 million, or 14.1% of sales.
Process and Motion Control sales in the quarter were $284.5 million, a decrease of $27.4 million, or 8.8%, from the prior year fourth quarter. Process and Motion Control core sales contracted 11.6% and foreign currency translation increased sales 2.8% from the prior year fourth quarter.
Fiscal 2010 sales were $1.5 billion, a decline of 20% compared with the prior year.
"While certain of our end markets remain challenging, we are encouraged with the positive order trends we are experiencing in many of our businesses and anticipate reporting core revenue growth starting in our June 2010 quarter," said Todd A. Adams, president and CEO.
