MILWAUKEE (AP) _ Rexnord Corp. (RXN) on Tuesday reported fiscal first-quarter net income of $46.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Milwaukee-based company said it had profit of 38 cents. Earnings, adjusted for one-time gains and costs, were 48 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The motion control and water management company posted revenue of $508.3 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $513.7 million.
Rexnord shares have risen 28% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $29.49, a decrease of slightly more than 1% in the last 12 months.