MILWAUKEE (AP) _ Rexnord Corp. (RXN) on Tuesday reported fiscal third-quarter net income of $48.5 million, after reporting a loss in the same period a year earlier.
The Milwaukee-based company said it had profit of 39 cents per share. Earnings, adjusted for one-time gains and costs, came to 48 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The motion control and water management company posted revenue of $491.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $487.7 million.
Rexnord shares have fallen slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $32.51, a climb of 32% in the last 12 months.