Rexnord reports Q1 adjusted EPS 26c, consensus 25c Reports Q1 revenue $509.8M, consensus $513.4M. Process and Motion Control net sales decreased 3% year-over-year to $305M in Q1. Water Management net sales increased 6% from the prior year to $205M in Q1.
Rexnord downgraded to Hold from Buy at Deutsche Bank Deutsche Bank downgraded Rexnord to Hold after lowering its estimates to reflect currency headwinds and a lack of evidence for a pickup in North American capital spending. The firm cut its price target for shares to $27 from $30.