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ROLL - Rexnord Leveraging Strong Retrofit And Recovery
RBC Bearings Incorporated
Rexnord got a lift from industrial end-market recoveries and strong non-resi/institutional retrofit and maintenance demand, with revenue and profits both coming in better than expected.
Water Management drove the upside in the quarter on strong touchless retrofit demand, while PMC performance was held back by the business's exposure to the still-weak aerospace segment.
Rexnord shares now look to be trading close to fair value, though there's nothing wrong with owning a fairly-priced quality industrial name.