- 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.
For further details see:
Rexnord Leveraging Strong Retrofit And Recovery