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What happened

Shares of industrial supplier Rexnord Corp. (NYSE:RXN) fell as much as 18.3% in trading Thursday after reporting fiscal second-quarter 2017 results. At 1 p.m. EDT, shares were still down 13.2% on the day.

So what

Net sales increased 1% from a year ago to $491 million, although core sales declined 2%. Net income rose 9% to $24.6 million, or $0.24 per share. Adjusted earnings per share of $0.38 was also in line with analyst estimates, although the bar for revenue was set higher at $496.9 million.

What really disappointed investors was full-year earnings guidance of $1.32 to $1.38 per share. Analysts were expecting $1.43 per share, and that's a big reason the stock is down today.

Now what

Growth may not be what investors were looking for recently, but sometimes it's important to take a step back and look at the business, rather than just at what Wall Street analysts had as their estimates. With the economy growing slowly, it's not surprising that revenue isn't growing significantly, but Rexnord is still posting a nice profit. And with shares now trading at just 13 times the bottom end of earnings estimates, I think there's a lot of value for investors.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.