Tyco Flow Control Reports First Quarter Results

Tyco Flow Control reports that revenue of $923 million declined 4% in the first quarter with an organic revenue decline of 14%. Organic revenue declined 15% in the Valves business, 10% in Water and 14% in Thermal Controls. Backlog of $1.7 billion decreased 3% on a quarter sequential basis (a 2% decline excluding the impact of foreign currency).

Operating income was $112 million and the operating margin was 12.1%. Operating income before special items was $118 million and the operating margin before special items was 12.8% as the benefits from cost-containment actions and restructuring activities were more than offset by the impact of the organic revenue decline and product mix. More…