Tyco Flow Control Reports First Quarter Results
Thursday, January 28, 2010
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…