Curtiss-Wright Flow Control Reports First Quarter Results
Thursday, April 29, 2010
Curtiss-Wright Flow Control sales for the first quarter
of 2010 were $241 million, an increase of $10 million, or 4%, over the prior
year period. The sales increase consisted of higher organic sales of $6
million, or 3%, incremental sales of $2 million, primarily from our 2009
acquisition of EST, and favorable foreign currency translation of $2 million.
From a market perspective, organic sales were led by increased sales to naval
defense and commercial power markets, but were partially offset by decreases in
our oil and gas and general industrial markets.
The higher organic sales in our naval defense market was
driven by strong increases in production on the Virginia class submarines due
to the ramp-up in production from one to two submarines per year. In addition,
we had a sales increase on helicopter handling systems for foreign navies.
These increases in naval defense were partially offset by lower sales for the
Ford class aircraft carrier program as production work nears completion on the