Tyco Flow Control’s revenue of $849 million declined 2%
in the quarter with an organic revenue decline of 7%. A 16% growth in Thermal
Controls and an 11% growth in Water was more than offset by a 17% decline in
the Valves business. Orders grew 4% year over year excluding the impact of
foreign currency. Backlog of $1.5 billion decreased 3% on a quarter sequential
basis, excluding currency.
Operating income was $113 million in the quarter and the
operating margin was 13.3%. Special items of $6 million resulted from
restructuring activities. Operating income before special items was $119
million and the operating margin was 14.0%. The benefits of cost-containment
actions and restructuring activities were more than offset by the impact of
volume declines. More…
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