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Tyco Reports Third Quarter Earnings

Thursday, July 29, 2010  
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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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