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Flowserve Reports Second Quarter Results

Thursday, July 29, 2010  
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Flowserve’s Flow Control Division bookings for the second quarter of 2010 were $324.9 million, an increase of $51.0 million, up 18.6%, or 20.4% excluding negative currency effects of approximately $5 million. Sales for the second quarter of 2010 were $268.8 million, a decrease of $33.7 million, down 11.1%, or 9.5% excluding negative currency effects of approximately $5 million.

Flow Control Division gross profit decreased to $100.1 million, down $8.9 million or 8.2%, or down $6.8 million or 6.0% excluding realignment charges in the current and comparison periods. Gross margin for the second quarter of 2010 increased 120 basis points to 37.2% or increased 80 basis points to 38.0% excluding realignment charges in the current and comparison periods. Gross margin improvement reflected favorable product mix, increased realignment programs savings, various CIP initiatives, improved utilization of low-cost regions and lower realignment charges, partially offset by decreased fixed cost absorption. More…

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