Tyco Flow Control Reports First Quarter Results
Thursday, January 27, 2011
In Tyco’s Flow Control segment, revenue of $826 million
declined 1% in the quarter with an organic revenue decline of 2%. Organic
revenue growth of 8% in Thermal Controls was more than offset by an organic
revenue decline of 5% in the Valves business and a 2% decline in Water.
Excluding the impact of foreign currency, orders increased 7% year-over-year
and backlog increased 3% to $1.5 billion on a quarter sequential basis.
Operating income was $100 million and the operating
margin was 12.1%. Operating income includes a charge of $5 million on a project
in a business retained from the 2008 divestiture of Earth Tech. The
year-over-year impact of volume decline was almost fully offset by the benefits
of cost-containment actions and previous restructuring activities. More…