Flowserve Corporation Reports First Quarter 2011 Results
Thursday, April 28, 2011
Flowserve’s Flow Control Division (FCD) bookings for the
first quarter of 2011 were $377.3 million, an increase of $58.4 million, up
18.3%, or 17.4% excluding currency benefits of approximately $3 million. FCD
sales for the first quarter of 2011 were $337.6 million, an increase of $81.5
million, up 31.8%, or 30.3% excluding currency benefits of approximately $4
million. FCD gross profit increased to $115.6 million, up $19.9 million or
20.8%. Gross margin for the first quarter of 2011 decreased 320 basis points to
34.2%. The gross margin decrease was due to a sales mix shift toward lower
margin original equipment and the impact of acquired Valbart backlog, slightly
offset by better absorption of fixed costs, operational improvements and
improved utilization of low cost regions. More…
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