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Flowserve Corporation Reports First Quarter 2011 Results

Thursday, April 28, 2011  
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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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