Tyco Flow Control Organic Revenue Up in First Quarter
Tuesday, February 3, 2009
Tyco Flow
Control revenue of $959 million declined 11% due to changes in foreign currency
rates with organic revenue growth of 1%. The Valves business had 8% organic
revenue growth and the Thermal Controls business grew 13% organically. The
growth from these businesses was largely offset by an expected 17% organic
revenue decline in the Water business, which had a challenging year-over-year
comparison due to strong Australian water pipeline project activity in the
first quarter of 2008.
Operating
income of $137 million decreased $34 million, primarily due to a $22 million
foreign currency impact and the operating margin was 14.3%. Backlog of $1.9
billion increased 2% organically on a quarter sequential basis. More…
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