Tyco Flow Control Revenue Nearly $1 Billion in First Quarter
Thursday, April 30, 2009
Tyco Flow Control revenue of $927 million declined 9% due to changes in foreign currency rates with organic revenue growth of 5%. The Valves business grew 14% organically, which was partially offset by a 9% organic revenue decline in the Water business and a 1% organic revenue decline in the Thermal Controls business.
Operating income was $133 million and the operating margin was 14.3%. Special items of $8 million consisted primarily of restructuring charges. Operating income before special items was $141 million, which included a $25 million negative foreign currency impact. The operating margin before special items improved 120 basis points to 15.2% driven primarily by the Valves and Thermal Controls businesses. Backlog of $1.7 billion decreased 9% organically on a quarter sequential basis. More…
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