Tyco Flow Control Reports Third Quarter Earnings
Thursday, July 30, 2009
In Tyco’s
Flow Control division, revenue of $954 million declined 16%, primarily due to
changes in foreign currency rates, with an organic revenue decline of 5%. The
Valves business grew 2% organically, which was offset by a 13% organic revenue
decline in Water and a 14% organic revenue decline in the Thermal Controls
business. Backlog of $1.6 billion decreased 4% (9% excluding currency) on a
quarter sequential basis.
Operating
income was $122 million and the operating margin was 12.8%. Special items of $9
million resulted from restructuring activities. Operating income before special
items of $131 million decreased $24 million, which included a $20 million
negative foreign currency impact. The operating margin before special items was
13.7%. More…
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