Curtiss-Wright Flow Control Reports 2009 Financial Results

Curtiss-Wright Flow Control sales for the fourth quarter of 2009 were $274 million, a decrease of 4% from the prior year. The sales decrease was due to lower organic sales of $21 million, partially offset by incremental sales of $7 million from the 2009 acquisitions of EST and Nu-Torque and favorable foreign currency translation of $2 million. Organic sales in their commercial markets decreased 14%, due in large part to lower commercial nuclear power revenues for the AP1000 program resulting from the timing of work completions, as well as the suspension of one of their domestic orders.

Operating income in the fourth quarter of 2009 amounted to $35 million, a decrease of 16% from the prior year, almost all of which was organic. Foreign currency translation had a minimal impact on operating income. Organic operating margin declined to 13.2% for the fourth quarter of 2009, a decrease of 150 basis points from the fourth quarter of 2008, mainly due to lower sales volumes and under-absorption of overhead costs in our oil and gas businesses, as well as changes in long-term contracts in both the current and prior year. More…