Flowserve Reports Second Quarter Results
Thursday, July 29, 2010
Flowserve’s Flow Control Division bookings for the second
quarter of 2010 were $324.9 million, an increase of $51.0 million, up 18.6%, or
20.4% excluding negative currency effects of approximately $5 million. Sales
for the second quarter of 2010 were $268.8 million, a decrease of $33.7
million, down 11.1%, or 9.5% excluding negative currency effects of
approximately $5 million.
Flow Control Division gross profit decreased to $100.1
million, down $8.9 million or 8.2%, or down $6.8 million or 6.0% excluding
realignment charges in the current and comparison periods. Gross margin for the
second quarter of 2010 increased 120 basis points to 37.2% or increased 80
basis points to 38.0% excluding realignment charges in the current and comparison
periods. Gross margin improvement reflected favorable product mix, increased
realignment programs savings, various CIP initiatives, improved utilization of
low-cost regions and lower realignment charges, partially offset by decreased
fixed cost absorption. More…
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