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Tyco Flow Control Reports First Quarter Results

Thursday, January 27, 2011  
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In Tyco’s Flow Control segment, revenue of $826 million declined 1% in the quarter with an organic revenue decline of 2%. Organic revenue growth of 8% in Thermal Controls was more than offset by an organic revenue decline of 5% in the Valves business and a 2% decline in Water. Excluding the impact of foreign currency, orders increased 7% year-over-year and backlog increased 3% to $1.5 billion on a quarter sequential basis.

Operating income was $100 million and the operating margin was 12.1%. Operating income includes a charge of $5 million on a project in a business retained from the 2008 divestiture of Earth Tech. The year-over-year impact of volume decline was almost fully offset by the benefits of cost-containment actions and previous restructuring activities. More…

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