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Valve Manufacturing

Curtiss-Wright Flow Control Reports Fourth Quarter, Full Year Results

Curtiss-Wright Flow Control sales for the fourth quarter of 2012 were $317 million, an increase of $27 million, or 9%, over the comparable prior year period, aided by acquisitions as well as strength in several of their commercial markets. Within the power generation market, segment sales rose 47% due to strong aftermarket sales supporting existing nuclear reactors. Sales to the oil and gas market increased slightly in the fourth quarter, as higher MRO and petrochemical sales, along with the benefit from the recent acquisition of Cimarron Energy, offset continued softness in the international large projects business.

Operating income in the fourth quarter of 2012 was $40 million, an increase of $7 million, or 21% from the comparable prior year period, while operating margin was up 130 basis points to 12.8%. The increase in operating income and operating margin is primarily due to the solid performance in the power generation market, aided by the 2011 acquisition of Anatec, and lower cost estimates on the AP1000 technology transfer contract.

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