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Back You are here: Home News Industry Headlines Valve Manufacturing Flowserve Corporation Reports First Quarter 2013 Results

Valve Manufacturing

Flowserve Corporation Reports First Quarter 2013 Results

Bookings in Flowserve’s Flow Control Division (FCD) for the first quarter of 2013 increased to $430.6 million, up $50.5 million or 13.3%, or up 13.8% excluding negative currency effects of approximately $2 million. FCD sales for the first quarter of 2013 increased to $384.0 million, up $20.1 million or 5.5%, or up 6.1% excluding negative currency effects of approximately $2 million.

FCD gross profit for the first quarter of 2013 increased to $133.9 million, up $6.7 million or 5.3%. Gross margin for the first quarter of 2013 was essentially flat at 34.9%.

FCD operating income for the first quarter of 2013 increased to $87.2 million, up $31.5 million or 56.6%, or up 8.8% excluding the $26.6 million net gain on the Indian joint venture transactions. First quarter 2013 operating margin increased 740 basis points to 22.7%, or up 50 basis points to 15.8%, excluding the impact of the Indian joint venture transactions which included SG&A of $1.7 million.

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