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Valve Manufacturing

Curtiss-Wright Flow Control Reports First Quarter 2013 Financial Results

Curtiss-Wright Flow Control (CWFC) sales for the first quarter of 2013 were $311 million, an increase of $44 million, or 16%, over the comparable prior year period, aided by recent acquisitions as well as strength in several of the commercial markets. Within the power generation market, sales rose sharply due to strong aftermarket demand and technology upgrades supporting existing nuclear operating reactors as a result of a growing installed base, higher instrumentation and controls orders and solid sales of NETCO SNAP-IN® product used in spent fuel management..

Operating income in the first quarter of 2013 was $24 million, an increase of approximately $6 million, or 30% from the comparable prior year period, while operating margin was up 90 basis points to 7.8%. First quarter operating income from recent acquisitions was positive overall; however they were 100 basis points dilutive to operating margin. Excluding the effects of acquisitions, segment operating income increased 27%, while operating margin increased 190 basis points to 8.8% compared to the prior year period. The increase in operating income and operating margin is primarily due to higher volumes and improved profitability in the power generation business serving existing U.S. operating reactors as well as savings generated from prior year restructuring initiatives.

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