Third party sales at Garlock Sealing Technologies and its subsidiaries increased by 10% over the first quarter of 2011. Among the factors benefitting Garlock’s sales were higher volumes in North American industrial markets and better pricing. Price increases contributed to improved operating profits and profit margins were about the same as in the first quarter of 2011.
Measures of Garlock’s profitability, including adjusted net income, do not reflect expenses incurred in connection with the asbestos claims resolution process. Those expenses were $4.2 million in the first quarter of 2012 compared to $4.3 million in the first quarter of 2011.
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