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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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