Revenue of $1.1 billion increased 25% in the quarter with organic revenue growth of 9.5%. Organic revenue growth of 13% in valves and 34% in thermal controls was partially offset by an 18% decline in the water business. Excluding the impact of foreign currency, orders increased 14% year-over-year and backlog increased 4% to $1.74 billion on a quarter-sequential basis.

Operating income was $124 million in the quarter and the operating margin was 11.5%. Restructuring and acquisition costs in the quarter were fully offset by divestiture gains.

Source: Tyco International

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