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Tyco Flow Control Reports Third Quarter 2012 Earnings

In the third quarter Tyco Flow Control saw revenue of $981 million increased 6% in the quarter including a 5.5% decline due to changes in foreign currency. Organic revenue grew 10% with 7% growth in Valves, 26% growth in Water and 4% growth in Thermal Controls. Excluding the impact of foreign currency, orders increased 5% year-over-year and backlog was in line with the prior quarter at $1.8 billion.

Operating income was $112 million and the operating margin was 11.4%. Special items of $18 million consisted primarily of restructuring and divestiture charges. Operating income before special items was $130 million. The operating margin before special items improved 190 basis points to 13.3% driven primarily by leverage from increased volume across Valves, Water and Thermal Controls.

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