Flowserve Reports Second Quarter 2012 Results
Flowserve Corp. announced financial results for the second quarter of 2012 yesterday.
Bookings in Flowserve's flow control division (FCD) for the second quarter of 2012 were $411.6 million, a decrease of $28.4 million, down 6.5%, or 0.5% excluding negative currency effects of approximately $26 million. FCD sales for the second quarter of 2012 were $401.5 million, an increase of $14.4 million, up 3.7%, or 11.0% excluding negative currency effects of approximately $28 million.
FCD gross profit for the second quarter of 2012 increased to $132.3 million, up $0.4 million or 0.3%. Gross margin for the second quarter of 2012 decreased 110 basis points to 33.0%, which was primarily attributable to product line mix and a sales mix shift to original equipment.
FCD operating income for the second quarter of 2012 increased to $60.4 million, up $0.5 million or 0.8%, including negative currency effects of approximately $4 million. The increase was primarily attributable to slightly improved gross profit and reduced SG&A. Operating margin decreased 50 basis points to 15.0%.
