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Flowserve 3Q Sales Down 7.6%

Flowserve Corp. (NYSE: FLS), Dallas, TX, a provider of flow control products and services for the global infrastructure markets, reported sales for the third quarter were $972 million, down 7.6 percent from third quarter 2009. Profit declined 11.1 percent to $103.9 million.

For the first nine months, sales were $2.89 billion, down 8.7 percent from the first nine months of 2009. Profit declined 13.1 percent to $275.8 million.

"Our sales were impacted this quarter by customers delaying receipt of finished product, timing of long lead time backlog conversion, as well as isolated production constraints in our industrial business," said Dick Guiltinan, senior vice president, finance, and chief accounting officer. "Additionally, most of the more favorable pricing on long lead time projects in earlier backlog had cycled through in prior quarters, and our results now reflect the lower pricing levels of the more recent environment."

FSG Engineered Product Division (EPD) sales for the third quarter of 2010 were $511.3 million, a decrease of 5.4 percent. Gross profit declined to $184.8 million, down 10.4 percent.

FSG Industrial Product Division (IPD) sales for the third quarter were $176.5 million, a decrease of 27.7 percent. Gross profit declined to $42 million, down 36.6 percent.

Flow Control Division (FCD) sales for the third quarter were $312.6 million, an increase of 6.5 perent Valbart provided sales of $12.3 million. Gross profit decreased to $107.4 million, down 4.1 percent.

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