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Flowserve First-Quarter Sales Down 2.6%

Flowserve Corp. (NYSE: FLS), Dallas, TX, reported sales for the first quarter were $1.07 billion, down 2.6 percent from the first quarter 2013. Profit rose 1 percent to $377.1 million.

“The 2014 first quarter’s gross margin improvement demonstrated the strength of our platform.” said Mike Taff, vice president and CFO. “During the quarter, we further optimized our product portfolio through the divestiture of the non-core, Naval district heating valve business. We remain encouraged by the momentum we are seeing in our end markets, particularly the strong bidding activity in North America.”

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