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Pump and compressor manufacturer Gardner Denver (NYSE: GDI) reported $620.1 million in revenues for the first quarter of 2019, up slightly from the same period in 2018. Net income was $47 million, up 11% over a year ago.
By segment, first-quarter industrial sales were down 1% to $335 million while energy segment sales fell 4% to $208 million and medical segment sales rose 14% to $69 million.
“The first quarter was a solid quarter of balanced commercial and operational execution as the teams continued to utilize the principles of the Gardner Denver Execution Excellence process to drive strong results,” said Vicente Reynal, CEO. “We continue to build a more resilient portfolio and delivered solid performance in spite of the known headwinds of FX, tariffs, European market concerns and expected declines in the upstream Energy business. In addition, Innovate–to-Value and other operational efficiency efforts helped drive strong triple digit basis point margin expansion in our Industrials and Medical segments and offset some of the expected margin declines in the Energy segment.”