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Flowserve Corp., Dallas, TX, reported sales for the second quarter 2009 were $1.09 billion, down 6% from the prior year period. Profit declined 11.9% to $108.2 million.
For the first six months, sales were $2.12 billion, down 2% from the first half of 2008. Profit decreased 4.9% to $200.5 million.
"While we continue to see our markets impacted by the challenging global economic conditions, we are very pleased with the improvement we saw in sequential quarter over quarter bookings and sales," said Lewis Kling, president and CEO. "The continued realignment improvements we made this quarter to our operating platform should not only drive benefits that we will realize later in 2009, but are expected to strengthen the company for growth opportunities well into the future."
Flowserve Pump Division sales for the second quarter of 2009 were $660 million, an increase 4% from second quarter 2008. Original equipment sales growth reflects successful execution against the strong backlog in the oil and gas and power markets of FPD.
Sales for the Flow Control Division in the second quarter of 2009 were $303 million, down 18%. Sales in Europe and North America fell due to softness in chemical and general industries.
Flow Solution Division sales were $145 million during the second quarter, down 17%. Decreased sales of original equipment in EMA and North America were partially offset by increased original equipment and aftermarket sales in Asia Pacific.