Pump and compressor manufacturer Gardner Denver, Inc. (NYSE: GDI), Wayne, PA, reported sales for the first quarter of $515.3 million, down 15 percent compared with the prior year first quarter. Profit attributable to Gardner Denver declined 17 percent to $45.7 million.
"We were pleased with our first quarter results in a challenging environment," said Michael M. Larsen, president and CEO. "I am encouraged by our sequential order growth in the first quarter as orders grew 7 percent over the fourth quarter of 2012 and resulted in a book-to-bill ratio of 1.07."
In the first quarter, Engineered Products Group revenues decreased 24 percent to $211.7 million compared with the same period of 2012, principally as a result of the expected lower shipments in the Petroleum & Industrial Pumps business. Operating income in the first quarter of 2013 decreased 48 percent to $33.5 million.
Industrial Products Group revenues decreased 7 percent to $301.9 million for the first quarter of 2013 compared to the same period of 2012. Operating income in the first quarter of 2013 increased 92 percent to $29.8 million.
