Gardner Denver 1Q Sales Down 15% - Modern Distribution Management

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Gardner Denver 1Q Sales Down 15%

Profit attributable to the pump and compressor manufacturer fell 17 percent.

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.

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