Roper Industries, Inc. Third Quarter 2001 Results Beat Consensus Expectations, Quarterly Cash Dividend Announced
Fluid Handling Segment
The Fluid Handling segment's net sales were $30 million in the quarter,
down 12% over the prior year period, with continued strong demand for
engineered pumps in the water/wastewater market being overshadowed by the
downturn in the semiconductor industry. Pro forma net sales declined 15%.
Net sales for the first nine months of $97 million increased 11% over the
prior year period. Pro forma net sales for the first three quarters of the
year were down 3%.
Fluid Handling segment bookings of $30 million were down 18% over the
prior year quarter. Pro forma bookings for businesses not serving the
semiconductor market increased 4%, while total pro forma bookings declined by
21% driven by the downturn in the semiconductor capital equipment market. For
the first nine months of the year, bookings were flat compared with the same
period last year, while pro forma bookings eased by 13%.
In response to difficult economic conditions, cost reduction initiatives
have been implemented throughout all the businesses and employment levels
within the segment have been reduced 8% since the beginning of the fiscal
year.
Operating profits of $6 million in the quarter declined 20% over the prior
year period due to lower sales into the semiconductor capital equipment
market; 180 margin basis points were gained by the remainder of the segment on
favorable product mix changes and cost reduction efforts. Year-to-date
operating profit of $21 million, before restructuring charges, is
approximately consistent with the first nine months of 2000.
Source: Roper Technologies, Inc
