Fourth quarter 2012 sales declined $2.5 million, or 1%, driven primarily by weaker European end markets. Segment operating margin improved to 13.9%, reflecting improved execution, productivity gains and solid cost management. Fluid Handling order backlog was $327 million at December 31, 2012, compared to $331 million at September 30, 2012 and $314 million at December 31, 2011.

Controls
               
Fourth Quarter Change
(dollars in millions) 2012 2011
 
Sales $20.8 $22.2 ($1.4) -6%
 
Operating Profit $2.3 $2.3 ($0.0) -2%
 
Profit Margin 11.1% 10.5%
 

Fourth quarter 2012 sales of $20.8 million decreased 6% compared to the fourth quarter of 2011, reflecting slightly weaker industrial demand. Operating profit was flat, as deleverage on the lower sales was offset by productivity gains.

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