Fiscal 2013 third quarter year-over-year Energy segment sales increased 3% to $99 million. Excluding the negative 2% impact from foreign currency translation, core sales were 5% higher than the prior year’s robust levels. Deep water related umbilical, cable and rope revenues grew double digits with strong market demand and catch up of deferred shipments from earlier in the year. Cortland’s non-energy markets, such as defense, continued to experience weak activity levels. Hydratight’s core sales also grew during the quarter reflecting solid MRO spending in global oil & gas, partially offset by difficult comparisons given last year’s strong North American nuclear maintenance activity. Third quarter operating profit increased 70 basis points year-over-year, primarily the result of the higher volumes.
|Engineered Solutions Segment|
|(US $ in millions)|
|Three Months Ended May 31,||Nine Months Ended May 31,|
|Operating Profit %||9.5%||13.5%||7.7%||13.0%|