Revenue during the quarter dropped 3.64 percent to $844.93 million from $876.84 million in the previous year period. Gross margin for the quarter expanded 107 basis points over the previous year period to 33.06 percent. Total expenses were 92.16 percent of quarterly revenues, down from 94.47 percent for the same period last year. This has led to an improvement of 231 basis points in operating margin to 7.84 percent.

Operating income for the quarter was $66.22 million, compared with $48.47 million in the previous year period.

However, the adjusted operating income for the quarter stood at $73.32 million compared to $66.13 million in the prior year period. At the same time, adjusted operating margin improved 114 basis points in the quarter to 8.68 percent from 7.54 percent in the last year period.

"We are pleased to announce strong first quarter results in a more constructive market environment," said Matthew Trerotola, president and chief executive officer. "The 120 basis point improvement in our adjusted operating margins reflects ongoing work to create a more competitive cost structure and customer-focused organization. Our Gas and Fluid Handling segment delivered its third straight quarter of orders growth, achieving double digit organic growth for the first time in more than three years. Our Fabrication Technology segment organically grew revenues due to improved market conditions in most regions and notably strong performance by our teams in Europe, Russia, China and India."