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    Flowserve Corporation Reports Fourth Quarter and Full-Year Results

    2/18/25 4:05:00 PM ET
    $FLS
    Fluid Controls
    Industrials
    Get the next $FLS alert in real time by email

    3D Strategy and Flowserve Business System Deliver Sales and Earnings Growth

    Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, reported its financial results for the fourth quarter and full year ended December 31, 2024.

    Highlights (unaudited):

    • Fourth quarter bookings of $1.2 billion, including $618 million of aftermarket activity
    • Power bookings increased more than 40% year-over-year, with over $110 million in nuclear awards during the fourth quarter
    • Gross margin and adjusted1 gross margin2 of 31.5% and 32.8%, respectively, increased 240 and 300 basis points versus the prior year period
    • Operating income and adjusted operating income3 of $125 million and $149 million, respectively, an increase of 14% and 22% compared to last year
    • Operating cash flow of $197 million driven by strong earnings and working capital improvements
    • Initiated full-year 2025 guidance4, including organic sales growth of 3% to 5% and adjusted Earnings Per Share (EPS) of $3.10 to $3.30, which at the midpoint, represents a 22% increase versus full-year 2024 adjusted EPS5

    Management Commentary:

    "We made significant progress throughout 2024, launching the Flowserve Business System and leveraging our 3D strategy to drive solid top-line growth, expand margins, increase adjusted earnings, and deliver strong cash flow," said Scott Rowe, Flowserve's President and Chief Executive Officer. "I am grateful for the dedication and effort of our associates who are improving our execution and positioning Flowserve for continued near-term and long-term growth."

    Rowe continued, "Activity across our markets remains robust as customers leverage our capabilities to address ongoing demand, improve efficiency, and advance decarbonization investments. We enter 2025 with strong momentum, which we expect to build on through enhanced operational execution and our 80-20 complexity reduction efforts. With these levers, we are well-positioned to continue creating long-term value for our customers, shareholders, and associates."

    Key Figures (unaudited):

     

     

     

     

     

     

     

     

     

     

     

    (dollars in millions, except per share)

     

    2024 Q4

     

    2023 Q4

    Change

     

    2024

     

    2023

     

    Change

    Backlog

     

    $2,789.6

     

    $2,695.1

    3.5%

     

    $2,789.6

     

    $2,695.1

     

    3.5%

    Bookings

     

    $1,175.3

     

    $1,043.6

    12.6%

     

    $4,660.8

     

    $4,271.8

     

    9.1%

    Original Equipment

     

    $557.2

     

    $490.3

    13.6%

     

    $2,238.4

     

    $1,995.1

     

    12.2%

    Aftermarket

     

    $618.1

     

    $553.3

    11.7%

     

    $2,422.4

     

    $2,276.7

     

    6.4%

    Sales6

     

    $1,180.3

     

    $1,165.2

    1.3%

     

    $4,557.8

     

    $4,320.6

     

    5.5%

    Organic

     

     

     

     

    (90) bps

     

     

     

     

     

    510 bps

    Acquisitions

     

     

     

     

    320 bps

     

     

     

     

     

    90 bps

    Foreign Exchange

     

     

     

     

    (100) bps

     

     

     

     

     

    (50) bps

    Operating Margin

     

    10.6%

     

    9.4%

    120 bps

     

    10.1%

     

    7.7%

     

    240 bps

    Adjusted Operating Margin3

     

    12.6%

     

    10.5%

    210 bps

     

    11.8%

     

    9.5%

     

    230 bps

    Earnings Per Share

     

    $0.59

     

    $0.47

    25.5%

     

    $2.14

     

    $1.42

     

    50.7%

    Adjusted Earnings Per Share

     

    $0.70

     

    $0.68

    2.9%

     

    $2.63

     

    $2.10

     

    25.2%

    Cash From Operations

     

    $197.3

     

    $194.6

    1.4%

     

    $425.3

     

    $325.8

     

    30.5%

     

     

     

     

     

     

     

     

     

     

     

    2025 Guidance:

     

    Target range

    Organic sales growth

    +3% to +5%

    Impact from acquisitions

    Approx. +300 bps

    Impact from foreign exchange translation

    Approx. (100 bps)

    Total sales growth

    +5% to +7%

    Adjusted EPS

    $3.10 to $3.30

    Net interest expense

    Approx. $70 million

    Adjusted tax rate

    Approx. 21%

    Capital expenditures

    $80 to $90 million

     

    Excluding sales, Flowserve provides guidance only on a non-GAAP basis due to the inherent and increasing difficulty and unreasonable effort required to forecast certain amounts that would be included in GAAP earnings. This includes, but is not limited to, items such as foreign currency fluctuations, realignment expenses, impairments, and discrete tax events. As a result, we have not provided a reconciliation to the most comparable GAAP financial measures for these forward-looking non-GAAP measures.

    Authorized Dividend:

    Flowserve's Board of Directors authorized a quarterly cash dividend of $0.21 per share on the Company's outstanding shares of common stock. The dividend is payable on April 11, 2025, to shareholders of record as of the close of business on March 28, 2025. While Flowserve currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends, at this $0.21 per share rate or otherwise, will be reviewed individually and declared by the Board at its discretion.

    Webcast and Conference Call Instructions:

    Flowserve will host its conference call to discuss fourth quarter results on Wednesday, February 19, at 10:00 a.m. Eastern Time. The call can be accessed by shareholders and other interested parties on Flowserve's Investors page.

    Footnotes (pages 1-2)

    1 See Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) and Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) tables for a detailed reconciliation of reported results to adjusted measures.

    2 Adjusted gross margin is calculated by dividing adjusted gross profit by sales. Adjusted gross profit is derived by excluding the adjusted items.

    3 Adjusted operating margin is calculated by dividing adjusted operating income by sales. Adjusted operating income is derived by excluding the adjusted items.

    4 Adjusted 2025 EPS includes expected 16 cent contribution from MOGAS operations (inclusive of $7 million cost synergy benefit) and excludes potential realignment expenses, below-the-line foreign currency effects, and certain other discrete items which may arise during the year and utilizes prevailing FX rates and approximately 132 million fully diluted shares.

    5 Adjusted 2024 EPS excludes realignment expenses, the impact from other specific discrete and below-the-line foreign currency effects and utilizes the then-applicable FX rates and approximately 132 million fully diluted shares.

    6 Organic is defined as the change in sales, as defined by U.S. GAAP, excluding the impacts of currency translation and acquisitions. The impact of currency translation is calculated by translating current year results on a monthly basis at prior year exchange rates for the same period.

    CONSOLIDATED STATEMENTS OF INCOME

    (Unaudited)

     

    Three Months Ended December 31,

    (Amounts in thousands, except per share data)

     

    2024

     

     

    2023

     

     

    Sales

    $

    1,180,348

     

    $

    1,165,179

     

    Cost of sales

     

    (808,234

    )

     

    (825,635

    )

    Gross profit

     

    372,114

     

     

    339,544

     

    Selling, general and administrative expense

     

    (251,966

    )

     

    (234,744

    )

    Net earnings from affiliates

     

    4,557

     

     

    4,663

     

    Operating income

     

    124,705

     

     

    109,463

     

    Interest expense

     

    (20,481

    )

     

    (16,886

    )

    Interest income

     

    1,625

     

     

    1,457

     

    Other income (expense), net

     

    (137

    )

     

    (22,599

    )

    Earnings before income taxes

     

    105,712

     

     

    71,435

     

    (Provision for) benefit from income taxes

     

    (22,202

    )

     

    (3,991

    )

    Net earnings, including noncontrolling interests

     

    83,510

     

     

    67,444

     

    Less: Net earnings attributable to noncontrolling interests

     

    (5,969

    )

     

    (4,827

    )

    Net earnings attributable to Flowserve Corporation

    $

    77,541

     

    $

    62,617

     

     

     

    Net earnings per share attributable to Flowserve Corporation common shareholders:

     

     

    Basic

    $

    0.59

     

    $

    0.48

     

    Diluted

     

    0.59

     

     

    0.47

     

     

     

    Weighted average shares – basic

     

    131,393

     

     

    131,184

     

    Weighted average shares – diluted

     

    132,395

     

     

    132,132

     

    Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)

    (Amounts in thousands, except per share data)

     

    Three Months Ended December 31, 2024

    Gross

    Profit

    Selling,

    General & Administrative Expense

    Operating

    Income

    Other

    Income

    (Expense),

    Net

    Provision For

    (Benefit

    From)

    Income

    Taxes

    Net

    Earnings

    (Loss)

    Effective

    Tax Rate

    Diluted

    EPS

    Reported

    $

    372,114

     

    $

    251,966

     

    $

    124,705

     

    $

    (138

    )

    $

    22,202

     

    $

    77,541

     

    21.0

    %

    0.59

     

    Reported as a percent of sales

     

    31.5

    %

     

    21.3

    %

     

    10.6

    %

     

    0.0

    %

     

    1.9

    %

     

    6.6

    %

    Realignment charges (a)

     

    11,569

     

     

    (1,570

    )

     

    13,139

     

     

    -

     

     

    2,849

     

     

    10,290

     

    21.7

    %

    0.08

     

    Acquisition related (b)

     

    -

     

     

    (7,150

    )

     

    7,150

     

     

    -

     

     

    1,682

     

     

    5,468

     

    23.5

    %

    0.04

     

    Purchase accounting step-up and intangible asset amortization (c)

     

    3,067

     

     

    (1,033

    )

     

    4,100

     

     

    -

     

     

    1,300

     

     

    2,800

     

    31.7

    %

    0.02

     

    Below-the-line foreign exchange impacts (d)

     

    -

     

     

    -

     

     

    -

     

     

    (4,370

    )

     

    (1,423

    )

     

    (2,947

    )

    32.6

    %

    (0.02

    )

    Adjusted

    $

    386,750

     

    $

    242,213

     

    $

    149,094

     

    $

    (4,508

    )

    $

    26,610

     

    $

    93,152

     

    21.2

    %

    0.70

     

    Adjusted as a percent of sales

     

    32.8

    %

     

    20.5

    %

     

    12.6

    %

     

    -0.4

    %

     

    2.3

    %

     

    7.9

    %

     

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $8,600 is non-cash.

    (b) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.

    (c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.

    (d) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site's respective functional currency.

     
     

    Three Months Ended December 31, 2023

    Gross

    Profit

    Selling, General

    &

    Administrative Expense

    Operating Income

    Other

    Income (Expense),

    Net

    Provision For

    (Benefit From)

    Income Taxes

    Net

    Earnings

    (Loss)

    Effective

    Tax Rate

    Diluted

    EPS

    Reported

    $

    339,544

     

    $

    234,744

     

    $

    109,463

     

    $

    (22,599

    )

    $

    3,991

     

    $

    62,617

     

    5.6

    %

    0.47

     

    Reported as a percent of sales

     

    29.1

    %

     

    20.1

    %

     

    9.4

    %

     

    -1.9

    %

     

    0.3

    %

     

    5.4

    %

    Realignment charges (a)

     

    9,464

     

     

    (5,949

    )

     

    15,413

     

     

    -

     

     

    4,534

     

     

    10,879

     

    29.4

    %

    0.08

     

    Discrete asset write-downs (b)(c)

     

    (1,254

    )

     

    -

     

     

    (1,254

    )

     

    2,000

     

     

    94

     

     

    652

     

    12.6

    %

    0.01

     

    Acquisition related (d)

     

    -

     

     

    1,244

     

     

    (1,244

    )

     

    -

     

     

    (293

    )

     

    (951

    )

    23.6

    %

    (0.01

    )

    Below-the-line foreign exchange impacts (e)

     

    -

     

     

    -

     

     

    -

     

     

    16,764

     

     

    (274

    )

     

    17,038

     

    -1.6

    %

    0.13

     

    Adjusted

    $

    347,754

     

    $

    230,039

     

    $

    122,378

     

    $

    (3,835

    )

    $

    8,052

     

    $

    90,235

     

    7.8

    %

    0.68

     

    Adjusted as a percent of sales

     

    29.8

    %

     

    19.7

    %

     

    10.5

    %

     

    -0.3

    %

     

    0.7

    %

     

    7.7

    %

     

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $2,100 is non-cash.

    (b) Includes reversals of expenses that were adjusted for Non-GAAP measures in previous periods of $1,254.

    (c) Charge represents a non-cash asset write-down of $2,000 associated with the impairment of an equity investment.

    (d) Represents reversal of costs associated with a terminated acquisition that were adjusted for Non-GAAP measures in previous periods.

    (e) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site's respective functional currency.

    SEGMENT INFORMATION

    (Unaudited)

     

     

    FLOWSERVE PUMPS DIVISION

    Three Months Ended December 31,

    (Amounts in millions, except percentages)

     

    2024

     

     

    2023

     

    Bookings

    $

    816.4

     

    $

    722.2

     

    Sales

     

    794.9

     

     

    832.8

     

    Gross profit

     

    255.7

     

     

    238.2

     

    Gross profit margin

     

    32.2

    %

     

    28.6

    %

    SG&A

     

    131.4

     

     

    149.4

     

    Segment operating income

     

    129.1

     

     

    93.5

     

    Segment operating income as a percentage of sales

     

    16.2

    %

     

    11.2

    %

     

    FLOW CONTROL DIVISION

    Three Months Ended December 31,

    (Amounts in millions, except percentages)

     

    2024

     

     

    2023

     

    Bookings

    $

    363.4

     

    $

    326.9

     

    Sales

     

    387.9

     

     

    336.0

     

    Gross profit

     

    118.5

     

     

    101.9

     

    Gross profit margin

     

    30.5

    %

     

    30.3

    %

    SG&A

     

    73.9

     

     

    52.1

     

    Segment operating income

     

    44.6

     

     

    49.8

     

    Segment operating income as a percentage of sales

     

    11.5

    %

     

    14.8

    %

    Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)

    (Amounts in thousands)

     

    Flowserve Pumps Division

    Three Months Ended

    December 31, 2024

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Three Months Ended

    December 31, 2023

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Reported

    $

    255,710

     

    $

    131,402

     

    $

    129,069

     

    Reported

    $

    238,213

     

    $

    149,354

     

    $

    93,522

     

    Reported as a percent of sales

     

    32.2

    %

     

    16.5

    %

     

    16.2

    %

    Reported as a percent of sales

     

    28.6

    %

     

    17.9

    %

     

    11.2

    %

    Realignment charges (a)

     

    9,890

     

     

    (41

    )

     

    9,931

     

    Realignment charges (a)

     

    3,313

     

     

    (2,537

    )

     

    5,850

     

    Adjusted

    $

    265,600

     

    $

    131,361

     

    $

    139,000

     

    Discrete asset write-downs (b)

     

    (1,254

    )

     

    -

     

     

    (1,254

    )

    Adjusted as a percent of sales

     

    33.4

    %

     

    16.5

    %

     

    17.5

    %

    Adjusted

    $

    240,272

     

    $

    146,817

     

    $

    98,118

     

    Adjusted as a percent of sales

     

    28.9

    %

     

    17.6

    %

     

    11.8

    %

     
     

    Flow Control Division

    Flow Control Division

    Three Months Ended

    December 31, 2024

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Three Months Ended

    December 31, 2023

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Reported

    $

    118,503

     

    $

    73,859

     

    $

    44,592

     

    Reported

    $

    101,894

     

    $

    52,056

     

    $

    49,838

     

    Reported as a percent of sales

     

    30.5

    %

     

    19.0

    %

     

    11.5

    %

    Reported as a percent of sales

     

    30.3

    %

     

    15.5

    %

     

    14.8

    %

    Realignment charges (a)

     

    1,679

     

     

    (1,655

    )

     

    3,334

     

    Realignment charges (a)

     

    6,313

     

     

    (915

    )

     

    7,228

     

    Acquisition related (b)

     

    -

     

     

    (7,150

    )

     

    7,150

     

    Acquisition related (c)

     

    -

     

     

    1,244

     

     

    (1,244

    )

    Purchase accounting step-up and intangible asset amortization (c)

     

    3,067

     

     

    (1,033

    )

     

    4,100

     

    Adjusted

    $

    108,207

     

    $

    52,385

     

    $

    55,822

     

    Adjusted

    $

    123,249

     

    $

    64,021

     

    $

    59,176

     

    Adjusted as a percent of sales

     

    32.2

    %

     

    15.6

    %

     

    16.6

    %

    Adjusted as a percent of sales

     

    31.8

    %

     

    16.5

    %

     

    15.3

    %

     

    Note: Amounts may not calculate due to rounding

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $8,600 is non-cash.

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $2,100 is non-cash.

    (b) Charge represents acquisition and integration-related costs associated with the MOGAS acquisition.

    (b) Represents reversals of expenses that were adjusted for Non-GAAP measures in previous periods.

    (c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.

    (c) Represents reversal of costs associated with a terminated acquisition that were adjusted for Non-GAAP measures in previous periods.

     

    CONSOLIDATED STATEMENTS OF INCOME

    (Unaudited)

     

    Year Ended December 31,

    (Amounts in thousands, except per share data)

     

    2024

     

     

    2023

     

     

    2022

     

     

    Sales

    $

    4,557,806

     

    $

    4,320,577

     

    $

    3,615,120

     

    Cost of sales

     

    (3,123,560

    )

     

    (3,043,749

    )

     

    (2,620,825

    )

    Gross profit

     

    1,434,246

     

     

    1,276,828

     

     

    994,295

     

    Selling, general and administrative expense

     

    (978,037

    )

     

    (961,169

    )

     

    (815,545

    )

    Loss on sale of business

     

    (12,981

    )

     

    -

     

     

    -

     

    Net earnings from affiliates

     

    19,051

     

     

    17,894

     

     

    18,469

     

    Operating income

     

    462,279

     

     

    333,553

     

     

    197,219

     

    Interest expense

     

    (69,301

    )

     

    (66,924

    )

     

    (46,247

    )

    Interest income

     

    5,371

     

     

    6,991

     

     

    3,963

     

    Other income (expense), net

     

    (12,194

    )

     

    (49,870

    )

     

    (559

    )

    Earnings before income taxes

     

    386,155

     

     

    223,750

     

     

    154,376

     

    (Provision for) benefit from income taxes

     

    (84,929

    )

     

    (18,562

    )

     

    43,639

     

    Net earnings, including noncontrolling interests

     

    301,226

     

     

    205,188

     

     

    198,015

     

    Less: Net earnings attributable to noncontrolling interests

     

    (18,467

    )

     

    (18,445

    )

     

    (9,326

    )

    Net earnings attributable to Flowserve Corporation

    $

    282,759

     

    $

    186,743

     

    $

    188,689

     

     

     

     

    Net earnings per share attributable to Flowserve Corporation common shareholders:

     

     

     

    Basic

    $

    2.15

     

    $

    1.42

     

    $

    1.44

     

    Diluted

     

    2.14

     

     

    1.42

     

     

    1.44

     

     

     

     

    Weighted average shares – basic

     

    131,488

     

     

    131,117

     

     

    130,630

     

    Weighted average shares – diluted

     

    132,356

     

     

    131,931

     

     

    131,315

     

    Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)

    (Amounts in thousands, except per share data)

     

    Twelve Months Ended December 31, 2024

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Loss on

    Sale of

    Business

    Operating

    Income

    Other

    Income

    (Expense),

    Net

    Provision

    For (Benefit

    From)

    Income

    Taxes

    Net

    Earnings

    (Loss)

    Effective Tax

    Rate

    Diluted

    EPS

    Reported

    $

    1,434,246

     

    $

    978,037

     

    $

    12,981

     

    $

    462,279

     

    $

    (12,194

    )

    $

    84,929

     

    $

    282,759

     

    22.0

    %

    2.14

     

    Reported as a percent of sales

     

    31.5

    %

     

    21.5

    %

     

    0.3

    %

     

    10.1

    %

     

    -0.3

    %

     

    1.9

    %

     

    6.2

    %

    Realignment charges (a)

     

    31,576

     

     

    (4,939

    )

     

    (12,981

    )

     

    49,496

     

     

    -

     

     

    4,884

     

     

    44,612

     

    9.9

    %

    0.34

     

    Discrete items (b)(c)(d)

     

    2,700

     

     

    (7,500

    )

     

    -

     

     

    10,200

     

     

    -

     

     

    2,869

     

     

    7,331

     

    28.1

    %

    0.06

     

    Acquisition related (e)

     

    -

     

     

    (9,944

    )

     

    -

     

     

    9,944

     

     

    -

     

     

    2,340

     

     

    7,604

     

    23.5

    %

    0.06

     

    Discrete asset write-downs (f)(g)

     

    -

     

     

    (1,795

    )

     

    -

     

     

    1,795

     

     

    3,567

     

     

    1,342

     

     

    4,020

     

    25.0

    %

    0.03

     

    Purchase accounting step-up and intangible asset amortization (h)

     

    3,067

     

     

    (1,033

    )

     

    -

     

     

    4,100

     

     

    -

     

     

    1,300

     

     

    2,800

     

    31.7

    %

    0.02

     

    Below-the-line foreign exchange impacts (i)

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    (2,302

    )

     

    (1,912

    )

     

    (390

    )

    83.1

    %

    (0.00

    )

    Adjusted

    $

    1,471,589

     

    $

    952,826

     

    $

    -

     

    $

    537,814

     

    $

    (10,929

    )

    $

    95,752

     

    $

    348,736

     

    20.7

    %

    2.63

     

    Adjusted as a percent of sales

     

    32.3

    %

     

    20.9

    %

     

    0.0

    %

     

    11.8

    %

     

    -0.2

    %

     

    2.1

    %

     

    7.7

    %

     

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $33,700 is non-cash.

    (b) Charge represents a reduction to reserves of $2,000 associated with our ongoing financial exposure in Russia that were adjusted for Non-GAAP measures when established in 2022.

    (c) Charge represents a one-time $5,000 discretionary cash transition benefit provided to certain employees in conjunction with the freeze of our US Qualified pension plan.

    (d) Charge represents the $7,200 strategic acquisition of intellectual property related to certain liquefied natural gas technology.

    (e) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.

    (f) Charge represents a $1,795 non-cash write-down of a software asset.

    (g) Charge represents a $3,567 non-cash write-down of a debt investment.

    (h) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.

    (i) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site's respective functional currency.

     
     

    Twelve Months Ended December 31, 2023

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Other

    Income

    (Expense),

    Net

    Provision

    For (Benefit

    From) Income

    Taxes

    Net Earnings

    Attributable

    to

    Noncontrolling Interests

    Net

    Earnings

    (Loss)

    Effective

    Tax Rate

    Diluted

    EPS

    Reported

    $

    1,276,828

     

    $

    961,169

     

    $

    333,553

     

    $

    (49,870

    )

    $

    18,562

     

    $

    18,445

     

    $

    186,743

     

    8.3

    %

    1.42

     

    Reported as a percent of sales

     

    29.6

    %

     

    22.2

    %

     

    7.7

    %

     

    -1.2

    %

     

    0.4

    %

     

    0.4

    %

     

    4.3

    %

    Realignment charges (a)

     

    21,012

     

     

    (45,025

    )

     

    66,037

     

     

    -

     

     

    14,949

     

     

    -

     

     

    51,088

     

    22.6

    %

    0.39

     

    Discrete asset write-downs (b)(c)(d)(e)

     

    715

     

     

    (3,955

    )

     

    4,670

     

     

    2,000

     

     

    1,611

     

     

    -

     

     

    5,059

     

    24.2

    %

    0.04

     

    Acquisition related (f)

     

    -

     

     

    (7,247

    )

     

    7,247

     

     

    -

     

     

    1,704

     

     

    -

     

     

    5,543

     

    23.5

    %

    0.04

     

    Below-the-line foreign exchange impacts (g)

     

    -

     

     

    -

     

     

    -

     

     

    41,092

     

     

    2,395

     

     

    -

     

     

    38,697

     

    5.8

    %

    0.29

     

    Correction of prior period errors (h)

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    (3,559

    )

     

    3,559

     

    0.0

    %

    0.03

     

    Discrete tax benefit (i)

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    13,000

     

     

    -

     

     

    (13,000

    )

    0.0

    %

    (0.10

    )

    Adjusted

    $

    1,298,555

     

    $

    904,942

     

    $

    411,507

     

    $

    (6,778

    )

    $

    52,221

     

    $

    14,886

     

    $

    277,689

     

    15.1

    %

    2.10

     

    Adjusted as a percent of sales

     

    30.1

    %

     

    20.9

    %

     

    9.5

    %

     

    -0.2

    %

     

    1.2

    %

     

    0.3

    %

     

    6.4

    %

     

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $9,701 is non-cash.

    (b) Charge represents a further expense of $1,834 associated with a sales contract that was initially adjusted out of Non-GAAP measures in 2017.

    (c) Includes reversals of expenses that were adjusted for Non-GAAP measures in previous periods of $81.

    (d) Charge represents a $2,917 non-cash write-down of a licensing agreement.

    (e) Charge represents a non-cash asset write-down of $2,000 associated with the impairment of an equity investment.

    (f) Charges represent costs associated with a terminated acquisition.

    (g) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site's respective functional currency.

    (h) Represents the amount to correct the cumulative impact of immaterial prior period errors.

    (i) Represents a discrete tax benefit due to release of tax valuation allowance on the net deferred tax assets in a foreign jurisdiction. The associated tax expense was adjusted out on Non-GAAP measures in 2015.

    SEGMENT INFORMATION

    (Unaudited)

     

     

    FLOWSERVE PUMPS DIVISION

    Year Ended December 31,

    (Amounts in millions, except percentages)

     

    2024

     

     

    2023

     

    Bookings

    $

    3,304.3

     

    $

    2,941.2

     

    Sales

     

    3,158.6

     

     

    3,064.5

     

    Gross profit

     

    1,017.0

     

     

    906.8

     

    Gross profit margin

     

    32.2

    %

     

    29.6

    %

    SG&A

     

    556.2

     

     

    575.8

     

    Segment operating income

     

    480.2

     

     

    348.9

     

    Segment operating income as a percentage of sales

     

    15.2

    %

     

    11.4

    %

     

    FLOW CONTROL DIVISION

    Year Ended December 31,

    (Amounts in millions, except percentages)

     

    2024

     

     

    2023

     

    Bookings

    $

    1,370.7

     

    $

    1,345.9

     

    Sales

     

    1,409.3

     

     

    1,266.0

     

    Gross profit

     

    424.0

     

     

    372.8

     

    Gross profit margin

     

    30.1

    %

     

    29.4

    %

    SG&A

     

    252.7

     

     

    224.8

     

    Loss on sale of business

     

    (13.0

    )

     

    -

     

    Segment operating income

     

    158.3

     

     

    148.0

     

    Segment operating income as a percentage of sales

     

    11.2

    %

     

    11.7

    %

    Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited)

     

     

     

     

     

     

     

     

    (Amounts in thousands)

     

    Flowserve Pumps Division

    Twelve Months Ended

    December 31, 2024

    Gross

    Profit

    Selling,

    General & Administrative

    Expense

    Operating

    Income

    Twelve Months Ended

    December 31, 2023

    Gross

    Profit

    Selling,

    General & Administrative

    Expense

    Operating

    Income

    Reported

    $

    1,017,048

     

    $

    556,225

     

    $

    480,216

     

    Reported

    $

    906,775

     

    $

    575,792

     

    $

    348,867

     

    Reported as a percent of sales

     

    32.2

    %

     

    17.6

    %

     

    15.2

    %

    Reported as a percent of sales

     

    29.6

    %

     

    18.8

    %

     

    11.4

    %

    Realignment charges (a)

     

    30,727

     

     

    (1,078

    )

     

    31,805

     

    Realignment charges (a)

     

    10,797

     

     

    (14,533

    )

     

    25,330

     

    Discrete items (b)(c)(d)

     

    1,700

     

     

    (6,000

    )

     

    7,700

     

    Discrete asset write-downs (b)(c)(d)

     

    715

     

     

    (3,955

    )

     

    4,670

     

    Adjusted

    $

    1,049,475

     

    $

    549,147

     

    $

    519,721

     

    Adjusted

    $

    918,287

     

    $

    557,304

     

    $

    378,867

     

    Adjusted as a percent of sales

     

    33.2

    %

     

    17.4

    %

     

    16.5

    %

    Adjusted as a percent of sales

     

    30.0

    %

     

    18.2

    %

     

    12.4

    %

     

    Flow Control Division

    Flow Control Division

    Twelve Months Ended

    December 31, 2024

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Loss on Sale

    of Business

    Operating

    Income

    Twelve Months Ended

    December 31, 2023

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Reported

    $

    423,973

     

    $

    252,675

     

    $

    12,981

     

    $

    158,265

     

    Reported

    $

    372,808

     

    $

    224,774

     

    $

    148,034

     

    Reported as a percent of sales

     

    30.1

    %

     

    17.9

    %

     

    0.9

    %

     

    11.2

    %

    Reported as a percent of sales

     

    29.4

    %

     

    17.8

    %

     

    11.7

    %

    Realignment charges (a)

     

    1,077

     

     

    (3,095

    )

     

    (12,981

    )

     

    17,153

     

    Realignment charges (a)

     

    10,576

     

     

    (11,393

    )

     

    21,969

     

    Discrete item (b)

     

    800

     

     

    (400

    )

     

    -

     

     

    1,200

     

    Acquisition related (e)

     

    -

     

     

    (7,247

    )

     

    7,247

     

    Acquisition related (e)

     

    -

     

     

    (9,944

    )

     

    -

     

     

    9,944

     

    Adjusted

    $

    383,384

     

    $

    206,134

     

    $

    177,250

     

    Purchase accounting step-up and intangible asset amortization (f)

     

    3,067

     

     

    (1,033

    )

     

    -

     

     

    4,100

     

    Adjusted as a percent of sales

     

    30.3

    %

     

    16.3

    %

     

    14.0

    %

    Adjusted

    $

    428,917

     

    $

    238,203

     

    $

    -

     

    $

    190,662

     

    Adjusted as a percent of sales

     

    30.4

    %

     

    16.9

    %

     

    0.0

    %

     

    13.5

    %

     

    Note: Amounts may not calculate due to rounding

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $33,700 is non-cash.

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $9,701 is non-cash.

    (b) Charge represents a one-time $3,700 discretionary cash transition benefit provided to certain employees in conjunction with the freeze of our US Qualified pension plan.

    (b) Charge represents a further expense of $1,834 associated with a sales contract that was initially reserved for in 2017.

    (c) Charge represents a reduction to reserves of $2,000 associated with our ongoing financial exposure in Russia that were adjusted for Non-GAAP measures when established in 2022.

    (c) Includes reversals of expenses that were adjusted for Non-GAAP measures in previous periods of $81.

    (d) Charge represents the $7,200 strategic acquisition of intellectual property related to certain liquefied natural gas technology.

    (d) Charge represents a $2,917 non-cash write-down of a licensing agreement.

    (e) Charge represents acquisition and integration related costs associated with the MOGAS acquisition.

    (e) Charges represent costs associated with a terminated acquisition.

    (f) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition.

     

     

     

     

     

     

    Fourth Quarter and Full Year 2024 - Segment Results

    (dollars in millions, comparison vs. 2023 fourth quarter and full year, unaudited)

     

    FPD

    FCD

    4th Qtr

    Full Year

    4th Qtr

    Full Year

    Bookings

    $

    816.4

     

    $

    3,304.3

     

    $

    363.4

     

    $

    1,370.7

     

    - vs. prior year

     

    94.2

     

    13.0

    %

     

    363.1

     

    12.3

    %

     

    36.5

     

    11.2

    %

     

    24.8

     

    1.8

    %

    - on constant currency

     

    106.6

     

    14.8

    %

     

    388.8

     

    13.2

    %

     

    38.0

     

    11.6

    %

     

    29.1

     

    2.2

    %

     

    Sales

    $

    794.9

     

    $

    3,158.6

     

    $

    387.9

     

    $

    1,409.3

     

    - vs. prior year

     

    -37.9

     

    -4.6

    %

     

    94.1

     

    3.1

    %

     

    51.9

     

    15.4

    %

     

    143.3

     

    11.3

    %

    - on constant currency

     

    -27.4

     

    -3.3

    %

     

    113.0

     

    3.7

    %

     

    53.0

     

    15.8

    %

     

    145.5

     

    11.5

    %

     

    Gross Profit

    $

    255.7

     

    $

    1,017.0

     

    $

    118.5

     

    $

    424.0

     

    - vs. prior year

     

    7.3

    %

     

    12.2

    %

     

    16.3

    %

     

    13.7

    %

     

    Gross Margin (% of sales)

     

    32.2

    %

     

    32.2

    %

     

    30.5

    %

     

    30.1

    %

    - vs. prior year (in basis points)

    360 bps

    260 bps

    20 bps

    70 bps

     

    Operating Income

    $

    129.1

     

    $

    480.2

     

    $

    44.6

     

    $

    158.3

     

    - vs. prior year

     

    35.6

     

    38.1

    %

     

    131.3

     

    37.6

    %

     

    -5.2

     

    -10.4

    %

     

    10.3

     

    7.0

    %

    - on constant currency

     

    37.2

     

    39.8

    %

     

    136.5

     

    39.1

    %

     

    -5.2

     

    -10.4

    %

     

    11.3

     

    7.6

    %

     

    Operating Margin (% of sales)

     

    16.2

    %

     

    15.2

    %

     

    11.5

    %

     

    11.2

    %

    - vs. prior year (in basis points)

    500 bps

    380 bps

    (330) bps

    (50) bps

     

     

     

     

     

    Adjusted Operating Income *

    $

    139.0

     

    $

    519.7

     

    $

    59.2

     

     

     

    $

    190.7

     

     

    - vs. prior year

     

    40.9

     

    41.7

    %

     

    140.8

     

    37.2

    %

     

    3.4

     

    6.1

    %

     

     

    13.4

     

    7.6

    %

    - on constant currency

     

    42.5

     

    43.4

    %

     

    146.0

     

    38.5

    %

     

    3.4

     

    6.2

    %

     

     

    14.4

     

    8.1

    %

     

     

     

     

    Adj. Oper. Margin (% of sales)*

     

    17.5

    %

     

    16.5

    %

     

    15.3

    %

     

     

     

    13.5

    %

     

    - vs. prior year (in basis points)

    570 bps

    410 bps

    (130) bps

     

     

    (50) bps

     

     

     

    Backlog

    $

    1,930.4

     

    $

    869.6

     

     

    * Adjusted Operating Income and Adjusted Operating Margin exclude realignment charges and other specific discrete items

     

    CONSOLIDATED BALANCE SHEETS

     

    (Unaudited)

     

    December 31,

    December 31,

    (Amounts in thousands, except par value)

     

    2024

     

     

    2023

     

     

    ASSETS

     

    Current assets:

     

    Cash and cash equivalents

    $

    675,441

     

    $

    545,678

     

    Accounts receivable, net of allowance for expected credit losses of $79,059 and $80,013, respectively

     

    976,739

     

     

    881,869

     

    Contract assets, net

     

    298,906

     

     

    280,228

     

    Inventories

     

    828,254

     

     

    879,937

     

    Prepaid expenses and other

     

    116,157

     

     

    116,065

     

    Total current assets

     

    2,895,497

     

     

    2,703,777

     

    Property, plant and equipment, net

     

    539,703

     

     

    506,158

     

    Operating lease right-of-use assets, net

     

    159,400

     

     

    156,430

     

    Goodwill

     

    1,293,795

     

     

    1,182,225

     

    Deferred taxes

     

    221,742

     

     

    218,358

     

    Other intangible assets, net

     

    188,604

     

     

    122,248

     

    Other assets, net

     

    200,580

     

     

    219,523

     

    Total assets

    $

    5,499,321

     

    $

    5,108,719

     

     

     

    LIABILITIES AND EQUITY

     

     

    Current liabilities:

     

     

    Accounts payable

    $

    545,310

     

    $

    547,824

     

    Accrued liabilities

     

    561,486

     

     

    504,430

     

    Contract liabilities

     

    282,170

     

     

    287,697

     

    Debt due within one year

     

    44,059

     

     

    66,243

     

    Operating lease liabilities

     

    33,559

     

     

    32,382

     

    Total current liabilities

     

    1,466,584

     

     

    1,438,576

     

    Long-term debt due after one year

     

    1,460,132

     

     

    1,167,307

     

    Operating lease liabilities

     

    149,838

     

     

    138,665

     

    Retirement obligations and other liabilities

     

    371,055

     

     

    389,120

     

    Shareholders' equity:

     

     

    Common shares, $1.25 par value

     

    220,991

     

     

    220,991

     

    Shares authorized – 305,000

     

     

    Shares issued – 176,793 and 176,793, respectively

     

     

    Capital in excess of par value

     

    502,045

     

     

    506,525

     

    Retained earnings

     

    4,025,750

     

     

    3,854,717

     

    Treasury shares, at cost – 45,688 and 45,885 shares, respectively

     

    (2,007,869

    )

     

    (2,014,474

    )

    Deferred compensation obligation

     

    8,172

     

     

    7,942

     

    Accumulated other comprehensive loss

     

    (741,424

    )

     

    (639,601

    )

    Total Flowserve Corporation shareholders' equity

     

    2,007,665

     

     

    1,936,100

     

    Noncontrolling interests

     

    44,047

     

     

    38,951

     

    Total equity

     

    2,051,712

     

     

    1,975,051

     

    Total liabilities and equity

    $

    5,499,321

     

    $

    5,108,719

     

     

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

    Year Ended December 31,

    (Amounts in thousands)

     

    2024

     

     

    2023

     

     

    2022

     

     

    Cash flows – Operating activities:

     

    Net earnings, including noncontrolling interests

    $

    301,226

     

    $

    205,188

     

    $

    198,015

     

    Adjustments to reconcile net earnings to net cash provided (used) by operating activities:

     

     

     

    Depreciation

     

    75,849

     

     

    73,464

     

     

    77,636

     

    Amortization of intangible and other assets

     

    9,749

     

     

    10,283

     

     

    13,317

     

    Loss on sale of business

     

    12,981

     

     

    -

     

     

    -

     

    Stock-based compensation

     

    30,474

     

     

    27,808

     

     

    25,530

     

    Foreign currency, asset write downs and other non-cash adjustments

     

    24,172

     

     

    (17,331

    )

     

    (27,758

    )

    Change in assets and liabilities, net of businesses acquired:

    Accounts receivable, net

     

    (74,886

    )

     

    4,744

     

     

    (152,011

    )

    Inventories

     

    47,915

     

     

    (59,831

    )

     

    (147,492

    )

    Contract assets, net

     

    (20,197

    )

     

    (41,149

    )

     

    (41,768

    )

    Prepaid expenses and other assets, net

     

    7,610

     

     

    7,825

     

     

    17,461

     

    Accounts payable

     

    (11,756

    )

     

    53,065

     

     

    78,968

     

    Contract liabilities

     

    (18,706

    )

     

    26,837

     

     

    61,684

     

    Accrued liabilities

     

    54,479

     

     

    59,213

     

     

    (5,226

    )

    Retirement obligations and other

     

    1,456

     

     

    38,497

     

     

    (1,430

    )

    Net deferred taxes

     

    (15,058

    )

     

    (62,841

    )

     

    (136,936

    )

    Net cash flows provided (used) by operating activities

     

    425,308

     

     

    325,772

     

     

    (40,010

    )

    Cash flows – Investing activities:

     

     

     

    Capital expenditures

     

    (81,019

    )

     

    (67,359

    )

     

    (76,287

    )

    Payments for acquisition, net of cash acquired

     

    (305,924

    )

     

    -

     

     

    -

     

    Proceeds from disposal of assets

     

    2,244

     

     

    2,057

     

     

    4,422

     

    Payments for disposition of business

     

    (2,555

    )

     

    -

     

     

    -

     

    Proceeds from termination of cross-currency swap

     

    -

     

     

    -

     

     

    66,004

     

    Net affiliate investment activity

     

    40

     

     

    (3,278

    )

     

    (225

    )

    Net cash flows provided (used) by investing activities

     

    (387,214

    )

     

    (68,580

    )

     

    (6,086

    )

    Cash flows – Financing activities:

    Proceeds from term loan

     

    366,000

     

     

    -

     

     

    -

     

    Payments on term loan

     

    (95,375

    )

     

    (40,000

    )

     

    (32,500

    )

    Proceeds under revolving credit facility

     

    100,000

     

     

    280,000

     

     

    45,000

     

    Payments under revolving credit facility

     

    (100,000

    )

     

    (280,000

    )

     

    (45,000

    )

    Proceeds under other financing arrangements

     

    1,437

     

     

    1,114

     

     

    1,733

     

    Payments under other financing arrangements

     

    (1,455

    )

     

    (2,604

    )

     

    (1,790

    )

    Payments related to tax withholding for stock-based compensation

     

    (9,581

    )

     

    (6,245

    )

     

    (4,683

    )

    Repurchases of common shares

     

    (20,070

    )

     

    -

     

     

    -

     

    Payments of dividends

     

    (110,440

    )

     

    (104,955

    )

     

    (104,549

    )

    Other

     

    (13,021

    )

     

    (324

    )

     

    (8,223

    )

    Net cash flows provided (used) by financing activities

     

    117,495

     

     

    (153,014

    )

     

    (150,012

    )

    Effect of exchange rate changes on cash

     

    (25,826

    )

     

    6,529

     

     

    (27,373

    )

    Net change in cash and cash equivalents

     

    129,763

     

     

    110,707

     

     

    (223,481

    )

    Cash and cash equivalents at beginning of year

     

    545,678

     

     

    545,678

     

     

    658,452

     

    Cash and cash equivalents at end of year

    $

    675,441

     

    $

    656,385

     

    $

    434,971

     

    Income taxes paid (net of refunds)

    $

    81,172

     

    $

    119,275

     

    $

    60,085

     

    Interest paid

     

    66,809

     

     

    64,865

     

     

    41,629

     

    Non-Cash Investing and Financing Activities:

    Contingent liabilities incurred related to acquired business, but not paid

    $

    15,000

     

    $

    -

     

     

    -

     

    About Flowserve:

    Flowserve Corporation is one of the world's leading providers of fluid motion and control products and services. Operating in more than 50 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the Company's website at www.flowserve.com.

    Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

    The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: global supply chain disruptions and the current inflationary environment could adversely affect the efficiency of our manufacturing and increase the cost of providing our products to customers; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers' ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from any restructuring and realignment initiatives, our business could be adversely affected; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Latin American, Asian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; the impact of public health emergencies, such as outbreaks of epidemics, pandemics, and contagious diseases, on our business and operations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Argentina; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; if we are not able to maintain our competitive position by successfully developing and introducing new products and technology, including artificial intelligence and machine learning; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the United States, as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

    All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

    The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company's reported results prepared in accordance with GAAP.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250218332918/en/

    Flowserve

    Investor Contacts:

    Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (972) 443-6560

    Tarek Zeni, Director, Investor Relations (469) 420-4045



    Media Contact:

    Wes Warnock, Vice President, Marketing, Communications & Public Affairs (972) 443-6900

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