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    Flowserve Corporation Reports Third Quarter 2024 Results; Reaffirms 2024 Adjusted EPS Guidance

    10/28/24 4:05:00 PM ET
    $FLS
    Fluid Controls
    Industrials
    Get the next $FLS alert in real time by email
    • Bookings of $1.20 billion, an increase of 12.7% compared to prior year, including $615 million of aftermarket activity and record levels of 3D strategy bookings
    • Power bookings increased nearly 30% year-over-year, including over $100 million in nuclear awards during the third quarter
    • Adjusted Gross and Operating Margins1 of 32.4% and 11.1%, respectively, an increase of 270 and 240 basis points compared to prior year period
    • Third quarter Reported and Adjusted2 Earnings Per Share (EPS)3 of 44 cents and 62 cents, an increase of 26% and 24%, respectively, and both include a 7 cent unfavorable impact from a discrete charge for certain long-term liabilities
    • Generated strong operating cash flow of $178 million, an increase of 121% year-over-year, driven by earnings growth and working capital improvements

    Flowserve Corporation (NYSE:FLS) ("Flowserve" or the "Company"), a leading provider of flow control products and services for the global infrastructure markets, today announced its financial results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights (all comparisons to the 2023 third quarter, unless otherwise noted)

    • Total bookings were $1.20 billion, up $136.1 million or 12.7%. On a constant currency basis4, total bookings were up $142.8 million or 13.4%
      • Original equipment bookings were $589.0 million, up $103.8 million or 21.4%. On a constant currency basis, original equipment bookings were up $106.1 million or 21.9%
      • Aftermarket bookings were $614.6 million, up $32.3 million or 5.6%. On a constant currency basis, aftermarket bookings were up $36.7 million or 6.3%
    • Sales were $1.13 billion, up $38.4 million or 3.5%. On a constant currency basis, sales were up $43.4 million or 4.0%
      • Original equipment sales were $555.8 million, up $26.6 million or 5.0%. On a constant currency basis, original equipment sales were up $27.6 million or 5.2%
      • Aftermarket sales were $577.3 million, up $11.7 million or 2.1%. On a constant currency basis, aftermarket sales were up $15.7 million or 2.8%
    • Reported gross and operating margins were 31.5% and 9.1%, respectively, up 250 basis points and 270 basis points, respectively
      • Adjusted gross and operating margins were 32.4% and 11.1%, respectively, up 270 basis points and 240 basis points, respectively
      • Both Reported and Adjusted third quarter 2024 operating margins were impacted by a $12.0 million expense charge from an actuarial-determined assessment of certain long-term liabilities, which reduced operating margins by approximately 106 basis points
    • Reported EPS of $0.44 and Adjusted EPS of $0.62, compared to $0.35 and $0.50, respectively
      • Third quarter 2024 Reported EPS includes after-tax adjusted expenses of $23.5 million, comprised of realignment charges, an in-process R&D technology purchase, pension plan transition expense, below-the-line foreign currency impact and MOGAS Industries acquisition expense
      • Both Reported and Adjusted EPS were impacted by a $9.2 million (7 cents per share) expense charge resulting from an actuarial-determined assessment of certain long-term liabilities
    • Backlog of $2.8 billion was up 3.7% sequentially with a third quarter book-to-bill of 1.06x

    "Our third quarter results reflect strong operational performance, including meaningful year-over-year improvements in margins, EPS and cash flow. The Flowserve Business System is beginning to deliver results as we advance our operational excellence and portfolio excellence initiatives. We generated $1.2 billion in bookings during the quarter, which included a healthy mix of project awards, strong aftermarket activity and record bookings from our 3D strategic initiatives," said Scott Rowe, Flowserve's President and Chief Executive Officer. "We believe our 3D strategy, combined with the Flowserve Business System, are the key drivers to accelerating growth and continuing to expand our margins."

    Rowe concluded, "With backlog at near-record levels of $2.8 billion and our successful closing of the MOGAS Industries acquisition earlier this month, we expect to exit 2024 with positive momentum. We are well-positioned to continue our meaningful progress in 2025 toward our 2027 financial targets. I am confident that our sustained progress will enable us to create long-term value for our customers, associates, and shareholders."

    2024 Guidance5

    Flowserve today reaffirmed its previously announced Adjusted EPS target range, as well as certain other financial metrics, provided in its full-year 2024 guidance issued on July 29, 2024. Flowserve's 2024 Adjusted EPS target range excludes expected adjusted items including realignment charges of approximately $45 million and the potential impact of below-the-line foreign currency effects and certain other discrete items which may arise during the course of the year. In addition, Flowserve lowered its full-year 2024 Reported EPS target range. 2024 Guidance excludes the recently completed MOGAS Industries acquisition.

     

    Target Range

    Revenue Growth

    Up 4.0% to 6.0%

    Reported Earnings Per Share

    $2.15 - $2.35

    Adjusted Earnings Per Share

    $2.60 - $2.75

    Net Interest Expense

    $60 to $65 million

    Adjusted Tax Rate

    ~21%

    Capital Expenditures

    $75 - $85 million

    Third Quarter 2024 Results Conference Call

    Flowserve will host its conference call with the financial community on Tuesday, October 29th at 10:00 AM Eastern. Scott Rowe, President and Chief Executive Officer, as well as other members of the management team will be presenting. The call can be accessed by shareholders and other interested parties at www.flowserve.com under the "Investors" section.

    1 Adjusted gross and operating margins are calculated by dividing adjusted gross profit and adjusted operating income, respectively, by revenues. Adjusted gross profit and adjusted operating income are derived by excluding the adjusted items. 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.

    2 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.

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

    4 Constant currency is a non-GAAP financial measure. We have calculated constant currency amounts and the associated currency effects on operations by translating current year results on a monthly basis at prior year exchange rates for the same periods.

    5 2024 Adjusted EPS excludes realignment expenses, the recently completed MOGAS Industries acquisition, the impact of below-the-line foreign currency effects and certain other discrete items which may arise during the year and utilizes September 2024 foreign exchange rates and approximately 132 million fully diluted shares.

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (Unaudited)

    Three Months Ended September 30,

    (Amounts in thousands, except per share data)

     

    2024

     

     

    2023

     

     

    Sales

    $

    1,133,087

     

    $

    1,094,718

     

    Cost of sales

     

    (776,020

    )

     

    (777,024

    )

    Gross profit

     

    357,067

     

     

    317,694

     

    Selling, general and administrative expense

     

    (259,025

    )

     

    (252,065

    )

    Net earnings from affiliates

     

    5,150

     

     

    4,627

     

    Operating income

     

    103,192

     

     

    70,256

     

    Interest expense

     

    (16,587

    )

     

    (17,273

    )

    Interest income

     

    1,403

     

     

    2,134

     

    Other income (expense), net

     

    (5,920

    )

     

    (13,710

    )

    Earnings (loss) before income taxes

     

    82,088

     

     

    41,407

     

    (Provision for) benefit from income taxes

     

    (18,739

    )

     

    11,186

     

    Net earnings (loss), including noncontrolling interests

     

    63,349

     

     

    52,593

     

    Less: Net earnings attributable to noncontrolling interests

     

    (4,967

    )

     

    (6,437

    )

    Net earnings (loss) attributable to Flowserve Corporation

    $

    58,382

     

    $

    46,156

     

     

     

    Net earnings (loss) per share attributable to Flowserve Corporation common shareholders:

     

     

    Basic

    $

    0.44

     

    $

    0.35

     

    Diluted

     

    0.44

     

     

    0.35

     

     

     

    Weighted average shares – basic

     

    131,395

     

     

    131,183

     

    Weighted average shares – diluted

     

    132,247

     

     

    132,026

     

    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 September 30, 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

    $

    357,067

     

    $

    259,025

     

    $

    103,192

     

    $

    (5,920

    )

    $

    18,739

     

    $

    58,382

     

     

    22.8

    %

    0.44

     

    Reported as a percent of sales

     

    31.5

    %

     

    22.9

    %

     

    9.1

    %

     

    -0.5

    %

     

    1.7

    %

     

    5.2

    %

    Realignment charges (a)

     

    6,813

     

     

    (2,142

    )

     

    8,955

     

     

    -

     

     

    (246

    )

     

    9,201

     

     

    -2.7

    %

    0.07

     

    Discrete items (b)(c)

     

    2,700

     

     

    (9,500

    )

     

    12,200

     

     

    -

     

     

    2,869

     

     

    9,331

     

     

    23.5

    %

    0.07

     

    Acquisition related (d)

     

    -

     

     

    (1,694

    )

     

    1,694

     

     

    -

     

     

    399

     

     

    1,295

     

     

    23.6

    %

    0.01

     

    Below-the-line foreign exchange impacts (e)

     

    -

     

     

    -

     

     

    -

     

     

    3,184

     

     

    (467

    )

     

    3,651

     

     

    -14.8

    %

    0.03

     

    Adjusted

    $

    366,580

     

    $

    245,689

     

    $

    126,041

     

    $

    (2,736

    )

    $

    21,294

     

    $

    81,860

     

     

    19.7

    %

    0.62

     

    Adjusted as a percent of sales

     

    32.4

    %

     

    21.7

    %

     

    11.1

    %

     

    -0.2

    %

     

    1.9

    %

     

    7.2

    %

     

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $5,100 is non-cash.

    (b) 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.

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

    (d) Charge represents acquisition-related costs associated with the MOGAS acquisition.

    (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.

     

    Three Months Ended September 30, 2023

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Other

    Income

    (Expense),

    Net

    Provision

    For (Benefit

    From)

    Income

    Taxes

    Earnings

    Attributable to

    Noncontrolling

    Interests

    Net

    Earnings

    (Loss)

    Effective

    Tax Rate

    Diluted

    EPS

    Reported

    $

    317,694

     

    $

    252,065

     

    $

    70,256

     

    $

    (13,710

    )

    $

    (11,186

    )

    $

    6,437

     

    $

    46,156

     

    -27.0

    %

    0.35

     

    Reported as a percent of sales

     

    29.0

    %

     

    23.0

    %

     

    6.4

    %

     

    -1.3

    %

     

    -1.0

    %

     

    0.6

    %

     

    4.2

    %

    Realignment charges (a)

     

    7,240

     

     

    (14,954

    )

     

    22,194

     

     

    -

     

     

    4,250

     

     

    -

     

     

    17,944

     

    19.1

    %

    0.14

     

    Acquisition related (b)

     

    -

     

     

    (2,539

    )

     

    2,539

     

     

    -

     

     

    443

     

     

    -

     

     

    2,096

     

    17.4

    %

    0.02

     

    Correction of prior period errors (c)

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    (3,559

    )

     

    3,559

     

    0.0

    %

    0.03

     

    Discrete tax benefit (d)

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    13,000

     

     

    -

     

     

    (13,000

    )

    0.0

    %

    (0.10

    )

    Below-the-line foreign exchange impacts (e)

     

    -

     

     

    -

     

     

    -

     

     

    12,164

     

     

    2,276

     

     

    -

     

     

    9,888

     

    18.7

    %

    0.07

     

    Adjusted

    $

    324,934

     

    $

    234,572

     

    $

    94,989

     

    $

    (1,546

    )

    $

    8,783

     

    $

    2,878

     

    $

    66,643

     

    11.2

    %

    0.50

     

    Adjusted as a percent of sales

     

    29.7

    %

     

    21.4

    %

     

    8.7

    %

     

    -0.1

    %

     

    0.8

    %

     

    0.3

    %

     

    6.1

    %

     

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $0 is non-cash.

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

    (c) Represents the amount to correct the cumulative impact of prior period errors

    (d) 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 in 2015.

    (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 September 30,

    (Amounts in millions, except percentages)

     

    2024

     

     

    2023

     

    Bookings

    $

    886.6

     

    $

    734.7

     

    Sales

     

    782.1

     

     

    766.2

     

    Gross profit

     

    253.2

     

     

    220.3

     

    Gross profit margin

     

    32.4

    %

     

    28.8

    %

    SG&A

     

    149.1

     

     

    146.7

     

    Segment operating income

     

    109.3

     

     

    78.3

     

    Segment operating income as a percentage of sales

     

    14.0

    %

     

    10.2

    %

     

     

    FLOW CONTROL DIVISION

    Three Months Ended September 30,

    (Amounts in millions, except percentages)

     

    2024

     

     

    2023

     

    Bookings

    $

    318.4

     

    $

    330.5

     

    Sales

     

    353.1

     

     

    330.7

     

    Gross profit

     

    106.5

     

     

    97.6

     

    Gross profit margin

     

    30.2

    %

     

    29.5

    %

    SG&A

     

    59.8

     

     

    54.0

     

    Segment operating income

     

    46.7

     

     

    43.5

     

    Segment operating income as a percentage of sales

     

    13.2

    %

     

    13.2

    %

    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 September 30, 2024

    Gross Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Three Months Ended September 30, 2023

    Gross Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Reported

    $

    253,185

     

    $

    149,060

     

    $

    109,274

     

    Reported

    $

    220,321

     

    $

    146,679

     

    $

    78,269

     

    Reported as a percent of sales

     

    32.4

    %

     

    19.1

    %

     

    14.0

    %

    Reported as a percent of sales

     

    28.8

    %

     

    19.1

    %

     

    10.2

    %

    Realignment charges (a)

     

    8,415

     

     

    (716

    )

     

    9,131

     

    Realignment charges (a)

     

    6,141

     

     

    (9,929

    )

     

    16,070

     

    Discrete items (b)(c)

     

    1,700

     

     

    (8,000

    )

     

    9,700

     

    Adjusted

    $

    226,462

     

    $

    136,750

     

    $

    94,339

     

    Adjusted

    $

    263,300

     

    $

    140,344

     

    $

    128,105

     

    Adjusted as a percent of sales

     

    29.6

    %

     

    17.8

    %

     

    12.3

    %

    Adjusted as a percent of sales

     

    33.7

    %

     

    17.9

    %

     

    16.4

    %

     

    Flow Control Division

    Three Months Ended September 30, 2024

    Gross Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Three Months Ended September 30, 2023

    Gross Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Reported

    $

    106,503

     

    $

    59,790

     

    $

    46,713

     

    Reported

    $

    97,563

     

    $

    54,016

     

    $

    43,547

     

    Reported as a percent of sales

     

    30.2

    %

     

    16.9

    %

     

    13.2

    %

    Reported as a percent of sales

     

    29.5

    %

     

    16.3

    %

     

    13.2

    %

    Realignment charges (a)

     

    (1,590

    )

     

    (1,379

    )

     

    (211

    )

    Realignment charges (a)

     

    1,099

     

     

    (1,572

    )

     

    2,671

     

    Discrete items (b)

     

    800

     

     

    (400

    )

     

    1,200

     

    Acquisition related (b)

     

    -

     

     

    (2,539

    )

     

    2,539

     

    Acquisition related (d)

     

    -

     

     

    (1,694

    )

     

    1,694

     

    Adjusted

    $

    98,662

     

    $

    49,905

     

    $

    48,757

     

    Adjusted

    $

    105,713

     

    $

    56,317

     

    $

    49,396

     

    Adjusted as a percent of sales

     

    29.8

    %

     

    15.1

    %

     

    14.7

    %

    Adjusted as a percent of sales

     

    29.9

    %

     

    15.9

    %

     

    14.0

    %

     

    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 $5,100 is non-cash.

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $0 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) Charges represent costs associated with a terminated acquisition

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

    (d) Charge represents acquisition-related costs associated with the MOGAS acquisition.

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (Unaudited)

    Nine Months Ended September 30,

    (Amounts in thousands, except per share data)

     

    2024

     

     

    2023

     

     

    Sales

    $

    3,377,458

     

    $

    3,155,399

     

    Cost of sales

     

    (2,315,326

    )

     

    (2,218,114

    )

    Gross profit

     

    1,062,132

     

     

    937,285

     

    Selling, general and administrative expense

     

    (726,070

    )

     

    (726,424

    )

    Loss on sale of business

     

    (12,981

    )

     

    -

     

    Net earnings from affiliates

     

    14,494

     

     

    13,229

     

    Operating income

     

    337,575

     

     

    224,090

     

    Interest expense

     

    (48,820

    )

     

    (50,039

    )

    Interest income

     

    3,746

     

     

    5,535

     

    Other income (expense), net

     

    (12,057

    )

     

    (27,271

    )

    Earnings (loss) before income taxes

     

    280,444

     

     

    152,315

     

    (Provision for) benefit from income taxes

     

    (62,728

    )

     

    (14,571

    )

    Net earnings (loss), including noncontrolling interests

     

    217,716

     

     

    137,744

     

    Less: Net earnings attributable to noncontrolling interests

     

    (12,498

    )

     

    (13,618

    )

    Net earnings (loss) attributable to Flowserve Corporation

    $

    205,218

     

    $

    124,126

     

     

     

    Net earnings (loss) per share attributable to Flowserve Corporation common shareholders:

     

     

    Basic

    $

    1.56

     

    $

    0.95

     

    Diluted

     

    1.55

     

     

    0.94

     

     

     

    Weighted average shares – basic

     

    131,520

     

     

    131,095

     

    Weighted average shares – diluted

     

    132,343

     

     

    131,864

     

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

    (Amounts in thousands, except per share data)

     

    Nine Months Ended September 30, 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

    $

    1,062,132

     

    $

    726,070

     

    $

    12,981

     

    $

    337,575

     

    $

    (12,057

    )

    $

    62,728

     

    $

    205,218

     

    22.4

    %

    1.55

     

    Reported as a percent of sales

     

    31.4

    %

     

    21.5

    %

     

    0.4

    %

     

    10.0

    %

     

    -0.4

    %

     

    1.9

    %

     

    6.1

    %

    Realignment charges (a)

     

    20,007

     

     

    (3,369

    )

     

    (12,981

    )

     

    36,357

     

     

    -

     

     

    2,035

     

     

    34,322

     

    5.6

    %

    0.26

     

    Discrete items (b)(c)(d)

     

    2,700

     

     

    (7,500

    )

     

    -

     

     

    10,200

     

     

    -

     

     

    2,869

     

     

    7,331

     

    28.1

    %

    0.06

     

    Acquisition related (e)

     

    -

     

     

    (2,794

    )

     

    -

     

     

    2,794

     

     

    -

     

     

    658

     

     

    2,136

     

    23.6

    %

    0.02

     

    Discrete asset write-downs (f)(g)

     

    -

     

     

    (1,795

    )

     

    -

     

     

    1,795

     

     

    3,567

     

     

    1,342

     

     

    4,020

     

    25.0

    %

    0.03

     

    Below-the-line foreign exchange impacts (h)

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    2,068

     

     

    (489

    )

     

    2,557

     

    -23.6

    %

    0.02

     

    Adjusted

    $

    1,084,839

     

    $

    710,612

     

    $

    -

     

    $

    388,721

     

    $

    (6,422

    )

    $

    69,143

     

    $

    255,584

     

    20.5

    %

    1.93

     

    Adjusted as a percent of sales

     

    32.1

    %

     

    21.0

    %

     

    0.0

    %

     

    11.5

    %

     

    -0.2

    %

     

    2.0

    %

     

    7.6

    %

     

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $25,100 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-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) 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.

     

    Nine Months Ended September 30, 2023

    Gross Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Other

    Income

    (Expense),

    Net

    Provision

    For (Benefit

    From)

    Income

    Taxes

    Earnings

    Attributable to

    Noncontrolling

    Interests

    Net

    Earnings

    (Loss)

    Effective

    Tax Rate

    Diluted

    EPS

    Reported

    $

    937,285

     

    $

    726,424

     

    $

    224,090

     

    $

    (27,271

    )

    $

    14,571

     

    $

    13,618

     

    $

    124,126

     

    9.6

    %

    0.94

     

    Reported as a percent of sales

     

    29.7

    %

     

    23.0

    %

     

    7.1

    %

     

    -0.9

    %

     

    0.5

    %

     

    0.4

    %

     

    3.9

    %

    Realignment charges (a)

     

    11,548

     

     

    (39,076

    )

     

    50,624

     

     

    -

     

     

    10,415

     

     

    -

     

     

    40,209

     

    20.6

    %

    0.30

     

    Acquisition related (b)

     

    -

     

     

    (8,491

    )

     

    8,491

     

     

    -

     

     

    1,997

     

     

    -

     

     

    6,494

     

    23.5

    %

    0.05

     

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

     

    1,969

     

     

    (3,955

    )

     

    5,924

     

     

    -

     

     

    1,517

     

     

    -

     

     

    4,407

     

    25.6

    %

    0.03

     

    Below-the-line foreign exchange impacts (f)

     

    -

     

     

    -

     

     

    -

     

     

    24,328

     

     

    2,669

     

     

    -

     

     

    21,659

     

    0.0

    %

    0.16

     

    Correction of prior period errors (g)

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    (3,559

    )

     

    3,559

     

    0.0

    %

    0.03

     

    Discrete tax benefit (h)

     

    -

     

     

    -

     

     

    -

     

     

    -

     

     

    13,000

     

     

    -

     

     

    (13,000

    )

    0.0

    %

    (0.10

    )

    Adjusted

    $

    950,802

     

    $

    674,902

     

    $

    289,129

     

    $

    (2,943

    )

    $

    44,169

     

    $

    10,059

     

    $

    187,454

     

    18.3

    %

    1.42

     

    Adjusted as a percent of sales

     

    30.1

    %

     

    21.4

    %

     

    9.2

    %

     

    -0.1

    %

     

    1.4

    %

     

    0.3

    %

     

    5.9

    %

     

    Note: Amounts may not calculate due to rounding

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $7,601 is non-cash.

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

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

    (d) Charge represents a further $1,173 non-cash write-down of inventory associated with a customer sales contract that was originally determined to be uncollectible in 2020.

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

    (f) 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.

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

    (h) 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 in 2015.

    SEGMENT INFORMATION

    (Unaudited)

     

    FLOWSERVE PUMPS DIVISION

    Nine Months Ended September 30,

    (Amounts in millions, except percentages)

     

    2024

     

     

    2023

     

    Bookings

    $

    2,488.6

     

     

    $

    2,222.3

     

     

    Sales

     

    2,363.7

     

     

     

    2,231.7

     

    Gross profit

     

    761.3

     

     

     

    668.6

     

    Gross profit margin

     

    32.2

    %

     

     

    30.0

    %

    SG&A

     

    424.8

     

     

     

    426.4

     

    Segment operating income

     

    351.1

     

     

     

    255.3

     

    Segment operating income as a percentage of sales

     

    14.9

    %

     

     

    11.4

    %

     

     

     

    FLOW CONTROL DIVISION

    Nine Months Ended September 30,

    (Amounts in millions, except percentages)

     

    2024

     

     

     

    2023

     

    Bookings

    $

    1,008.3

     

     

    $

    1,022.1

     

     

    Sales

     

    1,021.4

     

     

     

    930.0

     

    Gross profit

     

    305.5

     

     

     

    270.9

     

    Gross profit margin

     

    29.9

    %

     

     

    29.1

    %

    SG&A

     

    178.8

     

     

     

    172.7

     

     

    Loss on sale of business

     

    (13.0

    )

     

     

    -

     

    Segment operating income

     

    113.7

     

     

     

    98.2

     

    Segment operating income as a percentage of sales

     

    11.1

    %

     

     

    10.6

    %

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

    (Amounts in thousands)

     

    Flowserve Pumps Division

    Nine Months Ended September 30, 2024

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Nine Months Ended September 30, 2023

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Reported

    $

    761,338

     

    $

    424,824

     

    $

    351,146

     

    Reported

    $

    668,562

     

    $

    426,438

     

    $

    255,345

     

    Reported as a percent of sales

     

    32.2

    %

     

    18.0

    %

     

    14.9

    %

    Reported as a percent of sales

     

    30.0

    %

     

    19.1

    %

     

    11.4

    %

    Realignment charges (a)

     

    20,837

     

     

    (1,037

    )

     

    21,874

     

    Realignment charges (a)

     

    7,484

     

     

    (11,996

    )

     

    19,480

     

    Discrete items (b)(c)(d)

     

    1,700

     

     

    (6,000

    )

     

    7,700

     

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

     

    1,969

     

     

    (3,955

    )

     

    5,924

     

    Adjusted

    $

    783,875

     

    $

    417,787

     

    $

    380,720

     

    Adjusted

    $

    678,015

     

    $

    410,487

     

    $

    280,749

     

    Adjusted as a percent of sales

     

    33.2

    %

     

    17.7

    %

     

    16.1

    %

    Adjusted as a percent of sales

     

    30.4

    %

     

    18.4

    %

     

    12.6

    %

     

    Flow Control Division

    Nine Months Ended September 30, 2024

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Loss on

    Sale of

    Business

    Operating

    Income

    Nine Months Ended September 30, 2023

    Gross

    Profit

    Selling,

    General &

    Administrative

    Expense

    Operating

    Income

    Reported

    $

    305,469

     

    $

    178,816

     

    $

    12,981

     

    $

    113,672

     

    Reported

    $

    270,914

     

    $

    172,718

     

    $

    98,196

     

    Reported as a percent of sales

     

    29.9

    %

     

    17.5

    %

     

    1.3

    %

     

    11.1

    %

    Reported as a percent of sales

     

    29.1

    %

     

    18.6

    %

     

    10.6

    %

    Realignment charges (a)

     

    (602

    )

     

    (1,440

    )

     

    (12,981

    )

     

    13,819

     

    Realignment charges (a)

     

    4,263

     

     

    (10,478

    )

     

    14,741

     

    Discrete item (b)

     

    800

     

     

    (400

    )

     

    -

     

     

    1,200

     

    Acquisition related (e)

     

    -

     

     

    (8,491

    )

     

    8,491

     

    Acquisition related (e)

     

    -

     

     

    (2,794

    )

     

    -

     

     

    2,794

     

    Adjusted

    $

    275,177

     

    $

    153,749

     

    $

    121,428

     

    Adjusted

    $

    305,667

     

    $

    174,182

     

    $

    -

     

    $

    131,485

     

    Adjusted as a percent of sales

     

    29.6

    %

     

    16.5

    %

     

    13.1

    %

    Adjusted as a percent of sales

     

    29.9

    %

     

    17.1

    %

     

    0.0

    %

     

    12.9

    %

     

    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 $25,100 is non-cash.

    (a) Charges represent realignment costs incurred as a result of realignment programs of which $7,601 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) Charge represents a further $1,173 non-cash write-down of inventory associated with a customer sales contract that was originally determined to be uncollectible in 2020.

    (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-related costs associated with the MOGAS acquisition.

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

    Third Quarter and Year-to-Date 2024 - Segment Results

    (dollars in millions, comparison vs. 2023 third quarter and year-to-date, unaudited)

     

    FPD

    FCD

    3rd Qtr

    YTD

    3rd Qtr

    YTD

    Bookings

    $

    886.6

     

     

     

    $

    2,488.6

     

     

     

    $

    318.4

     

     

     

    $

    1,008.3

     

     

    - vs. prior year

     

    151.9

     

    20.7

    %

     

     

    266.3

     

    12.0

    %

     

     

    -12.1

     

    -3.7

    %

     

     

    -13.8

     

    -1.4

    %

    - on constant currency

     

    158.8

     

    21.6

    %

     

     

    279.6

     

    12.6

    %

     

     

    -12.3

     

    -3.7

    %

     

     

    -11.0

     

    -1.1

    %

     

     

     

     

     

     

     

     

     

     

     

    Sales

    $

    782.1

     

     

     

    $

    2,363.7

     

     

     

    $

    353.1

     

     

     

    $

    1,021.4

     

     

    - vs. prior year

     

    15.9

     

    2.1

    %

     

     

    132.0

     

    5.9

    %

     

     

    22.4

     

    6.8

    %

     

     

    91.4

     

    9.8

    %

    - on constant currency

     

    22.3

     

    2.9

    %

     

     

    140.4

     

    6.3

    %

     

     

    21.1

     

    6.4

    %

     

     

    92.4

     

    9.9

    %

     

     

     

     

     

     

     

     

     

     

     

    Gross Profit

    $

    253.2

     

     

     

    $

    761.3

     

     

     

    $

    106.5

     

     

     

    $

    305.5

     

     

    - vs. prior year

     

    14.9

    %

     

     

     

    13.9

    %

     

     

     

    9.1

    %

     

     

     

    12.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Gross Margin (% of sales)

     

    32.4

    %

     

     

     

    32.2

    %

     

     

     

    30.2

    %

     

     

     

    29.9

    %

     

    - vs. prior year (in basis points)

    360 bps

     

     

    220 bps

     

     

    70 bps

     

     

    80 bps

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income

    $

    109.3

     

     

     

    $

    351.1

     

     

     

    $

    46.7

     

     

     

    $

    113.7

     

     

    - vs. prior year

     

    31.0

     

    39.6

    %

     

     

    95.8

     

    37.5

    %

     

     

    3.2

     

    7.4

    %

     

     

    15.5

     

    15.8

    %

    - on constant currency

     

    32.7

     

    41.8

    %

     

     

    99.3

     

    38.9

    %

     

     

    3.4

     

    7.6

    %

     

     

    16.4

     

    16.7

    %

     

     

     

     

     

     

     

     

     

     

     

    Operating Margin (% of sales)

     

    14.0

    %

     

     

     

    14.9

    %

     

     

     

    13.2

    %

     

     

     

    11.1

    %

     

    - vs. prior year (in basis points)

    380 bps

     

     

    350 bps

     

     

    0 bps

     

     

    50 bps

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted Operating Income *

    $

    128.1

     

     

     

    $

    380.7

     

     

     

    $

    49.4

     

     

     

    $

    131.5

     

     

    - vs. prior year

     

    33.8

     

    35.8

    %

     

     

    100.0

     

    35.6

    %

     

     

    0.6

     

    1.2

    %

     

     

    10.1

     

    8.3

    %

    - on constant currency

     

    35.5

     

    37.7

    %

     

     

    103.5

     

    36.9

    %

     

     

    0.8

     

    1.5

    %

     

     

    11.0

     

    9.1

    %

     

     

     

     

     

     

     

     

     

     

     

    Adj. Oper. Margin (% of sales)*

     

    16.4

    %

     

     

     

    16.1

    %

     

     

     

    14.0

    %

     

     

     

    12.9

    %

     

    - vs. prior year (in basis points)

    410 bps

     

     

    350 bps

     

     

    (70) bps

     

     

    (20) bps

     

     

     

     

     

     

     

     

     

     

     

     

    Backlog

    $

    1,982.8

     

     

     

     

     

     

    $

    814.4

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited)

    September 30,

    December 31,

    (Amounts in thousands, except par value)

     

    2024

     

     

    2023

     

     

    ASSETS

     

    Current assets:

     

    Cash and cash equivalents

    $

    611,745

     

    $

    545,678

     

    Accounts receivable, net of allowance for expected credit losses of $80,757 and $80,013, respectively

     

    971,261

     

     

    881,869

     

    Contract assets, net of allowance for expected credit losses of $4,808 and $4,993, respectively

     

    299,421

     

     

    280,228

     

    Inventories

     

    862,477

     

     

    879,937

     

    Prepaid expenses and other

     

    124,883

     

     

    116,065

     

    Total current assets

     

    2,869,787

     

     

    2,703,777

     

    Property, plant and equipment, net of accumulated depreciation of $1,184,833 and $1,158,451, respectively

     

    502,430

     

     

    506,158

     

    Operating lease right-of-use assets, net

     

    170,395

     

     

    156,430

     

    Goodwill

     

    1,188,609

     

     

    1,182,225

     

    Deferred taxes

     

    216,241

     

     

    218,358

     

    Other intangible assets, net

     

    117,999

     

     

    122,248

     

    Other assets, net of allowance for expected credit losses of $65,989 and $66,864, respectively

     

    209,097

     

     

    219,523

     

    Total assets

    $

    5,274,558

     

    $

    5,108,719

     

     

     

    LIABILITIES AND EQUITY

     

     

    Current liabilities:

     

     

    Accounts payable

    $

    572,776

     

    $

    547,824

     

    Accrued liabilities

     

    472,454

     

     

    504,430

     

    Contract liabilities

     

    294,222

     

     

    287,697

     

    Debt due within one year

     

    66,919

     

     

    66,243

     

    Operating lease liabilities

     

    33,995

     

     

    32,382

     

    Total current liabilities

     

    1,440,366

     

     

    1,438,576

     

    Long-term debt due after one year

     

    1,172,771

     

     

    1,167,307

     

    Operating lease liabilities

     

    158,216

     

     

    138,665

     

    Retirement obligations and other liabilities

     

    397,684

     

     

    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

     

    496,673

     

     

    506,525

     

    Retained earnings

     

    3,976,016

     

     

    3,854,717

     

    Treasury shares, at cost – 45,701 and 45,885 shares, respectively

     

    (2,008,361

    )

     

    (2,014,474

    )

    Deferred compensation obligation

     

    8,076

     

     

    7,942

     

    Accumulated other comprehensive loss

     

    (639,100

    )

     

    (639,601

    )

    Total Flowserve Corporation shareholders' equity

     

    2,054,295

     

     

    1,936,100

     

    Noncontrolling interests

     

    51,226

     

     

    38,951

     

    Total equity

     

    2,105,521

     

     

    1,975,051

     

    Total liabilities and equity

    $

    5,274,558

     

    $

    5,108,719

     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

    Nine Months Ended September 30,

    (Amounts in thousands)

     

    2024

     

     

    2023

     

     

    Cash flows – Operating activities:

     

    Net earnings (loss), including noncontrolling interests

    $

    217,716

     

    $

    137,744

     

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

     

     

    Depreciation

     

    56,765

     

     

    55,292

     

    Amortization of intangible and other assets

     

    6,482

     

     

    7,782

     

    Loss on sale of business

     

    12,981

     

     

     

    -

     

    Stock-based compensation

     

    24,608

     

     

    22,127

     

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

     

    11,580

     

     

    (11,827

    )

    Change in assets and liabilities:

     

    Accounts receivable, net

     

    (96,402

    )

     

    1,524

     

    Inventories

     

    2,944

     

     

    (114,596

    )

    Contract assets, net

     

    (23,293

    )

     

    (10,239

    )

    Prepaid expenses and other, net

     

    3,505

     

     

    (6,727

    )

    Accounts payable

     

    24,654

     

     

    1,910

     

    Contract liabilities

     

    8,466

     

     

    15,879

     

    Accrued liabilities

     

    (33,850

    )

     

    21,429

     

    Retirement obligations and other liabilities

     

    8,696

     

     

    38,838

     

    Net deferred taxes

     

    3,108

     

     

    (27,996

    )

    Net cash flows provided (used) by operating activities

     

    227,960

     

     

    131,140

     

    Cash flows – Investing activities:

     

     

    Capital expenditures

     

    (52,169

    )

     

    (47,544

    )

    Payments for disposition of business

     

    (2,555

    )

     

    -

     

    Other

     

    612

     

     

    (833

    )

    Net cash flows provided (used) by investing activities

     

    (54,112

    )

     

    (48,377

    )

    Cash flows – Financing activities:

     

    Payments on term loan

     

    (45,000

    )

     

    (30,000

    )

    Proceeds under revolving credit facility

     

    100,000

     

     

    230,000

     

    Payments under revolving credit facility

     

    (50,000

    )

     

    (145,000

    )

    Proceeds under other financing arrangements

     

    1,001

     

     

    242

     

    Payments under other financing arrangements

     

    (784

    )

     

    (2,098

    )

    Repurchases of common shares

     

    (20,070

    )

     

    -

     

    Payments related to tax withholding for stock-based compensation

     

    (9,407

    )

     

    (6,203

    )

    Payments of dividends

     

    (82,848

    )

     

    (78,712

    )

    Other

     

    (272

    )

     

    (320

    )

    Net cash flows provided (used) by financing activities

     

    (107,380

    )

     

    (32,091

    )

    Effect of exchange rate changes on cash and cash equivalents

     

    (401

    )

     

    (5,185

    )

    Net change in cash and cash equivalents

     

    66,067

     

     

    45,487

     

    Cash and cash equivalents at beginning of period

     

    545,678

     

     

    434,971

     

    Cash and cash equivalents at end of period

    $

    611,745

     

    $

    480,458

     

    About Flowserve

    Flowserve Corp. 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 Web site 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: 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; any continued volatile regional and global economic conditions resulting from the COVID-19 pandemic on our business and operations; 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; 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 Venezuela and 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; 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 U.S., 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/20241028698418/en/

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