Financial Performance - Total bookings for Q2 2024 reached $1.25 billion, an increase of $135.1 million or 12.2% year-over-year, with a constant currency increase of 13.0%[3] - Reported EPS for Q2 2024 was $0.55, a 41% increase compared to $0.39 in Q2 2023, while adjusted EPS rose to $0.73, up 40% from $0.52[6] - Sales for Q2 2024 were $1.16 billion, reflecting a $76.5 million or 7.1% increase year-over-year, with a constant currency increase of 7.7%[3] - The company reported a net earnings increase to $72.6 million in Q2 2024, compared to $51.2 million in Q2 2023[11] - Flowserve Corporation reported sales of $2,244.4 million for the six months ended June 30, 2024, compared to $2,060.7 million for the same period in 2023, representing an increase of 8.9%[38] - Net earnings for the six months ended June 30, 2024, were $154,367, an increase from $85,151 in the same period of 2023[25] - The diluted earnings per share (EPS) for the six months ended June 30, 2024, was $1.11, compared to $0.59 for the same period in 2023, indicating a significant improvement[39] Bookings and Backlog - Original equipment bookings increased to $632.1 million, up $112.0 million or 21.5%, while aftermarket bookings rose to $614.0 million, an increase of $23.1 million or 3.9%[3] - The backlog at the end of Q2 2024 was $2.7 billion, representing a 2.8% sequential increase, with a book-to-bill ratio of 1.08x[7] - Flowserve Pumps Division reported bookings of $1,602.2 million for the six months ended June 30, 2024, an increase of 7.7% compared to $1,487.8 million for the same period in 2023[41] - Flow Control Division bookings were $689.9 million, a slight decrease of 0.2% from $691.6 million in the same period last year[41] Margins and Profitability - Adjusted gross margin improved to 32.3%, up 200 basis points from the prior year, and adjusted operating margin increased to 12.5%, up 210 basis points[6] - Reported gross profit for the six months ended June 30, 2024, was $508,153, representing 32.1% of sales, compared to $448,241 and 30.6% for the same period in 2023[21] - Gross profit for the six months ended June 30, 2024, was $705.1 million, up from $619.6 million in the prior year, reflecting a gross profit margin of 31.4%[39] - Gross profit for the Flowserve Pumps Division increased to $508.2 million, resulting in a gross profit margin of 32.1%, compared to 30.6% in the prior year[41] - Gross profit for the Flow Control Division was $199.0 million, with a gross profit margin of 29.8%, compared to 28.9% in the prior year[41] Operational Efficiency - Flowserve's operational excellence program and organizational design changes contributed to significant improvements in bookings, revenue, and margins[4] - Overall, the company is focused on expanding its market presence and enhancing operational efficiency through strategic initiatives and product development[41] Guidance and Future Outlook - Flowserve raised its full-year 2024 adjusted EPS guidance to a range of $2.60 to $2.75[6] - Adjusted earnings per share (EPS) guidance for 2024 has been raised to a range of $2.60 to $2.75, up from the previous range of $2.50 to $2.70[29] - The company reaffirmed its revenue growth target range of 4.0% to 6.0% for the full year[29] - Capital expenditures for 2024 are reaffirmed at $75 million to $85 million[29] Segment Performance - The Flowserve Pumps Division achieved bookings of $898.8 million for the three months ended June 30, 2024, compared to $760.0 million in the prior year, an increase of 18.3%[34] - The Flow Control Division reported sales of $347.7 million for the three months ended June 30, 2024, up from $317.7 million in the same period of 2023, representing a growth of 9.5%[34] - Segment operating income for the Flowserve Pumps Division was $131.0 million, or 16.1% of sales, for the three months ended June 30, 2024, compared to $98.0 million, or 12.8% of sales, in the prior year[34] - Segment operating income for the Flowserve Pumps Division was $241.9 million, representing 15.3% of sales, up from 12.1% in the previous year[41] - Segment operating income for the Flow Control Division was $67.0 million, which is 10.0% of sales, up from 9.1% in the previous year[41] Cash and Assets - Total current assets increased to $2,815,815 as of June 30, 2024, compared to $2,703,777 at the end of 2023[24] - Cash and cash equivalents at the end of the period were $515,083, down from $545,678 at the beginning of the period[25] - Total liabilities and equity as of June 30, 2024, were $5,164,484, compared to $5,108,719 at the end of 2023[24] Losses and Charges - The company reported a loss on business sale of $12,981 for the six months ended June 30, 2024[25] - The company incurred a loss on the sale of businesses amounting to $12.98 million for the six months ended June 30, 2024[38] - The company experienced a loss on the sale of business amounting to $13.0 million in the Flow Control Division[41] - The company reported realignment charges of $13.2 million for the six months ended June 30, 2024, which included non-cash charges of $20.0 million[40]

FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to FLOWSERVE CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | --- | |----------------------------------------------------------------|----------------|-------------------------------------------| | | | | | Secu ...

Wall Street analysts expect Flowserve (FLS) to post quarterly earnings of $0.63 per share in its upcoming report, which indicates a year-over-year increase of 21.2%. Revenues are expected to be $1.12 billion, up 3.9% from the year-ago quarter. Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong corr ...

The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on April 29, 2024, Flowserve reported EPS of $0.58 versus consensus estimate of $0.47 while it beat the consensus revenue estimate by 4.81%. Flowserve may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the c ...

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. As such, the Zacks rating upgrade for Flowserve is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price. Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Flowserve imply an imp ...

Image Source: Zacks Investment Research Let's delve into the factors that have been aiding the firm for a while now. Flowserve's first-quarter 2024 bookings of $1.04 billion marked the ninth consecutive quarter of more than $1 billion bookings. Exiting the first quarter, its backlog level totaled $2.6 billion. Supported by strength across its businesses, the company expects revenues to increase in the band of 4-6% year over year in 2024. Shareholder-Friendly Moves: Management remains focused on rewarding it ...

Based in Germany, Heide is the northernmost crude oil refinery in the region. The company is engaged in manufacturing petroleum products including petrol, diesel and aviation fuel. It also produces light heating oil and base materials for the chemical industry. Some other top-ranked companies from the Industrial Products sector are discussed below. Flowserve Corporation (FLS) recently collaborated with Heide Refinery to enhance the latter's energy efficiency and cost savings by integrating FLS' Energy Advan ...

The Industrial Products group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Flowserve (FLS) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Industrial Products sector should help us answer this question. Flowserve is a member of our Industrial Products group, which includes 222 different companies and currently sits at #4 in the Zacks Sector Rank. The Zacks ...

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years. FLS currently has a forward P/E ratio of 18.06, while NDSN has a forward P/E of 23.60. We also note that FLS has a PEG ratio of 1.24. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company' ...

Flowserve's total sales of $1.09 billion beat the consensus estimate of $1.04 billion. The top line increased 10.9% year over year. Sales increased 10.6% on a constant-currency basis. Aftermarket sales in the reported quarter increased 8.1% year over year (up 8.1% on a constant-currency basis) to $558.9 million. Original equipment sales totaled $528.6 million, reflecting an increase of 14.1% year over year (up 13.5% on a constant-currency basis). Total bookings amounted to $1.04 billion in the quarter, refl ...