Flowserve Corporation (FLS) is gaining from record levels of booking driven by strong maintenance, repair, operations, and aftermarket (MRO) activity. Solid booking levels highlight the strength across FLS’ end markets. The company’s Diversify, Decarbonize and Digitize strategy also supports its strong booking levels. Flowserve’s fourth-quarter bookings of $1.04 billion marked the eighth consecutive quarter of more than $1 billion bookings.Increased revenues in the original equipment and aftermarket busines ...

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Investors interested in Industrial Products stocks should always be looking to find the best-performing companies in the group. Flowserve (FLS) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.Flowserve is one of 227 companies in the Industrial Products group. The Industrial Products group currently sits at #3 within the Zacks Sector Rank. The ...

Financial Data and Key Metrics Changes - For the full year 2023, the company achieved nearly 20% year-over-year revenue growth, with revenues exceeding $4.3 billion [23][32] - Adjusted earnings per share (EPS) increased by over 90%, reaching $2.10 for the full year [23][24] - Operating cash flow improved by over $360 million compared to 2022, totaling $326 million for the year [13][32] Business Line Data and Key Metrics Changes - Fourth quarter sales reached nearly $1.2 billion, with adjusted operating margins expanding to 10.5% [4][8] - The aftermarket business generated nearly $2.3 billion in bookings for the full year, up 5% year-over-year [26] - The Flow Control Division (FCD) achieved its highest quarterly adjusted gross margins since 2019 at 32.2%, a 310 basis point improvement year-over-year [10] Market Data and Key Metrics Changes - The total project funnel increased by 13% year-over-year, with the oil and gas funnel up 25%, driven by mid and downstream activity in the Middle East [6][9] - Notable year-over-year sales growth was observed in the Middle East and Africa (27%), North America (14%), and Europe (13%) [9] - The energy transition project funnel increased nearly 25% year-over-year, driven by decarbonization activities [27] Company Strategy and Development Direction - The company is focused on its 3D growth strategy, which aims to drive accelerated growth in diverse markets, including new energy applications [37][38] - The company plans to invest in both internal programs and inorganic growth opportunities, with capital expenditures expected between $75 million and $85 million [15] - The strategic focus includes enhancing the aftermarket capture rates and expanding the installed base to support long-term growth [65][111] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating momentum and expects full-year revenue growth of 4% to 6% in 2024, with adjusted EPS guidance between $2.40 to $2.60 [14][19] - The company anticipates a book-to-bill ratio over 1x, which will help build backlog and support multi-year revenue growth [14][19] - Management noted that while project delays occurred, they remain optimistic about the viability of these projects in 2024 [38][108] Other Important Information - The company generated $195 million in operating cash flow during the fourth quarter, a $125 million increase year-over-year [13][29] - A 5% increase in the dividend to $0.21 per share was authorized by the Board, along with a replenishment of the share repurchase capacity to $300 million [35][97] - The adjusted tax rate for the full year was 15.1%, which was lower than expected due to the release of valuation allowances on certain foreign deferred tax assets [33] Q&A Session Summary Question: What is the outlook for bookings growth and project conversion? - Management indicated strong growth in the aftermarket, expecting continued demand, while the project funnel is up 13%, with oil and gas projects up 25% [43][44] Question: How does the competitive landscape look currently? - The competitive environment has improved, with more discipline among competitors compared to two years ago, although challenges remain [72][73] Question: What are the expectations for cash generation and capital allocation in 2024? - The company expects to generate strong cash flow and is focused on investing in growth opportunities while also considering share buybacks [97][98]

Flowserve Corporation’s (FLS) fourth-quarter 2023 adjusted earnings (excluding 21 cents from non-recurring items) of 68 cents per share beat the Zacks Consensus Estimate of 61 cents. The bottom line increased 7.9% year over year. Results were primarily benefited from higher revenues, partially offset by an increase in operating costs and expenses.Flowserve’s total sales of $1,165.2 million beat the consensus estimate of $1,136 million. The top line increased 12.1% year over year. Sales increased 10.1% on a ...

Flowserve (FLS) reported $1.17 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 12.2%. EPS of $0.68 for the same period compares to $0.63 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.14 billion, representing a surprise of +2.56%. The company delivered an EPS surprise of +11.48%, with the consensus EPS estimate being $0.61.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

Flowserve (FLS) came out with quarterly earnings of $0.68 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.48%. A quarter ago, it was expected that this company that makes pumps, valves and other parts for the oil and gas industries would post earnings of $0.41 per share when it actually produced earnings of $0.50, deliveri ...

DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced its financial results for the fourth quarter and full-year ended December 31, 2023. Fourth Quarter 2023 Highlights (all comparisons to the 2022 fourth quarter, unless otherwise noted) Reported EPS of $0.47 and Adjusted EPS1 of $0.68, compared to $0.92 and $0.63, respectively Fourth quarter 2023 Reported EPS includes after-tax adjus ...

Financial Performance - Bookings in 2023 decreased by $273.5 million, or 8.5%, compared to 2022, driven by reduced orders in oil and gas, power generation, chemical, general, and water industries[148] - FPD segment bookings in 2023 were $2,941.2 million, with 40% from oil and gas, 27% from general industries, 18% from chemical, 10% from power generation, and 5% from water management[148] - FPD segment gross profit margin improved to 29.6% in 2023, up from 28.9% in 2022[148] - Foreign currency translation adjustments resulted in a net loss of $30.8 million in 2023, primarily due to exchange rate movements of the Euro, British pound, Colombian peso, and Mexican peso[231] - A 10% change in foreign currency exchange rates in 2023 would have impacted net earnings by approximately $1 million[232] Global Operations and Manufacturing - The company operates 35 manufacturing facilities worldwide, with 10 in Europe, 11 in North America, 8 in Asia Pacific, and 6 in Latin America[147] - The company has five unconsolidated joint ventures in Chile, India, Saudi Arabia, South Korea, and the United Arab Emirates, supporting market access and manufacturing capacity[575] Decarbonization and Sustainability - The company's decarbonization strategy focuses on energy efficiency, carbon reduction, and operational cost mitigation, leveraging technologies in nuclear, LNG, hydrogen, carbon capture, and renewables[551] Digital Transformation - The company's digitization efforts include the implementation of RedRaven, an IIoT solution for equipment monitoring, to optimize flow loop operations and predict downtime[553] Financial Agreements and Adjustments - The company amended its Credit Agreement on February 3, 2023, replacing LIBOR references with SOFR as the benchmark reference rate[233]

Flowserve Corporation (FLS) is slated to release fourth-quarter 2023 results on Feb 20, after market close.The Zacks Consensus Estimate for the company’s fourth-quarter earnings has remained steady in the past 60 days. The company has an impressive earnings surprise history, having outperformed the consensus estimate in each of the preceding four quarters, the average beat being 27.3%.Let’s see how things have shaped up for Flowserve this earnings season.Factors to NoteFlowserve’s Pump Division segment’s fo ...