Flowserve(US:FLS)2020-11-06 13:51Financial Performance - Q3 2020 reported and adjusted EPS were $0.39 and $0.50 respectively[9] - Bookings decreased by 21.2%, or 21.6% in constant currency[9] - Aftermarket bookings decreased by 13.5%, or 13.6% in constant currency, amounting to $425 million[9] - Revenue decreased by 7.2%, or 7.7% in constant currency[9] - The company has a strong liquidity position of $1.7 billion as of September 30, 2020, including $921 million in cash and cash equivalents[9] Bookings and Sales Mix - In Q3 2020, Oil & Gas bookings accounted for 30% ($806 million) and sales accounted for 41% ($996 million)[11] - Power bookings and sales both accounted for 22% in Q3 2020[11] - Chemical bookings accounted for 13% and sales accounted for 23% in Q3 2020[11] Original Equipment/Aftermarket - Original equipment bookings decreased 28.3%, or 29.0% in constant currency, compared to Q3 2019[14] - Aftermarket bookings decreased 13.5%, or 13.6% in constant currency, compared to Q3 2019, amounting to $425 million[15] - Original equipment sales decreased 5.6%, or 6.3% in constant currency, compared to Q3 2019[14] - Aftermarket sales decreased 8.8% reported and in constant currency compared to Q3 2019[15] Outlook - The company expects Q4 2020 bookings to be in line with Q2 and Q3 levels and anticipates an upward inflection in mid-to-late 2021[21] - The company is on track to exceed its initial $100 million cost reduction plan[21] - The company aims to generate at least $100 million in Q4 free cash flow[21]