Flowserve Corporation Reports Strong Third Quarter 2024 Results, Reaffirms Guidance

Flowserve Corporation, a leading provider of flow control products and services, has released its financial results for the third quarter ending September 30, 2024. The company reported a significant increase in bookings, reaching $1.20 billion, marking a 12.7% rise compared to the previous year. Notably, Power bookings surged nearly 30% year-over-year, with exceptional performance in the nuclear segment.

Adjusted Gross and Operating Margins were reported at 32.4% and 11.1%, respectively, showing an increase of 270 and 240 basis points compared to the same period last year. Reported and Adjusted Earnings Per Share (EPS) stood at 44 cents and 62 cents, indicating a 26% and 24% increase, respectively. These figures include a 7 cent unfavorable impact from a discrete charge for certain long-term liabilities.

The company generated robust operating cash flow amounting to $178 million, reflecting a remarkable 121% surge year-over-year, attributed to earnings growth and working capital enhancements.

Flowserve’s President and Chief Executive Officer, Scott Rowe, commented on the quarter’s performance, praising the strong operational execution and improvements in margins, EPS, and cash flow. He highlighted the success of the Flowserve Business System in delivering positive results and driving operational and portfolio excellence initiatives.

With a backlog reaching nearly $2.8 billion and the recent MOGAS Industries acquisition, Flowserve is poised for further growth and momentum as it anticipates a positive outlook for the remainder of 2024. The company also reiterated its Adjusted EPS target range and other financial metrics outlined in the 2024 guidance issued earlier this year.

The financial community and shareholders can access more details about the third-quarter results and future projections in a conference call scheduled for October 29, 2024, at 10:00 AM Eastern Time.

This information was disclosed in a Form 8-K filed with the Securities and Exchange Commission. Exhibits attached to the filing include a detailed press release summarizing the financial outcomes and future expectations for Flowserve Corporation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Flowserve’s 8K filing here.

About Flowserve

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.