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Flowserve (NYSE: FLS) secured two major project awards totaling over $150 million from international EPC contractors in the Middle East. These awards will be reflected in the company's 2nd Quarter Results. Flowserve's robust project funnel indicates potential growth opportunities for the company in 2024 and 2025, along with expectations for increased aftermarket and MRO work. The company's President and CEO, Scott Rowe, expressed confidence in Flowserve's ability to deliver these projects successfully and highlighted the organization's strategic approach to project bidding. Flowserve remains optimistic about its position in the Middle East's infrastructure market and anticipates continued participation in upcoming projects across various industries.
Flowserve (NYSE: FLS) ha ottenuto due importanti progetti per un totale di oltre 150 milioni di dollari da appaltatori EPC internazionali nel Medio Oriente. Questi riconoscimenti saranno riflessi nei risultati del secondo trimestre dell'azienda. L'ampio portafoglio di progetti di Flowserve indica potenziali opportunità di crescita per l'azienda nel 2024 e nel 2025, insieme a previsioni di aumento del lavoro post-vendita e di manutenzione, riparazione e operazioni (MRO). Il Presidente e CEO della compagnia, Scott Rowe, ha espresso fiducia nella capacità di Flowserve di portare a termine con successo questi progetti e ha evidenziato l'approccio strategico dell'organizzazione nelle offerte di progetto. Flowserve rimane ottimista riguardo alla sua posizione nel mercato delle infrastrutture del Medio Oriente e prevede di continuare a partecipare a futuri progetti in vari settori.
Flowserve (NYSE: FLS) ha asegurado dos importantes adjudicaciones de proyectos que suman más de 150 millones de dólares de contratistas internacionales EPC en Medio Oriente. Estos premios se reflejarán en los resultados del segundo trimestre de la empresa. El sólido embudo de proyectos de Flowserve indica oportunidades de crecimiento potencial para la empresa en 2024 y 2025, junto con expectativas de aumento en el trabajo de posventa y de mantenimiento, reparación y operaciones (MRO). El presidente y CEO de la empresa, Scott Rowe, expresó confianza en la capacidad de Flowserve para entregar estos proyectos con éxito y destacó el enfoque estratégico de la organización en la licitación de proyectos. Flowserve se mantiene optimista sobre su posición en el mercado de infraestructura de Medio Oriente y anticipa continuar participando en futuros proyectos en varias industrias.
플로우서브(Flowserve, NYSE: FLS)는 중동의 국제 EPC 계약자들로부터 총 1억 5천만 달러 이상의 두 건의 주요 프로젝트 수주를 확보했습니다. 이 수상은 회사의 2분기 결과에 반영될 것입니다. 플로우서브의 견고한 프로젝트 퍼널은 2024년과 2025년에 걸친 회사의 잠재적 성장 기회를 나타내며, 유지보수, 수리 및 운영(MRO) 작업 증가를 기대하고 있습니다. 회사의 사장이자 CEO인 스콧 로우는 이 프로젝트들을 성공적으로 수행할 플로우서브의 능력에 대해 자신감을 표하고 프로젝트 입찰에 대한 조직의 전략적 접근을 강조했습니다. 플로우서브는 중동의 인프라 시장에서의 위치에 대해 낙관적이며 앞으로 다양한 산업의 프로젝트에 지속적으로 참여할 것으로 기대하고 있습니다.
Flowserve (NYSE : FLS) a sécurisé deux importants projets totalisant plus de 150 millions de dollars auprès de sous-traitants EPC internationaux au Moyen-Orient. Ces récompenses seront reflétées dans les résultats du deuxième trimestre de l'entreprise. Le solide entonnoir de projets de Flowserve indique des opportunités de croissance potentielles pour l'entreprise en 2024 et 2025, accompagnées d'attentes d'une augmentation des travaux après-vente et de MRO (maintenance, réparation et opération). Le président et PDG de la société, Scott Rowe, a exprimé sa confiance dans la capacité de Flowserve à mener ces projets à bien avec succès et a mis en avant l'approche stratégique de l'organisation dans les appels d'offres de projets. Flowserve reste optimiste quant à sa position sur le marché des infrastructures au Moyen-Orient et prévoit de continuer à participer à des projets futurs dans divers secteurs.
Flowserve (NYSE: FLS) hat zwei bedeutende Projektvergaben von internationalen EPC-Auftragnehmern im Nahen Osten gesichert, die insgesamt über 150 Millionen Dollar umfassen. Diese Auszeichnungen werden in den Ergebnissen des zweiten Quartals des Unternehmens widergespiegelt. Die robuste Projektpipeline von Flowserve deutet auf potentielle Wachstumsmöglichkeiten für das Unternehmen in den Jahren 2024 und 2025 hin, zusammen mit der Erwartung auf verstärkte Aftermarket- und MRO-Arbeiten (Wartung, Reparatur und Betrieb). Der Präsident und CEO des Unternehmens, Scott Rowe, äußerte Vertrauen in die Fähigkeit von Flowserve, diese Projekte erfolgreich zu liefern und hob den strategischen Ansatz der Organisation bei der Projektvergabe hervor. Flowserve bleibt optimistisch bezüglich seiner Position im Infrastrukturmarkt des Nahen Ostens und erwartet, weiterhin an kommenden Projekten in verschiedenen Branchen teilzunehmen.
Positive
Flowserve secured over $150 million in project awards from two international EPCs in the Middle East.
The awards will be included in Flowserve's 2nd Quarter Results.
The company's global project funnel has increased by approximately 10% compared to the previous year.
Flowserve's President and CEO, Scott Rowe, emphasized the company's successful project delivery track record and confidence in executing the awarded projects.
The Middle East is experiencing a capital spending up-cycle, presenting significant infrastructure opportunities for Flowserve.
Flowserve anticipates continued aftermarket and MRO opportunities globally due to enhanced activity and higher utilization rates.
A conference call to discuss Flowserve's First Quarter 2024 Results will be held on April 30th.
Interested parties can access the call through the 'Investor Relations' section on www.flowserve.com.
Negative
None.
Insights
The announcement from Flowserve that it secured over $150 million in bookings from Middle East projects is a significant indicator of the company's competitive positioning and future revenue streams. Such contracts typically imply multi-year engagements, providing a predictable cash flow. The bookings growth, touted at about 10% year-over-year, showcases the company's strategic bidding approach and could signal an underlying strength in the market segment. However, the future revenue is contingent on the company's continued ability to execute and deliver on these projects. Investors should monitor the execution progress and potential growth in the service and aftermarket sectors, as these are indicative of the sustainability of revenue beyond the initial project scope.
Flowserve's disclosure of major project awards is likely to influence its Q2 2024 earnings positively. The $150 million figure will enhance the backlog, a critical metric for gauging future earnings potential. It's important to examine the company’s margins on these projects, as they can be significantly different from standard product sales, especially in regions like the Middle East with potentially higher operational complexities or costs. However, investors should be cautious and assess the impact of these bookings against the company's overall financial health, such as debt levels, cash reserves and return on invested capital. It's not uncommon for large contracts to initially strain cash flows due to upfront costs before yielding profits.
The engagement of Flowserve in the Middle East, a region experiencing a capital spending upcycle, illustrates the company's alignment with the global energy sector trends, potentially involving oil and gas, petrochemicals, or renewables. The Middle East is a critical hub for energy infrastructure and Flowserve's role in supplying original equipment pumps is a testament to its strategic positioning. The subsequent aftermarket and maintenance, repair and operations (MRO) work could be just as lucrative as the initial equipment supply. Historically, the MRO phase can offer higher margins and a longer-term revenue source. The company's performance in these projects will be a benchmark for its ability to capitalize on future similar opportunities.
Flowserve awarded over $150 million in bookings from two international EPCs
Both awards occurred in April and will be reflected in the 2nd Quarter Results
Substantial project opportunities remain in the project funnel for the remainder of 2024 and into 2025, in addition to the expected aftermarket & MRO work associated with the projects
DALLAS--(BUSINESS WIRE)--
Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today that it received two major project awards earlier this month, primarily for original equipment pumps, from engineering, procurement and construction (EPC) contractors working on two significant Middle East-based projects. The value of these awards, collectively over $150 million, will be reflected in Flowserve’s second quarter 2024 bookings.
“Flowserve has a long track record of successfully delivering large projects for our customers. With an enhanced selective bidding approach, we are confident in our ability to execute these awards and are pleased these projects were booked using this methodology. Our global project funnel continues to be robust and is up approximately 10% as of March 31, 2024, versus prior year,” said Scott Rowe, Flowserve’s President and Chief Executive Officer. “Flowserve is well-positioned for, and has historically participated in, significant infrastructure opportunities within the Middle East.”
Rowe concluded, “The region is currently in the midst of an expected multi-year capital spending up-cycle. With our strong participation in the Middle East, we believe Flowserve is well-positioned to participate in several of the large projects still to come across diverse industries. Additionally, we expect both aftermarket and MRO opportunities to remain at elevated levels globally this year and beyond, based on enhanced activity and higher utilization rates. With the operating momentum we established last year, we remain confident in Flowserve’s future and believe that executing on our objectives will drive long-term value for our customers, associates, and shareholders.”
First Quarter 2024 Results Conference Call
As previously announced, Flowserve will host its conference call with the financial community on Tuesday, April 30th at 11:00 AM Eastern to discuss Flowserve’s first quarter 2024 results. 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 in the “Investor Relations” section.
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.
