Flowserve Corporation Reports Fourth Quarter and Full-Year Results
3D Strategy and Flowserve Business System Deliver Sales and Earnings Growth
Highlights (unaudited):
-
Fourth quarter bookings of
, including$1.2 billion of aftermarket activity$618 million -
Power bookings increased more than
40% year-over-year, with over in nuclear awards during the fourth quarter$110 million -
Gross margin and adjusted1 gross margin2 of
31.5% and32.8% , respectively, increased 240 and 300 basis points versus the prior year period -
Operating income and adjusted operating income3 of
and$125 million , respectively, an increase of$149 million 14% and22% compared to last year -
Operating cash flow of
driven by strong earnings and working capital improvements$197 million -
Initiated full-year 2025 guidance4, including organic sales growth of
3% to5% and adjusted Earnings Per Share (EPS) of to$3.10 , which at the midpoint, represents a$3.30 22% increase versus full-year 2024 adjusted EPS5
Management Commentary:
“We made significant progress throughout 2024, launching the Flowserve Business System and leveraging our 3D strategy to drive solid top-line growth, expand margins, increase adjusted earnings, and deliver strong cash flow,” said Scott Rowe, Flowserve’s President and Chief Executive Officer. “I am grateful for the dedication and effort of our associates who are improving our execution and positioning Flowserve for continued near-term and long-term growth.”
Rowe continued, “Activity across our markets remains robust as customers leverage our capabilities to address ongoing demand, improve efficiency, and advance decarbonization investments. We enter 2025 with strong momentum, which we expect to build on through enhanced operational execution and our 80-20 complexity reduction efforts. With these levers, we are well-positioned to continue creating long-term value for our customers, shareholders, and associates.”
Key Figures (unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions, except per share) |
|
2024 Q4 |
|
2023 Q4 |
Change |
|
2024 |
|
2023 |
|
Change |
Backlog |
|
|
|
|
|
|
|
|
|
|
|
Bookings |
|
|
|
|
|
|
|
|
|
|
|
Original Equipment |
|
|
|
|
|
|
|
|
|
|
|
Aftermarket |
|
|
|
|
|
|
|
|
|
|
|
Sales6 |
|
|
|
|
|
|
|
|
|
|
|
Organic |
|
|
|
|
(90) bps |
|
|
|
|
|
510 bps |
Acquisitions |
|
|
|
|
320 bps |
|
|
|
|
|
90 bps |
Foreign Exchange |
|
|
|
|
(100) bps |
|
|
|
|
|
(50) bps |
Operating Margin |
|
|
|
|
120 bps |
|
|
|
|
|
240 bps |
Adjusted Operating Margin3 |
|
|
|
|
210 bps |
|
|
|
|
|
230 bps |
Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
Cash From Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 Guidance:
Target range |
|
Organic sales growth |
+ |
Impact from acquisitions |
Approx. +300 bps |
Impact from foreign exchange translation |
Approx. (100 bps) |
Total sales growth |
+ |
Adjusted EPS |
|
Net interest expense |
Approx. |
Adjusted tax rate |
Approx. |
Capital expenditures |
|
Excluding sales, Flowserve provides guidance only on a non-GAAP basis due to the inherent and increasing difficulty and unreasonable effort required to forecast certain amounts that would be included in GAAP earnings. This includes, but is not limited to, items such as foreign currency fluctuations, realignment expenses, impairments, and discrete tax events. As a result, we have not provided a reconciliation to the most comparable GAAP financial measures for these forward-looking non-GAAP measures.
Authorized Dividend:
Flowserve’s Board of Directors authorized a quarterly cash dividend of
Webcast and Conference Call Instructions:
Flowserve will host its conference call to discuss fourth quarter results on Wednesday, February 19, at 10:00 a.m. Eastern Time. The call can be accessed by shareholders and other interested parties on Flowserve’s Investors page.
Footnotes (pages 1-2)
1 See Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) and Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (unaudited) tables for a detailed reconciliation of reported results to adjusted measures. |
2 Adjusted gross margin is calculated by dividing adjusted gross profit by sales. Adjusted gross profit is derived by excluding the adjusted items. |
3 Adjusted operating margin is calculated by dividing adjusted operating income by sales. Adjusted operating income is derived by excluding the adjusted items. |
4 Adjusted 2025 EPS includes expected |
5 Adjusted 2024 EPS excludes realignment expenses, the impact from other specific discrete and below-the-line foreign currency effects and utilizes the then-applicable FX rates and approximately 132 million fully diluted shares. |
6 Organic is defined as the change in sales, as defined by |
CONSOLIDATED STATEMENTS OF INCOME |
||||||||
(Unaudited) |
|
|||||||
Three Months Ended December 31, |
||||||||
(Amounts in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
||
|
||||||||
Sales |
$ |
1,180,348 |
|
$ |
1,165,179 |
|
||
Cost of sales |
|
(808,234 |
) |
|
(825,635 |
) |
||
Gross profit |
|
372,114 |
|
|
339,544 |
|
||
Selling, general and administrative expense |
|
(251,966 |
) |
|
(234,744 |
) |
||
Net earnings from affiliates |
|
4,557 |
|
|
4,663 |
|
||
Operating income |
|
124,705 |
|
|
109,463 |
|
||
Interest expense |
|
(20,481 |
) |
|
(16,886 |
) |
||
Interest income |
|
1,625 |
|
|
1,457 |
|
||
Other income (expense), net |
|
(137 |
) |
|
(22,599 |
) |
||
Earnings before income taxes |
|
105,712 |
|
|
71,435 |
|
||
(Provision for) benefit from income taxes |
|
(22,202 |
) |
|
(3,991 |
) |
||
Net earnings, including noncontrolling interests |
|
83,510 |
|
|
67,444 |
|
||
Less: Net earnings attributable to noncontrolling interests |
|
(5,969 |
) |
|
(4,827 |
) |
||
Net earnings attributable to Flowserve Corporation |
$ |
77,541 |
|
$ |
62,617 |
|
||
|
|
|||||||
Net earnings per share attributable to Flowserve Corporation common shareholders: |
|
|
||||||
Basic |
$ |
0.59 |
|
$ |
0.48 |
|
||
Diluted |
|
0.59 |
|
|
0.47 |
|
||
|
|
|||||||
Weighted average shares – basic |
|
131,393 |
|
|
131,184 |
|
||
Weighted average shares – diluted |
|
132,395 |
|
|
132,132 |
|
Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) |
||||||||||||||||||||||
(Amounts in thousands, except per share data) |
||||||||||||||||||||||
Three Months Ended December 31, 2024 |
Gross
|
Selling,
|
Operating
|
Other
|
Provision For
|
Net
|
Effective
|
Diluted
|
||||||||||||||
Reported |
$ |
372,114 |
|
$ |
251,966 |
|
$ |
124,705 |
|
$ |
(138 |
) |
$ |
22,202 |
|
$ |
77,541 |
|
21.0 |
% |
0.59 |
|
Reported as a percent of sales |
|
31.5 |
% |
|
21.3 |
% |
|
10.6 |
% |
|
0.0 |
% |
|
1.9 |
% |
|
6.6 |
% |
||||
Realignment charges (a) |
|
11,569 |
|
|
(1,570 |
) |
|
13,139 |
|
|
- |
|
|
2,849 |
|
|
10,290 |
|
21.7 |
% |
0.08 |
|
Acquisition related (b) |
|
- |
|
|
(7,150 |
) |
|
7,150 |
|
|
- |
|
|
1,682 |
|
|
5,468 |
|
23.5 |
% |
0.04 |
|
Purchase accounting step-up and intangible asset amortization (c) |
|
3,067 |
|
|
(1,033 |
) |
|
4,100 |
|
|
- |
|
|
1,300 |
|
|
2,800 |
|
31.7 |
% |
0.02 |
|
Below-the-line foreign exchange impacts (d) |
|
- |
|
|
- |
|
|
- |
|
|
(4,370 |
) |
|
(1,423 |
) |
|
(2,947 |
) |
32.6 |
% |
(0.02 |
) |
Adjusted |
$ |
386,750 |
|
$ |
242,213 |
|
$ |
149,094 |
|
$ |
(4,508 |
) |
$ |
26,610 |
|
$ |
93,152 |
|
21.2 |
% |
0.70 |
|
Adjusted as a percent of sales |
|
32.8 |
% |
|
20.5 |
% |
|
12.6 |
% |
|
-0.4 |
% |
|
2.3 |
% |
|
7.9 |
% |
||||
Note: Amounts may not calculate due to rounding |
||||||||||||||||||||||
(a) Charges represent realignment costs incurred as a result of realignment programs of which |
||||||||||||||||||||||
(b) Charge represents acquisition and integration related costs associated with the MOGAS acquisition. |
||||||||||||||||||||||
(c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition. |
||||||||||||||||||||||
(d) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency. |
||||||||||||||||||||||
Three Months Ended December 31, 2023 |
Gross
|
Selling, General
|
Operating Income |
Other
|
Provision For
|
Net
|
Effective
|
Diluted
|
||||||||||||||
Reported |
$ |
339,544 |
|
$ |
234,744 |
|
$ |
109,463 |
|
$ |
(22,599 |
) |
$ |
3,991 |
|
$ |
62,617 |
|
5.6 |
% |
0.47 |
|
Reported as a percent of sales |
|
29.1 |
% |
|
20.1 |
% |
|
9.4 |
% |
|
-1.9 |
% |
|
0.3 |
% |
|
5.4 |
% |
||||
Realignment charges (a) |
|
9,464 |
|
|
(5,949 |
) |
|
15,413 |
|
|
- |
|
|
4,534 |
|
|
10,879 |
|
29.4 |
% |
0.08 |
|
Discrete asset write-downs (b)(c) |
|
(1,254 |
) |
|
- |
|
|
(1,254 |
) |
|
2,000 |
|
|
94 |
|
|
652 |
|
12.6 |
% |
0.01 |
|
Acquisition related (d) |
|
- |
|
|
1,244 |
|
|
(1,244 |
) |
|
- |
|
|
(293 |
) |
|
(951 |
) |
23.6 |
% |
(0.01 |
) |
Below-the-line foreign exchange impacts (e) |
|
- |
|
|
- |
|
|
- |
|
|
16,764 |
|
|
(274 |
) |
|
17,038 |
|
-1.6 |
% |
0.13 |
|
Adjusted |
$ |
347,754 |
|
$ |
230,039 |
|
$ |
122,378 |
|
$ |
(3,835 |
) |
$ |
8,052 |
|
$ |
90,235 |
|
7.8 |
% |
0.68 |
|
Adjusted as a percent of sales |
|
29.8 |
% |
|
19.7 |
% |
|
10.5 |
% |
|
-0.3 |
% |
|
0.7 |
% |
|
7.7 |
% |
||||
Note: Amounts may not calculate due to rounding |
||||||||||||||||||||||
(a) Charges represent realignment costs incurred as a result of realignment programs of which |
||||||||||||||||||||||
(b) Includes reversals of expenses that were adjusted for Non-GAAP measures in previous periods of |
||||||||||||||||||||||
(c) Charge represents a non-cash asset write-down of |
||||||||||||||||||||||
(d) Represents reversal of costs associated with a terminated acquisition that were adjusted for Non-GAAP measures in previous periods. |
||||||||||||||||||||||
(e) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency. |
SEGMENT INFORMATION |
||||||||
(Unaudited) |
|
|||||||
|
||||||||
FLOWSERVE PUMPS DIVISION |
Three Months Ended December 31, |
|||||||
(Amounts in millions, except percentages) |
|
2024 |
|
|
2023 |
|
||
Bookings |
$ |
816.4 |
|
$ |
722.2 |
|
||
Sales |
|
794.9 |
|
|
832.8 |
|
||
Gross profit |
|
255.7 |
|
|
238.2 |
|
||
Gross profit margin |
|
32.2 |
% |
|
28.6 |
% |
||
SG&A |
|
131.4 |
|
|
149.4 |
|
||
Segment operating income |
|
129.1 |
|
|
93.5 |
|
||
Segment operating income as a percentage of sales |
|
16.2 |
% |
|
11.2 |
% |
||
|
||||||||
FLOW CONTROL DIVISION |
Three Months Ended December 31, |
|||||||
(Amounts in millions, except percentages) |
|
2024 |
|
|
2023 |
|
||
Bookings |
$ |
363.4 |
|
$ |
326.9 |
|
||
Sales |
|
387.9 |
|
|
336.0 |
|
||
Gross profit |
|
118.5 |
|
|
101.9 |
|
||
Gross profit margin |
|
30.5 |
% |
|
30.3 |
% |
||
SG&A |
|
73.9 |
|
|
52.1 |
|
||
Segment operating income |
|
44.6 |
|
|
49.8 |
|
||
Segment operating income as a percentage of sales |
|
11.5 |
% |
|
14.8 |
% |
Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) |
||||||||||||||||||||
(Amounts in thousands) |
||||||||||||||||||||
Flowserve Pumps Division |
||||||||||||||||||||
Three Months Ended
|
Gross
|
Selling,
|
Operating
|
Three Months Ended
|
Gross
|
Selling,
|
Operating
|
|||||||||||||
Reported |
$ |
255,710 |
|
$ |
131,402 |
|
$ |
129,069 |
|
Reported |
$ |
238,213 |
|
$ |
149,354 |
|
$ |
93,522 |
|
|
Reported as a percent of sales |
|
32.2 |
% |
|
16.5 |
% |
|
16.2 |
% |
Reported as a percent of sales |
|
28.6 |
% |
|
17.9 |
% |
|
11.2 |
% |
|
Realignment charges (a) |
|
9,890 |
|
|
(41 |
) |
|
9,931 |
|
Realignment charges (a) |
|
3,313 |
|
|
(2,537 |
) |
|
5,850 |
|
|
Adjusted |
$ |
265,600 |
|
$ |
131,361 |
|
$ |
139,000 |
|
Discrete asset write-downs (b) |
|
(1,254 |
) |
|
- |
|
|
(1,254 |
) |
|
Adjusted as a percent of sales |
|
33.4 |
% |
|
16.5 |
% |
|
17.5 |
% |
Adjusted |
$ |
240,272 |
|
$ |
146,817 |
|
$ |
98,118 |
|
|
Adjusted as a percent of sales |
|
28.9 |
% |
|
17.6 |
% |
|
11.8 |
% |
|||||||||||
Flow Control Division |
Flow Control Division |
|||||||||||||||||||
Three Months Ended
|
Gross
|
Selling,
|
Operating
|
Three Months Ended
|
Gross
|
Selling,
|
Operating
|
|||||||||||||
Reported |
$ |
118,503 |
|
$ |
73,859 |
|
$ |
44,592 |
|
Reported |
$ |
101,894 |
|
$ |
52,056 |
|
$ |
49,838 |
|
|
Reported as a percent of sales |
|
30.5 |
% |
|
19.0 |
% |
|
11.5 |
% |
Reported as a percent of sales |
|
30.3 |
% |
|
15.5 |
% |
|
14.8 |
% |
|
Realignment charges (a) |
|
1,679 |
|
|
(1,655 |
) |
|
3,334 |
|
Realignment charges (a) |
|
6,313 |
|
|
(915 |
) |
|
7,228 |
|
|
Acquisition related (b) |
|
- |
|
|
(7,150 |
) |
|
7,150 |
|
Acquisition related (c) |
|
- |
|
|
1,244 |
|
|
(1,244 |
) |
|
Purchase accounting step-up and intangible asset amortization (c) |
|
3,067 |
|
|
(1,033 |
) |
|
4,100 |
|
Adjusted |
$ |
108,207 |
|
$ |
52,385 |
|
$ |
55,822 |
|
|
Adjusted |
$ |
123,249 |
|
$ |
64,021 |
|
$ |
59,176 |
|
Adjusted as a percent of sales |
|
32.2 |
% |
|
15.6 |
% |
|
16.6 |
% |
|
Adjusted as a percent of sales |
|
31.8 |
% |
|
16.5 |
% |
|
15.3 |
% |
|||||||||||
Note: Amounts may not calculate due to rounding |
Note: Amounts may not calculate due to rounding |
|||||||||||||||||||
(a) Charges represent realignment costs incurred as a result of realignment programs of which |
(a) Charges represent realignment costs incurred as a result of realignment programs of which |
|||||||||||||||||||
(b) Charge represents acquisition and integration-related costs associated with the MOGAS acquisition. |
(b) Represents reversals of expenses that were adjusted for Non-GAAP measures in previous periods. |
|||||||||||||||||||
(c) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition. |
(c) Represents reversal of costs associated with a terminated acquisition that were adjusted for Non-GAAP measures in previous periods. |
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(Unaudited) |
|
||||||||||
Year Ended December 31, |
|||||||||||
(Amounts in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
||
|
|||||||||||
Sales |
$ |
4,557,806 |
|
$ |
4,320,577 |
|
$ |
3,615,120 |
|
||
Cost of sales |
|
(3,123,560 |
) |
|
(3,043,749 |
) |
|
(2,620,825 |
) |
||
Gross profit |
|
1,434,246 |
|
|
1,276,828 |
|
|
994,295 |
|
||
Selling, general and administrative expense |
|
(978,037 |
) |
|
(961,169 |
) |
|
(815,545 |
) |
||
Loss on sale of business |
|
(12,981 |
) |
|
- |
|
|
- |
|
||
Net earnings from affiliates |
|
19,051 |
|
|
17,894 |
|
|
18,469 |
|
||
Operating income |
|
462,279 |
|
|
333,553 |
|
|
197,219 |
|
||
Interest expense |
|
(69,301 |
) |
|
(66,924 |
) |
|
(46,247 |
) |
||
Interest income |
|
5,371 |
|
|
6,991 |
|
|
3,963 |
|
||
Other income (expense), net |
|
(12,194 |
) |
|
(49,870 |
) |
|
(559 |
) |
||
Earnings before income taxes |
|
386,155 |
|
|
223,750 |
|
|
154,376 |
|
||
(Provision for) benefit from income taxes |
|
(84,929 |
) |
|
(18,562 |
) |
|
43,639 |
|
||
Net earnings, including noncontrolling interests |
|
301,226 |
|
|
205,188 |
|
|
198,015 |
|
||
Less: Net earnings attributable to noncontrolling interests |
|
(18,467 |
) |
|
(18,445 |
) |
|
(9,326 |
) |
||
Net earnings attributable to Flowserve Corporation |
$ |
282,759 |
|
$ |
186,743 |
|
$ |
188,689 |
|
||
|
|
|
|||||||||
Net earnings per share attributable to Flowserve Corporation common shareholders: |
|
|
|
||||||||
Basic |
$ |
2.15 |
|
$ |
1.42 |
|
$ |
1.44 |
|
||
Diluted |
|
2.14 |
|
|
1.42 |
|
|
1.44 |
|
||
|
|
|
|||||||||
Weighted average shares – basic |
|
131,488 |
|
|
131,117 |
|
|
130,630 |
|
||
Weighted average shares – diluted |
|
132,356 |
|
|
131,931 |
|
|
131,315 |
|
Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) |
|||||||||||||||||||||||||
(Amounts in thousands, except per share data) |
|||||||||||||||||||||||||
Twelve Months Ended December 31, 2024 |
Gross
|
Selling,
|
Loss on
|
Operating
|
Other
|
Provision
|
Net
|
Effective Tax
|
Diluted
|
||||||||||||||||
Reported |
$ |
1,434,246 |
|
$ |
978,037 |
|
$ |
12,981 |
|
$ |
462,279 |
|
$ |
(12,194 |
) |
$ |
84,929 |
|
$ |
282,759 |
|
22.0 |
% |
2.14 |
|
Reported as a percent of sales |
|
31.5 |
% |
|
21.5 |
% |
|
0.3 |
% |
|
10.1 |
% |
|
-0.3 |
% |
|
1.9 |
% |
|
6.2 |
% |
||||
Realignment charges (a) |
|
31,576 |
|
|
(4,939 |
) |
|
(12,981 |
) |
|
49,496 |
|
|
- |
|
|
4,884 |
|
|
44,612 |
|
9.9 |
% |
0.34 |
|
Discrete items (b)(c)(d) |
|
2,700 |
|
|
(7,500 |
) |
|
- |
|
|
10,200 |
|
|
- |
|
|
2,869 |
|
|
7,331 |
|
28.1 |
% |
0.06 |
|
Acquisition related (e) |
|
- |
|
|
(9,944 |
) |
|
- |
|
|
9,944 |
|
|
- |
|
|
2,340 |
|
|
7,604 |
|
23.5 |
% |
0.06 |
|
Discrete asset write-downs (f)(g) |
|
- |
|
|
(1,795 |
) |
|
- |
|
|
1,795 |
|
|
3,567 |
|
|
1,342 |
|
|
4,020 |
|
25.0 |
% |
0.03 |
|
Purchase accounting step-up and intangible asset amortization (h) |
|
3,067 |
|
|
(1,033 |
) |
|
- |
|
|
4,100 |
|
|
- |
|
|
1,300 |
|
|
2,800 |
|
31.7 |
% |
0.02 |
|
Below-the-line foreign exchange impacts (i) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,302 |
) |
|
(1,912 |
) |
|
(390 |
) |
83.1 |
% |
(0.00 |
) |
Adjusted |
$ |
1,471,589 |
|
$ |
952,826 |
|
$ |
- |
|
$ |
537,814 |
|
$ |
(10,929 |
) |
$ |
95,752 |
|
$ |
348,736 |
|
20.7 |
% |
2.63 |
|
Adjusted as a percent of sales |
|
32.3 |
% |
|
20.9 |
% |
|
0.0 |
% |
|
11.8 |
% |
|
-0.2 |
% |
|
2.1 |
% |
|
7.7 |
% |
||||
Note: Amounts may not calculate due to rounding |
|||||||||||||||||||||||||
(a) Charges represent realignment costs incurred as a result of realignment programs of which |
|||||||||||||||||||||||||
(b) Charge represents a reduction to reserves of |
|||||||||||||||||||||||||
(c) Charge represents a one-time |
|||||||||||||||||||||||||
(d) Charge represents the |
|||||||||||||||||||||||||
(e) Charge represents acquisition and integration related costs associated with the MOGAS acquisition. |
|||||||||||||||||||||||||
(f) Charge represents a |
|||||||||||||||||||||||||
(g) Charge represents a |
|||||||||||||||||||||||||
(h) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition. |
|||||||||||||||||||||||||
(i) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency. |
|||||||||||||||||||||||||
Twelve Months Ended December 31, 2023 |
Gross
|
Selling,
|
Operating
|
Other
|
Provision
|
Net Earnings
|
Net
|
Effective
|
Diluted
|
||||||||||||||||
Reported |
$ |
1,276,828 |
|
$ |
961,169 |
|
$ |
333,553 |
|
$ |
(49,870 |
) |
$ |
18,562 |
|
$ |
18,445 |
|
$ |
186,743 |
|
8.3 |
% |
1.42 |
|
Reported as a percent of sales |
|
29.6 |
% |
|
22.2 |
% |
|
7.7 |
% |
|
-1.2 |
% |
|
0.4 |
% |
|
0.4 |
% |
|
4.3 |
% |
||||
Realignment charges (a) |
|
21,012 |
|
|
(45,025 |
) |
|
66,037 |
|
|
- |
|
|
14,949 |
|
|
- |
|
|
51,088 |
|
22.6 |
% |
0.39 |
|
Discrete asset write-downs (b)(c)(d)(e) |
|
715 |
|
|
(3,955 |
) |
|
4,670 |
|
|
2,000 |
|
|
1,611 |
|
|
- |
|
|
5,059 |
|
24.2 |
% |
0.04 |
|
Acquisition related (f) |
|
- |
|
|
(7,247 |
) |
|
7,247 |
|
|
- |
|
|
1,704 |
|
|
- |
|
|
5,543 |
|
23.5 |
% |
0.04 |
|
Below-the-line foreign exchange impacts (g) |
|
- |
|
|
- |
|
|
- |
|
|
41,092 |
|
|
2,395 |
|
|
- |
|
|
38,697 |
|
5.8 |
% |
0.29 |
|
Correction of prior period errors (h) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(3,559 |
) |
|
3,559 |
|
0.0 |
% |
0.03 |
|
Discrete tax benefit (i) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
13,000 |
|
|
- |
|
|
(13,000 |
) |
0.0 |
% |
(0.10 |
) |
Adjusted |
$ |
1,298,555 |
|
$ |
904,942 |
|
$ |
411,507 |
|
$ |
(6,778 |
) |
$ |
52,221 |
|
$ |
14,886 |
|
$ |
277,689 |
|
15.1 |
% |
2.10 |
|
Adjusted as a percent of sales |
|
30.1 |
% |
|
20.9 |
% |
|
9.5 |
% |
|
-0.2 |
% |
|
1.2 |
% |
|
0.3 |
% |
|
6.4 |
% |
||||
Note: Amounts may not calculate due to rounding |
|||||||||||||||||||||||||
(a) Charges represent realignment costs incurred as a result of realignment programs of which |
|||||||||||||||||||||||||
(b) Charge represents a further expense of |
|||||||||||||||||||||||||
(c) Includes reversals of expenses that were adjusted for Non-GAAP measures in previous periods of |
|||||||||||||||||||||||||
(d) Charge represents a |
|||||||||||||||||||||||||
(e) Charge represents a non-cash asset write-down of |
|||||||||||||||||||||||||
(f) Charges represent costs associated with a terminated acquisition. |
|||||||||||||||||||||||||
(g) Below-the-line foreign exchange impacts represent the remeasurement of foreign exchange derivative contracts as well as the remeasurement of assets and liabilities that are denominated in a currency other than a site’s respective functional currency. |
|||||||||||||||||||||||||
(h) Represents the amount to correct the cumulative impact of immaterial prior period errors. |
|||||||||||||||||||||||||
(i) Represents a discrete tax benefit due to release of tax valuation allowance on the net deferred tax assets in a foreign jurisdiction. The associated tax expense was adjusted out on Non-GAAP measures in 2015. |
SEGMENT INFORMATION |
||||||||
(Unaudited) |
|
|||||||
|
||||||||
FLOWSERVE PUMPS DIVISION |
Year Ended December 31, |
|||||||
(Amounts in millions, except percentages) |
|
2024 |
|
|
2023 |
|
||
Bookings |
$ |
3,304.3 |
|
$ |
2,941.2 |
|
||
Sales |
|
3,158.6 |
|
|
3,064.5 |
|
||
Gross profit |
|
1,017.0 |
|
|
906.8 |
|
||
Gross profit margin |
|
32.2 |
% |
|
29.6 |
% |
||
SG&A |
|
556.2 |
|
|
575.8 |
|
||
Segment operating income |
|
480.2 |
|
|
348.9 |
|
||
Segment operating income as a percentage of sales |
|
15.2 |
% |
|
11.4 |
% |
||
|
||||||||
FLOW CONTROL DIVISION |
Year Ended December 31, |
|||||||
(Amounts in millions, except percentages) |
|
2024 |
|
|
2023 |
|
||
Bookings |
$ |
1,370.7 |
|
$ |
1,345.9 |
|
||
Sales |
|
1,409.3 |
|
|
1,266.0 |
|
||
Gross profit |
|
424.0 |
|
|
372.8 |
|
||
Gross profit margin |
|
30.1 |
% |
|
29.4 |
% |
||
SG&A |
|
252.7 |
|
|
224.8 |
|
||
Loss on sale of business |
|
(13.0 |
) |
|
- |
|
||
Segment operating income |
|
158.3 |
|
|
148.0 |
|
||
Segment operating income as a percentage of sales |
|
11.2 |
% |
|
11.7 |
% |
Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) |
|||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||
|
|
|
|
||||||||||||||||||||
(Amounts in thousands) |
|||||||||||||||||||||||
Flowserve Pumps Division |
|||||||||||||||||||||||
Twelve Months Ended
|
Gross
|
Selling,
|
Operating
|
Twelve Months Ended
|
Gross
|
Selling,
|
Operating
|
||||||||||||||||
Reported |
$ |
1,017,048 |
|
$ |
556,225 |
|
$ |
480,216 |
|
Reported |
$ |
906,775 |
|
$ |
575,792 |
|
$ |
348,867 |
|
||||
Reported as a percent of sales |
|
32.2 |
% |
|
17.6 |
% |
|
15.2 |
% |
Reported as a percent of sales |
|
29.6 |
% |
|
18.8 |
% |
|
11.4 |
% |
||||
Realignment charges (a) |
|
30,727 |
|
|
(1,078 |
) |
|
31,805 |
|
Realignment charges (a) |
|
10,797 |
|
|
(14,533 |
) |
|
25,330 |
|
||||
Discrete items (b)(c)(d) |
|
1,700 |
|
|
(6,000 |
) |
|
7,700 |
|
Discrete asset write-downs (b)(c)(d) |
|
715 |
|
|
(3,955 |
) |
|
4,670 |
|
||||
Adjusted |
$ |
1,049,475 |
|
$ |
549,147 |
|
$ |
519,721 |
|
Adjusted |
$ |
918,287 |
|
$ |
557,304 |
|
$ |
378,867 |
|
||||
Adjusted as a percent of sales |
|
33.2 |
% |
|
17.4 |
% |
|
16.5 |
% |
Adjusted as a percent of sales |
|
30.0 |
% |
|
18.2 |
% |
|
12.4 |
% |
||||
Flow Control Division |
Flow Control Division |
||||||||||||||||||||||
Twelve Months Ended
|
Gross
|
Selling,
|
Loss on Sale
|
Operating
|
Twelve Months Ended
|
Gross
|
Selling,
|
Operating
|
|||||||||||||||
Reported |
$ |
423,973 |
|
$ |
252,675 |
|
$ |
12,981 |
|
$ |
158,265 |
|
Reported |
$ |
372,808 |
|
$ |
224,774 |
|
$ |
148,034 |
|
|
Reported as a percent of sales |
|
30.1 |
% |
|
17.9 |
% |
|
0.9 |
% |
|
11.2 |
% |
Reported as a percent of sales |
|
29.4 |
% |
|
17.8 |
% |
|
11.7 |
% |
|
Realignment charges (a) |
|
1,077 |
|
|
(3,095 |
) |
|
(12,981 |
) |
|
17,153 |
|
Realignment charges (a) |
|
10,576 |
|
|
(11,393 |
) |
|
21,969 |
|
|
Discrete item (b) |
|
800 |
|
|
(400 |
) |
|
- |
|
|
1,200 |
|
Acquisition related (e) |
|
- |
|
|
(7,247 |
) |
|
7,247 |
|
|
Acquisition related (e) |
|
- |
|
|
(9,944 |
) |
|
- |
|
|
9,944 |
|
Adjusted |
$ |
383,384 |
|
$ |
206,134 |
|
$ |
177,250 |
|
|
Purchase accounting step-up and intangible asset amortization (f) |
|
3,067 |
|
|
(1,033 |
) |
|
- |
|
|
4,100 |
|
Adjusted as a percent of sales |
|
30.3 |
% |
|
16.3 |
% |
|
14.0 |
% |
|
Adjusted |
$ |
428,917 |
|
$ |
238,203 |
|
$ |
- |
|
$ |
190,662 |
|
|||||||||||
Adjusted as a percent of sales |
|
30.4 |
% |
|
16.9 |
% |
|
0.0 |
% |
|
13.5 |
% |
|||||||||||
Note: Amounts may not calculate due to rounding |
Note: Amounts may not calculate due to rounding |
||||||||||||||||||||||
(a) Charges represent realignment costs incurred as a result of realignment programs of which |
(a) Charges represent realignment costs incurred as a result of realignment programs of which |
||||||||||||||||||||||
(b) Charge represents a one-time |
(b) Charge represents a further expense of |
||||||||||||||||||||||
(c) Charge represents a reduction to reserves of |
(c) Includes reversals of expenses that were adjusted for Non-GAAP measures in previous periods of |
||||||||||||||||||||||
(d) Charge represents the |
(d) Charge represents a |
||||||||||||||||||||||
(e) Charge represents acquisition and integration related costs associated with the MOGAS acquisition. |
(e) Charges represent costs associated with a terminated acquisition. |
||||||||||||||||||||||
(f) Charge represents amortization of step-up in value of acquired inventories and acquisition related intangible assets associated with the MOGAS acquisition. |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
Fourth Quarter and Full Year 2024 - Segment Results |
|||||||||||||||||||||||
(dollars in millions, comparison vs. 2023 fourth quarter and full year, unaudited) |
|||||||||||||||||||||||
FPD |
FCD |
||||||||||||||||||||||
4th Qtr |
Full Year |
4th Qtr |
Full Year |
||||||||||||||||||||
Bookings |
$ |
816.4 |
|
$ |
3,304.3 |
|
$ |
363.4 |
|
$ |
1,370.7 |
|
|||||||||||
- vs. prior year |
|
94.2 |
|
13.0 |
% |
|
363.1 |
|
12.3 |
% |
|
36.5 |
|
11.2 |
% |
|
24.8 |
|
1.8 |
% |
|||
- on constant currency |
|
106.6 |
|
14.8 |
% |
|
388.8 |
|
13.2 |
% |
|
38.0 |
|
11.6 |
% |
|
29.1 |
|
2.2 |
% |
|||
Sales |
$ |
794.9 |
|
$ |
3,158.6 |
|
$ |
387.9 |
|
$ |
1,409.3 |
|
|||||||||||
- vs. prior year |
|
-37.9 |
|
-4.6 |
% |
|
94.1 |
|
3.1 |
% |
|
51.9 |
|
15.4 |
% |
|
143.3 |
|
11.3 |
% |
|||
- on constant currency |
|
-27.4 |
|
-3.3 |
% |
|
113.0 |
|
3.7 |
% |
|
53.0 |
|
15.8 |
% |
|
145.5 |
|
11.5 |
% |
|||
Gross Profit |
$ |
255.7 |
|
$ |
1,017.0 |
|
$ |
118.5 |
|
$ |
424.0 |
|
|||||||||||
- vs. prior year |
|
7.3 |
% |
|
12.2 |
% |
|
16.3 |
% |
|
13.7 |
% |
|||||||||||
Gross Margin (% of sales) |
|
32.2 |
% |
|
32.2 |
% |
|
30.5 |
% |
|
30.1 |
% |
|||||||||||
- vs. prior year (in basis points) |
360 bps |
260 bps |
20 bps |
70 bps |
|||||||||||||||||||
Operating Income |
$ |
129.1 |
|
$ |
480.2 |
|
$ |
44.6 |
|
$ |
158.3 |
|
|||||||||||
- vs. prior year |
|
35.6 |
|
38.1 |
% |
|
131.3 |
|
37.6 |
% |
|
-5.2 |
|
-10.4 |
% |
|
10.3 |
|
7.0 |
% |
|||
- on constant currency |
|
37.2 |
|
39.8 |
% |
|
136.5 |
|
39.1 |
% |
|
-5.2 |
|
-10.4 |
% |
|
11.3 |
|
7.6 |
% |
|||
Operating Margin (% of sales) |
|
16.2 |
% |
|
15.2 |
% |
|
11.5 |
% |
|
11.2 |
% |
|||||||||||
- vs. prior year (in basis points) |
500 bps |
380 bps |
(330) bps |
(50) bps |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
Adjusted Operating Income * |
$ |
139.0 |
|
$ |
519.7 |
|
$ |
59.2 |
|
|
|
$ |
190.7 |
|
|
||||||||
- vs. prior year |
|
40.9 |
|
41.7 |
% |
|
140.8 |
|
37.2 |
% |
|
3.4 |
|
6.1 |
% |
|
|
13.4 |
|
7.6 |
% |
||
- on constant currency |
|
42.5 |
|
43.4 |
% |
|
146.0 |
|
38.5 |
% |
|
3.4 |
|
6.2 |
% |
|
|
14.4 |
|
8.1 |
% |
||
|
|
|
|
||||||||||||||||||||
Adj. Oper. Margin (% of sales)* |
|
17.5 |
% |
|
16.5 |
% |
|
15.3 |
% |
|
|
|
13.5 |
% |
|
||||||||
- vs. prior year (in basis points) |
570 bps |
410 bps |
(130) bps |
|
|
(50) bps |
|
||||||||||||||||
|
|
||||||||||||||||||||||
Backlog |
$ |
1,930.4 |
|
$ |
869.6 |
|
|||||||||||||||||
* Adjusted Operating Income and Adjusted Operating Margin exclude realignment charges and other specific discrete items |
CONSOLIDATED BALANCE SHEETS |
|
||||||
(Unaudited) |
|
||||||
December 31, |
December 31, |
||||||
(Amounts in thousands, except par value) |
|
2024 |
|
|
2023 |
|
|
|
|||||||
ASSETS |
|
||||||
Current assets: |
|
||||||
Cash and cash equivalents |
$ |
675,441 |
|
$ |
545,678 |
|
|
Accounts receivable, net of allowance for expected credit losses of |
|
976,739 |
|
|
881,869 |
|
|
Contract assets, net |
|
298,906 |
|
|
280,228 |
|
|
Inventories |
|
828,254 |
|
|
879,937 |
|
|
Prepaid expenses and other |
|
116,157 |
|
|
116,065 |
|
|
Total current assets |
|
2,895,497 |
|
|
2,703,777 |
|
|
Property, plant and equipment, net |
|
539,703 |
|
|
506,158 |
|
|
Operating lease right-of-use assets, net |
|
159,400 |
|
|
156,430 |
|
|
Goodwill |
|
1,293,795 |
|
|
1,182,225 |
|
|
Deferred taxes |
|
221,742 |
|
|
218,358 |
|
|
Other intangible assets, net |
|
188,604 |
|
|
122,248 |
|
|
Other assets, net |
|
200,580 |
|
|
219,523 |
|
|
Total assets |
$ |
5,499,321 |
|
$ |
5,108,719 |
|
|
|
|
||||||
LIABILITIES AND EQUITY |
|
|
|||||
Current liabilities: |
|
|
|||||
Accounts payable |
$ |
545,310 |
|
$ |
547,824 |
|
|
Accrued liabilities |
|
561,486 |
|
|
504,430 |
|
|
Contract liabilities |
|
282,170 |
|
|
287,697 |
|
|
Debt due within one year |
|
44,059 |
|
|
66,243 |
|
|
Operating lease liabilities |
|
33,559 |
|
|
32,382 |
|
|
Total current liabilities |
|
1,466,584 |
|
|
1,438,576 |
|
|
Long-term debt due after one year |
|
1,460,132 |
|
|
1,167,307 |
|
|
Operating lease liabilities |
|
149,838 |
|
|
138,665 |
|
|
Retirement obligations and other liabilities |
|
371,055 |
|
|
389,120 |
|
|
Shareholders’ equity: |
|
|
|||||
Common shares, |
|
220,991 |
|
|
220,991 |
|
|
Shares authorized – 305,000 |
|
|
|||||
Shares issued – 176,793 and 176,793, respectively |
|
|
|||||
Capital in excess of par value |
|
502,045 |
|
|
506,525 |
|
|
Retained earnings |
|
4,025,750 |
|
|
3,854,717 |
|
|
Treasury shares, at cost – 45,688 and 45,885 shares, respectively |
|
(2,007,869 |
) |
|
(2,014,474 |
) |
|
Deferred compensation obligation |
|
8,172 |
|
|
7,942 |
|
|
Accumulated other comprehensive loss |
|
(741,424 |
) |
|
(639,601 |
) |
|
Total Flowserve Corporation shareholders' equity |
|
2,007,665 |
|
|
1,936,100 |
|
|
Noncontrolling interests |
|
44,047 |
|
|
38,951 |
|
|
Total equity |
|
2,051,712 |
|
|
1,975,051 |
|
|
Total liabilities and equity |
$ |
5,499,321 |
|
$ |
5,108,719 |
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
(Unaudited) |
|
||||||||||
Year Ended December 31, |
|||||||||||
(Amounts in thousands) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
||
|
|||||||||||
Cash flows – Operating activities: |
|
||||||||||
Net earnings, including noncontrolling interests |
$ |
301,226 |
|
$ |
205,188 |
|
$ |
198,015 |
|
||
Adjustments to reconcile net earnings to net cash provided (used) by operating activities: |
|
|
|
||||||||
Depreciation |
|
75,849 |
|
|
73,464 |
|
|
77,636 |
|
||
Amortization of intangible and other assets |
|
9,749 |
|
|
10,283 |
|
|
13,317 |
|
||
Loss on sale of business |
|
12,981 |
|
|
- |
|
|
- |
|
||
Stock-based compensation |
|
30,474 |
|
|
27,808 |
|
|
25,530 |
|
||
Foreign currency, asset write downs and other non-cash adjustments |
|
24,172 |
|
|
(17,331 |
) |
|
(27,758 |
) |
||
Change in assets and liabilities, net of businesses acquired: |
|||||||||||
Accounts receivable, net |
|
(74,886 |
) |
|
4,744 |
|
|
(152,011 |
) |
||
Inventories |
|
47,915 |
|
|
(59,831 |
) |
|
(147,492 |
) |
||
Contract assets, net |
|
(20,197 |
) |
|
(41,149 |
) |
|
(41,768 |
) |
||
Prepaid expenses and other assets, net |
|
7,610 |
|
|
7,825 |
|
|
17,461 |
|
||
Accounts payable |
|
(11,756 |
) |
|
53,065 |
|
|
78,968 |
|
||
Contract liabilities |
|
(18,706 |
) |
|
26,837 |
|
|
61,684 |
|
||
Accrued liabilities |
|
54,479 |
|
|
59,213 |
|
|
(5,226 |
) |
||
Retirement obligations and other |
|
1,456 |
|
|
38,497 |
|
|
(1,430 |
) |
||
Net deferred taxes |
|
(15,058 |
) |
|
(62,841 |
) |
|
(136,936 |
) |
||
Net cash flows provided (used) by operating activities |
|
425,308 |
|
|
325,772 |
|
|
(40,010 |
) |
||
Cash flows – Investing activities: |
|
|
|
||||||||
Capital expenditures |
|
(81,019 |
) |
|
(67,359 |
) |
|
(76,287 |
) |
||
Payments for acquisition, net of cash acquired |
|
(305,924 |
) |
|
- |
|
|
- |
|
||
Proceeds from disposal of assets |
|
2,244 |
|
|
2,057 |
|
|
4,422 |
|
||
Payments for disposition of business |
|
(2,555 |
) |
|
- |
|
|
- |
|
||
Proceeds from termination of cross-currency swap |
|
- |
|
|
- |
|
|
66,004 |
|
||
Net affiliate investment activity |
|
40 |
|
|
(3,278 |
) |
|
(225 |
) |
||
Net cash flows provided (used) by investing activities |
|
(387,214 |
) |
|
(68,580 |
) |
|
(6,086 |
) |
||
Cash flows – Financing activities: |
|||||||||||
Proceeds from term loan |
|
366,000 |
|
|
- |
|
|
- |
|
||
Payments on term loan |
|
(95,375 |
) |
|
(40,000 |
) |
|
(32,500 |
) |
||
Proceeds under revolving credit facility |
|
100,000 |
|
|
280,000 |
|
|
45,000 |
|
||
Payments under revolving credit facility |
|
(100,000 |
) |
|
(280,000 |
) |
|
(45,000 |
) |
||
Proceeds under other financing arrangements |
|
1,437 |
|
|
1,114 |
|
|
1,733 |
|
||
Payments under other financing arrangements |
|
(1,455 |
) |
|
(2,604 |
) |
|
(1,790 |
) |
||
Payments related to tax withholding for stock-based compensation |
|
(9,581 |
) |
|
(6,245 |
) |
|
(4,683 |
) |
||
Repurchases of common shares |
|
(20,070 |
) |
|
- |
|
|
- |
|
||
Payments of dividends |
|
(110,440 |
) |
|
(104,955 |
) |
|
(104,549 |
) |
||
Other |
|
(13,021 |
) |
|
(324 |
) |
|
(8,223 |
) |
||
Net cash flows provided (used) by financing activities |
|
117,495 |
|
|
(153,014 |
) |
|
(150,012 |
) |
||
Effect of exchange rate changes on cash |
|
(25,826 |
) |
|
6,529 |
|
|
(27,373 |
) |
||
Net change in cash and cash equivalents |
|
129,763 |
|
|
110,707 |
|
|
(223,481 |
) |
||
Cash and cash equivalents at beginning of year |
|
545,678 |
|
|
545,678 |
|
|
658,452 |
|
||
Cash and cash equivalents at end of year |
$ |
675,441 |
|
$ |
656,385 |
|
$ |
434,971 |
|
||
Income taxes paid (net of refunds) |
$ |
81,172 |
|
$ |
119,275 |
|
$ |
60,085 |
|
||
Interest paid |
|
66,809 |
|
|
64,865 |
|
|
41,629 |
|
||
Non-Cash Investing and Financing Activities: |
|||||||||||
Contingent liabilities incurred related to acquired business, but not paid |
$ |
15,000 |
|
$ |
- |
|
|
- |
|
About Flowserve:
Flowserve Corporation 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 website 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: 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; 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
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.
The Company reports its financial results in accordance with
View source version on businesswire.com: https://www.businesswire.com/news/home/20250218332918/en/
Flowserve
Investor Contacts:
Brian Ezzell, Vice President, Investor Relations, Treasurer & Corporate Finance (972) 443-6560
Tarek Zeni, Director, Investor Relations (469) 420-4045
Media Contact:
Wes Warnock, Vice President, Marketing, Communications & Public Affairs (972) 443-6900
Source: Flowserve Corporation