Flowserve Corp - FLS STOCK NEWS

Flowserve (NYSE: FLS) announced its Q2 2024 financial results, significantly surpassing previous performance metrics. The company reported a 41% increase in reported EPS to $0.55 and a 40% rise in adjusted EPS to $0.73. Total bookings hit $1.25 billion, marking a 12.2% growth and the highest quarterly level since 2014, with aftermarket bookings at a record $610 million.

Sales grew by 7.1% to $1.16 billion, with original equipment sales up by 9.4% and aftermarket sales increasing by 5.0%. Adjusted gross and operating margins improved by 200 and 210 basis points to 32.3% and 12.5%, respectively. The backlog reached $2.7 billion, up 2.8% sequentially.

Flowserve raised its full-year 2024 adjusted EPS guidance to $2.60-$2.75, reflecting confidence in its operational performance and market outlook.

CEO Scott Rowe highlighted operational excellence and product management as key drivers of growth, positioning the company well for future success.

Flowserve (NYSE: FLS) has acquired cryogenic Liquefied Natural Gas (LNG) submerged pump technology from NexGen Cryogenic Solutions, Inc. This acquisition includes intellectual property and in-process R&D related to LNG pump and cold energy recovery turbine (CERT) technology for liquefaction, shipping, and regasification markets. The move is expected to expand Flowserve's LNG product portfolio and complement its existing offerings.

The acquisition aligns with Flowserve's 3D growth strategy to diversify, decarbonize, and digitize. It aims to strengthen the company's decarbonization offerings across the LNG value chain. Flowserve plans to leverage its new state-of-the-art LNG pump facility and network of quick response centers to commercialize this technology.

The transaction closed in Q3 2024 and is expected to reduce Flowserve's adjusted earnings per share by $0.05 in that quarter.

Flowserve (NYSE:FLS), a key player in the flow control products and services sector, is set to release its second quarter 2024 financial results after the NYSE closes on Monday, July 29. A conference call with the financial community will be held the next day, July 30, at 10 a.m. Eastern time, hosted by President and CEO Scott Rowe and other management members. Shareholders and interested parties can access the earnings materials and webcast through Flowserve’s Investors page.

Flowserve (NYSE: FLS), a leading provider of flow control products, has partnered with Germany's Heide Refinery to implement Flowserve’s Energy Advantage Program. This collaboration aims to enhance energy efficiency and reduce carbon emissions. The program’s first phase projects a reduction in power consumption by over 2,000 MWh annually, translating to a savings of 1,300 metric tons of CO2. The partnership will focus on optimizing pump and valve power consumption with minimal disruption to existing processes. Flowserve's initial assessment identified potential savings in Heide Refinery’s highest energy-consuming flow loops. This initiative is part of Heide's effort to provide reliable energy while reducing its environmental impact. The success of the pilot phase has encouraged both companies to expand the program to other areas within the plant.

Flowserve (NYSE:FLS), a top provider of flow control products and services for global infrastructure markets, announced its participation in two key investor events. On June 5, 2024, Flowserve will attend the Stifel 2024 Cross Sector Insight Conference, where CEO Scott Rowe will engage in investor meetings and a fireside chat at 9:45 a.m. EDT. The following day, June 6, 2024, Flowserve will take part in the Deutsche Bank 15th Annual Global Industrials, Materials & Building Products Conference in New York City, conducting individual investor meetings. Both events aim to provide insights into Flowserve's business and strategic direction. The June 5 fireside chat will be accessible via a live webcast on Flowserve’s Investors Page, with a replay available afterward.

Flowserve (NYSE: FLS) announced that its Board of Directors has authorized a quarterly cash dividend of $0.21 per share. This dividend will be paid on July 12, 2024, to shareholders of record as of June 28, 2024. The company focuses on providing flow control products and services for global infrastructure markets. While Flowserve aims to maintain regular quarterly dividends, future payments will be reviewed and declared individually by the Board at its discretion.

Flowserve Corp. (NYSE: FLS) held its 2024 Annual Meeting of Shareholders virtually on May 16, 2024. Shareholders elected 11 directors to serve until the 2025 meeting. An advisory vote on executive compensation passed with 94.6% approval, and PricewaterhouseCoopers LLP was ratified as the independent auditor for 2024. The Employee Stock Purchase Plan was overwhelmingly approved with 99.9% in favor. A shareholder proposal on political spending was rejected by 73.7% of voters. Detailed voting results will be available in a Form 8-K filing.

Flowserve (FLS) has released its 2023 ESG Report, highlighting its achievements in reducing carbon intensity, supporting communities, and developing sustainable products. The report showcases the company's success in achieving its carbon intensity reduction goal of 40% by 2030, surpassing it by reducing 46% in 2023. Flowserve also contributed over $700,000 to various causes through Flowserve Cares, received recognition for its environmental efforts, and achieved ISO 27001 certification for its cybersecurity program. The company's focus on its 3D strategy has led to the introduction of new products supporting sustainability initiatives.

Flowserve (NYSE:FLS) will participate in upcoming investor conferences such as Oppenheimer's 19th Annual Industrial Growth Conference, BofA Securities 31st Annual Transportation, Airlines and Industrials Conference, and TD Cowen 2nd Annual Sustainability Week. The President and CEO, Scott Rowe, will take part in fireside chats during these events, providing valuable insights to shareholders and interested parties.