Welcome to our dedicated page for Flowserve Corporation news (Ticker: FLS), a resource for investors and traders seeking the latest updates and insights on Flowserve Corporation stock.
Flowserve Corporation (NYSE: FLS) is a global leader in the design, manufacturing, and aftermarket servicing of comprehensive flow control systems. With over 19,000 employees spread across more than 60 countries, Flowserve leverages a rich heritage of over 220 years, built upon 50 world-renowned brands. This firm commitment has earned Flowserve a solid foundation of customer loyalty and equity around the world.
Flowserve's innovative solutions serve a myriad of industries, including oil and gas, power generation, chemical processing, water management, pharmaceuticals, and food processing. The company's extensive product range includes pumps, valves, seals, and services aimed at addressing complex flow control challenges. This makes Flowserve a pioneer in the development and application of advanced solutions to meet its clients' evolving needs.
The corporation is dedicated to providing precision-engineered equipment that ensures the efficient movement and protection of customer materials and processes. Notably, Flowserve operates a network of Quick Response Centers designed to offer aftermarket services such as installation, diagnostics, repair, and retrofitting. These centers play a crucial role in maintaining the operational efficiency and longevity of the equipment used in various industries.
Flowserve's financial health is robust, with significant revenue contributions from North America and Europe. The company's strategic partnerships and strong focus on R&D have enabled it to stay at the forefront of industry innovations. Recent accomplishments include advancements in sustainable practices and new product launches tailored to meet the increasing demand for eco-friendly solutions.
In summary, Flowserve Corporation stands out as a key player in the global market for flow control systems. Its dedication to quality, innovation, and customer satisfaction continues to drive its success and industry leadership.
Flowserve (NYSE:FLS) has reported preliminary fourth quarter 2022 financial results, expecting $1.1 billion in bookings and approximately $1 billion in revenues, which reflects a 13% increase year-over-year. Adjusted EPS is anticipated between $0.59 and $0.63. For 2023, Flowserve projects revenue growth of 9% to 11% and an Adjusted EPS range of $1.50 to $1.75. The company ended 2022 with approximately $435 million in cash, and plans to acquire Velan Inc. This acquisition is expected to close in Q2 2023 and is not included in 2023 guidance. The conference call for detailed results is scheduled for February 22, 2023.
Flowserve Corporation (NYSE: FLS) announced its acquisition of Velan Inc. for approximately $245 million. This all-cash transaction includes $209 million for Velan's outstanding equity and $36.3 million in debt. Velan's current revenues stand at $380 million with an EBITDA of $21 million. The acquisition is expected to enhance Flowserve's Flow Control Division through synergies and increased aftermarket revenues, contributing approximately $20 million in cost synergies within two years. The deal offers Velan shareholders a premium of 119% over the average price, reflecting a significant strategic move for Flowserve's growth.
Flowserve Corporation (NYSE:FLS) will supply over 400 pumps for Aramco's Jafurah project in Saudi Arabia, a key unconventional gas field. The contract's value is part of Flowserve's Q3 2022 backlog. Collaborating with three EPC companies, Flowserve will provide various pumps and sealing systems for crucial facilities, including gas treatment and sulfur removal. This project supports Saudi Arabia's carbon reduction goals and enhances Aramco's blue hydrogen initiatives. Flowserve's president emphasizes their commitment to this strategic partnership and future opportunities.
Flowserve Corporation (NYSE: FLS) has announced a quarterly cash dividend of $0.20 per share for its common stock, payable on January 13, 2023. Shareholders of record on December 30, 2022 will receive this dividend. The company intends to maintain regular quarterly dividends in the future, although future declarations will be at the Board's discretion. Flowserve specializes in fluid motion and control products and services, operating in over 55 countries.
Flowserve Corporation (NYSE: FLS) announced that CEO Scott Rowe will participate in a fireside chat at the 52nd Annual Baird Global Industrial Conference in Chicago, IL, on November 8, 2022, at 12:35 p.m. CST. A webcast of this discussion will be accessible to shareholders and the public via Flowserve's Investor Relations page. Flowserve is a prominent player in flow control products and services, operating in over 55 countries, delivering engineered pumps, seals, and valves.
Flowserve Corporation (NYSE: FLS) reported strong third-quarter financial results, highlighted by bookings of $1.22 billion, a 34.2% increase year-over-year. Reported Earnings Per Share (EPS) was $0.29, benefiting from a below-the-line foreign exchange gain of $30 million. The company has a backlog of $2.6 billion, up 29.9% from the end of 2021, positioning it for growth. Flowserve announced an acquisition aimed at enhancing its 3D strategy focusing on hydrogen pumps. Looking forward, the company anticipates fourth-quarter EPS of at least $0.40 with an 8-10% revenue growth.
Flowserve Corporation (NYSE: FLS) and Chart Industries, Inc. (NYSE: GTLS) have entered into an agreement to advance hydrogen technology as a cleaner fuel source. Flowserve will acquire R&D from Chart related to liquid hydrogen fueling pumps and will become the sole manufacturer. These pumps will support more than 100 planned hydrogen fueling systems for fuel cell vehicles, set to roll out in California, Australia, and South Korea over the next five years. This partnership aligns with Flowserve's strategy for diversification and decarbonization.
Flowserve Corporation (NYSE: FLS) announced it will release Q3 2022 earnings on October 31, following NYSE close. A conference call with management, including CEO Scott Rowe, will take place on November 1 at 11 a.m. ET to discuss the results. Investors can access the earnings materials and listen to the call via the company's Investor Relations page. Flowserve is a global leader in flow control products and services, operating in over 55 countries.
Flowserve Corporation (NYSE: FLS) announced a contract to provide vertical turbine pumps for the West Kauai Energy Project in Hawaii, aimed at achieving zero carbon emissions. This initiative aligns with Hawaii's goal of 100% renewable energy by 2045. The project will help meet Kauai's electricity needs and improve energy storage capabilities significantly. Flowserve's pumps are crucial for the project's hydropower and storage components, allowing for extended renewable energy usage without sunlight. This partnership reflects Flowserve's commitment to supporting energy transition initiatives.
Flowserve Corporation (NYSE: FLS) has launched the FLEX™ Isobaric Energy Recovery Device, a compact pressure exchanger designed for reverse osmosis plants. This device recovers over 98% of hydraulic energy, reducing the costs associated with desalination. Flowserve aims to expand its presence in the desalination market while advancing sustainable solutions. The FLEX’s simple design allows for remote monitoring via Flowserve’s RedRaven IoT platform. Successful pilots in multiple plants have already demonstrated its tangible benefits.
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