Flowserve Announces Quarterly Cash Dividend of $0.19 Per Share
March 07 2019 - 5:28PM
Business Wire
Flowserve Corporation, (NYSE: FLS), a leading provider of flow
control products and services for the global infrastructure
markets, announced that its Board of Directors has authorized a
quarterly cash dividend of $0.19 per share on the company's
outstanding shares of common stock.
The dividend is payable on April 12, 2019, to shareholders of
record as of the close of business on March 29, 2019.
While Flowserve currently intends to pay regular quarterly cash
dividends for the foreseeable future, any future dividends, at this
$0.19 per share rate or otherwise, will be reviewed individually
and declared by the Board at its discretion.
About Flowserve: Flowserve Corp. is one of the world’s
leading providers of fluid motion and control products and
services. Operating in more than 55 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: 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; risks associated with cost
overruns on fixed-fee projects and in taking customer orders for
large complex custom engineered products; 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 or
trade embargoes that could affect customer markets, particularly
North African, Russian 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; 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; our furnishing of products and services to nuclear
power plant facilities and other critical processes; potential
adverse consequences resulting from litigation to which we are a
party, such as litigation involving asbestos-containing material
claims; a foreign government investigation regarding our
participation in the United Nations Oil-for-Food Program;
expectations regarding acquisitions and the integration of acquired
businesses; our relative geographical profitability and its impact
on our utilization of deferred tax assets, including foreign tax
credits; 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; if
we are not able to successfully execute and realize the expected
financial benefits from our strategic realignment and other
cost-savings initiatives, our business could be adversely affected;
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.
The Company reports its financial results in
accordance with U.S. generally accepted accounting principles
(GAAP). However, management believes that non-GAAP financial
measures which exclude certain non-recurring items present
additional useful comparisons between current results and results
in prior operating periods, providing investors with a clearer view
of the underlying trends of the business. Management also uses
these non-GAAP financial measures in making financial, operating,
planning and compensation decisions and in evaluating the Company's
performance. Throughout our materials we refer to non-GAAP measures
as “Adjusted.” Non-GAAP financial measures, which may be
inconsistent with similarly captioned measures presented by other
companies, should be viewed in addition to, and not as a substitute
for, the Company’s reported results prepared in accordance with
GAAP.
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version on businesswire.com: https://www.businesswire.com/news/home/20190307005888/en/
FlowserveInvestor Contacts:Jay Roueche, Vice President,
Investor Relations & Treasurer, (972) 443-6560Mike Mullin,
Director, Investor Relations, (972) 443-6636
Media Contact:Lars Rosene, Vice President, Corporate &
Marketing Communications, (972) 443-6644
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