- First quarter Reported and Adjusted1 Earnings Per Share
(EPS)2 of 56 cents and 58 cents, an increase of 180% and 45%,
respectively, reflects continued strong operational
momentum
- Raised full-year 2024 Adjusted EPS guidance3 to $2.50 to
$2.70, almost a 24% year-over-year increase at the
midpoint
- Delivered solid first quarter Bookings of $1.04 billion,
including strong aftermarket activity exceeding $575
million
- Adjusted Gross and Operating Margin4 of 31.7% and 10.9%,
respectively, increased 130 and 260 basis points compared to prior
year
- Record first quarter Operating Cash Flow of $62
million
Flowserve Corporation (NYSE: FLS), a leading provider of flow
control products and services for the global infrastructure
markets, today announced its financial results for the first
quarter ended March 31, 2024.
First Quarter 2024
Highlights (all comparisons to the 2023 first quarter,
unless otherwise noted)
- Reported EPS of $0.56 and Adjusted EPS of $0.58, compared to
$0.20 and $0.40, respectively
- First quarter 2024 Reported EPS includes after-tax adjusted
expenses of $3.2 million, comprised of realignment charges,
partially offset by below-the-line foreign exchange and a reduction
to reserves
- Total bookings were $1.04 billion, down $19.0 million or 1.8%.
On a constant currency basis5, total bookings were down $18.7
million or 1.8%
- Original equipment bookings were $462.5 million, down $44.5
million or 8.8%. On a constant currency basis, original equipment
bookings were down $44.9 million or 8.9%
- Aftermarket bookings were $575.8 million, up $25.5 million or
4.6%. On a constant currency basis, aftermarket bookings were up
$26.2 million or 4.8%
- Second quarter 2024 bookings have started strong, as indicated
by the recently announced project awards valued at over $150
million
- Sales were $1.09 billion, up $107.2 million or 10.9%. On a
constant currency basis, sales were up $104.3 million or 10.6%
- Original equipment sales were $528.6 million, up $65.2 million
or 14.1%. On a constant currency basis, original equipment sales
were up $62.5 million or 13.5%
- Aftermarket sales were $558.9 million, up $42.0 million or
8.1%. On a constant currency basis, aftermarket sales were up $41.8
million or 8.1%
- Reported gross and operating margins were 31.2% and 10.4%,
respectively, up 90 basis points and 460 basis points, respectively
- Adjusted gross and operating margins were 31.7% and 10.9%,
respectively, up 130 basis points and 260 basis points,
respectively
- Backlog of $2.6 billion, down 3.1% compared to year-end 2023,
and down 6.9% compared to March 31, 2023
- First quarter 2024 book-to-bill ratio solid at 0.95x
“We delivered strong first quarter results, with significant
year-over-year growth in revenue, margins, adjusted earnings, and
cash flow. We are pleased with our level of bookings during the
period, primarily driven by the strength of our base business,
including aftermarket and short-cycle original equipment awards,”
said Scott Rowe, Flowserve’s President and Chief Executive Officer.
“As anticipated, we were excited to announce winning two sizable
projects this April in the Middle East, collectively valued at over
$150 million which will be reflected in our second quarter
results.”
Rowe concluded, “With our solid performance in the first quarter
and the opportunities ahead during the year, we have increased our
full-year Adjusted EPS target range to $2.50 to $2.70, a near 24%
increase at the midpoint year-over-year. We are committed to
building on our recent operational momentum to expand margins,
including through effective product management and portfolio
optimization. Our 3D strategy is delivering results, and we remain
committed to further expanding our diversification, decarbonization
and digitization activities in faster-growing, attractive markets.
I am confident that our continued progress will enable us to create
long-term value for our customers, associates, and
shareholders.”
Revised 2024 Guidance3
Flowserve is raising its Adjusted EPS guidance metrics for 2024
and reaffirmed its other financial targets, as shown in the table
below:
Prior
Target Range6
Revised
Target Range
Revenue Growth
Up 4.0% to 6.0%
Reaffirmed
Reported Earnings Per Share
$2.25 - $2.45
Reaffirmed
Adjusted Earnings Per Share
$2.40 - $2.60
$2.50 - $2.70
Net Interest Expense
$60 to $65 million
Reaffirmed
Adjusted Tax Rate
~20%
Reaffirmed
Capital Expenditures
$75 - $85 million
Reaffirmed
Flowserve’s 2024 Adjusted EPS target range excludes expected
adjusted items including realignment charges of approximately $30
million, as well as the potential impact of below-the-line foreign
currency effects and certain other discrete items which may arise
during the course of the year.
First Quarter 2024 Results Conference
Call
Flowserve will host its conference call with the financial
community on Tuesday, April 30th at 11:00 AM Eastern. 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
under the “Investor Relations” section.
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 EPS excludes identified
realignment expenses, the impact from other specific discrete items
and below-the-line foreign currency effects and utilizes the
then-applicable FX rates and approximately 132 million fully
diluted shares. 3 Adjusted 2024 EPS excludes realignment expenses
as well as the impact of below-the-line foreign currency effects
and certain other discrete items which may arise during the year
and utilizes March 2024 foreign exchange rates and approximately
132 million fully diluted shares. 4 Adjusted gross and operating
margins are calculated by dividing adjusted gross profit and
adjusted operating income, respectively, by revenues. Adjusted
gross profit and adjusted operating income are derived by excluding
the adjusted items. 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. 5
Constant currency is a non-GAAP financial measure. We have
calculated constant currency amounts and the associated currency
effects on operations by translating current year results on a
monthly basis at prior year exchange rates for the same periods. 6
Prior target range was provided as of February 20, 2024.
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
Three Months Ended March
31,
(Amounts in thousands, except per share
data)
2024
2023
Sales
$
1,087,479
$
980,305
Cost of sales
(748,511
)
(683,475
)
Gross profit
338,968
296,830
Selling, general and administrative
expense
(228,418
)
(244,268
)
Net earnings from affiliates
2,529
4,624
Operating income
113,079
57,186
Interest expense
(15,317
)
(16,211
)
Interest income
1,169
1,494
Other income (expense), net
(874
)
(8,020
)
Earnings (loss) before income taxes
98,057
34,449
Provision for income taxes
(20,142
)
(4,453
)
Net earnings (loss), including
noncontrolling interests
77,915
29,996
Less: Net earnings attributable to
noncontrolling interests
(3,695
)
(3,230
)
Net earnings (loss) attributable to
Flowserve Corporation
$
74,220
$
26,766
Net earnings (loss) per share attributable
to Flowserve Corporation common shareholders:
Basic
$
0.56
$
0.20
Diluted
0.56
0.20
Weighted average shares – basic
131,510
130,930
Weighted average shares – diluted
132,368
131,754
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 March 31,
2024
Gross Profit
Selling, General &
Administrative Expense
Operating Income
Other Income (Expense),
Net
Provision For (Benefit From)
Income Taxes
Net Earnings (Loss)
Effective Tax Rate
Diluted EPS
Reported
$
338,968
$
228,418
$
113,079
$
(874
)
$
20,142
$
74,220
20.5
%
0.56
Reported as a percent of sales
31.2
%
21.0
%
10.4
%
-0.1
%
1.9
%
6.8
%
Realignment charges (a)
5,673
(1,494
)
7,167
-
723
6,444
10.1
%
0.05
Discrete item (b)
-
2,000
(2,000
)
-
-
(2,000
)
0.0
%
(0.02
)
Below-the-line foreign exchange impacts
(c)
-
-
-
(1,323
)
(51
)
(1,273
)
3.8
%
(0.01
)
Adjusted
$
344,641
$
228,924
$
118,246
$
(2,197
)
$
20,814
$
77,392
20.4
%
0.58
Adjusted as a percent of sales
31.7
%
21.1
%
10.9
%
-0.2
%
1.9
%
7.1
%
Note: Amounts may not calculate due to
rounding
(a) Charges represent realignment costs
incurred as a result of realignment programs of which $800 is
non-cash.
(b) Represents a reduction to reserves
associated with our ongoing financial exposure in Russia that were
adjusted for Non-GAAP measures when established in 2022.
(c) 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 March 31,
2023
Gross Profit
Selling, General &
Administrative Expense
Operating Income
Other Income (Expense),
Net
Provision For (Benefit From)
Income Taxes
Net Earnings (Loss)
Effective Tax Rate
Diluted EPS
Reported
$
296,830
$
244,268
$
57,186
$
(8,020
)
$
4,453
$
26,766
12.9
%
$
0.20
Reported as a percent of sales
30.3
%
24.9
%
5.8
%
-0.8
%
0.5
%
2.7
%
Realignment charges (a)
202
(16,677
)
16,879
-
3,184
13,695
18.9
%
0.10
Discrete asset write-downs (b)(c)
1,173
(2,917
)
4,090
-
1,038
3,052
25.4
%
0.02
Acquisition related (d)
-
(3,096
)
3,096
-
822
2,274
26.6
%
0.02
Below-the-line foreign exchange impacts
(e)
-
-
-
7,406
549
6,857
7.4
%
0.05
Adjusted
$
298,205
$
221,578
$
81,251
$
(614
)
$
10,046
$
52,644
15.2
%
$
0.40
Adjusted as a percent of sales
30.4
%
22.6
%
8.3
%
-0.1
%
1.0
%
5.4
%
Note: Amounts may not calculate due to
rounding
(a) Charges represent realignment costs
incurred as a result of realignment programs of which $7,597 is
non-cash.
(b) Charge represents a further $1,173
non-cash write-down of inventory associated with a customer sales
contract that was determined to be uncollectible and adjusted out
for Non-GAAP measures in a previous period.
(c) Charge represents a $2,917 non-cash
write-down of a licensing agreement.
(d) Charges represent costs associated
with a terminated acquisition.
(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 March
31,
(Amounts in millions, except
percentages)
2024
2023
Bookings
$
703.5
$
728.5
Sales
769.4
700.1
Gross profit
247.9
221.4
Gross profit margin
32.2
%
31.6
%
SG&A
139.7
147.0
Segment operating income
110.9
79.1
Segment operating income as a percentage
of sales
14.4
%
11.3
%
FLOW CONTROL DIVISION
Three Months Ended March
31,
(Amounts in millions, except
percentages)
2024
2023
Bookings
$
341.1
$
332.0
Sales
320.5
281.6
Gross profit
92.7
80.3
Gross profit margin
28.9
%
28.5
%
SG&A
58.0
61.8
Segment operating income
34.7
18.5
Segment operating income as a percentage
of sales
10.8
%
6.6
%
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 March 31,
2024
Gross Profit
Selling, General &
Administrative Expense
Operating Income
Three Months Ended March 31,
2023
Gross Profit
Selling, General &
Administrative Expense
Operating Income
Reported
$
247,938
$
139,710
$
110,894
Reported
$
221,427
$
146,979
$
79,073
Reported as a percent of sales
32.2
%
18.2
%
14.4
%
Reported as a percent of sales
31.6
%
21.0
%
11.3
%
Realignment charges (a)
5,044
(1,041
)
6,085
Realignment charges (a)
390
(2,050
)
2,440
Discrete item (b)
-
2,000
(2,000
)
Discrete asset write-downs (b)(c)
1,173
(2,917
)
4,090
Adjusted
$
252,982
$
140,669
$
114,979
Adjusted
$
222,990
$
142,012
$
85,603
Adjusted as a percent of sales
32.9
%
18.3
%
14.9
%
Adjusted as a percent of sales
31.9
%
20.3
%
12.2
%
Flow Control
Division
Three Months Ended March 31,
2024
Gross Profit
Selling, General &
Administrative Expense
Operating Income
Three Months Ended March 31,
2023
Gross Profit
Selling, General &
Administrative Expense
Operating Income
Reported
$
92,695
$
57,987
$
34,708
Reported
$
80,293
$
61,759
$
18,534
Reported as a percent of sales
28.9
%
18.1
%
10.8
%
Reported as a percent of sales
28.5
%
21.9
%
6.6
%
Realignment charges (a)
767
(114
)
881
Realignment charges (a)
11
(8,906
)
8,917
Adjusted
$
93,462
$
57,873
$
35,589
Acquisition related (d)
-
(3,096
)
3,096
Adjusted as a percent of sales
29.2
%
18.1
%
11.1
%
Adjusted
$
80,304
$
49,757
$
30,547
Adjusted as a percent of sales
28.5
%
17.7
%
10.8
%
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 $800 is
non-cash.
(a) Charges represent realignment costs
incurred as a result of realignment programs of which $7,597 is
non-cash.
(b) Represents a reduction to reserves
associated with our ongoing financial exposure in Russia that were
adjusted for Non-GAAP measures when established in 2022.
(b) Charge represents a further $1,173
non-cash write-down of inventory associated with a customer sales
contract that was determined to be uncollectible and adjusted out
for Non-GAAP measures in a previous period.
(c) Charge represents a $2,917 non-cash
write-down of a licensing agreement.
(d) Charges represent costs associated
with a terminated acquisition.
First Quarter - Segment Results
(dollars in millions, comparison vs. 2023 first quarter, unaudited)
FPD
FCD
1st Qtr
1st Qtr
Bookings
$
703.5
$
341.1
- vs. prior year
-25.0
-3.4
%
9.1
2.7
%
- on constant currency
-25.5
-3.5
%
9.9
3.0
%
Sales
$
769.4
$
320.5
- vs. prior year
69.3
9.9
%
38.9
13.8
%
- on constant currency
66.1
9.4
%
39.2
13.9
%
Gross Profit
$
247.9
$
92.7
- vs. prior year
12.0
%
15.4
%
Gross Margin (% of sales)
32.2
%
28.9
%
- vs. prior year (in basis points)
60 bps
40 bps
Operating Income
$
110.9
$
34.7
- vs. prior year
31.8
40.2
%
16.2
87.6
%
- on constant currency
32.1
40.7
%
16.5
88.9
%
Operating Margin (% of sales)
14.4
%
10.8
%
- vs. prior year (in basis points)
310 bps
420 bps
Adjusted Operating Income *
$
115.0
$
35.6
- vs. prior year
29.4
34.3
%
5.1
16.7
%
- on constant currency
29.7
34.7
%
5.4
17.7
%
Adj. Oper. Margin (% of sales)*
14.9
%
11.1
%
- vs. prior year (in basis points)
270 bps
30 bps
Backlog
$
1,784.2
$
841.7
* Adjusted Operating Income and Adjusted Operating Margin
exclude realignment charges and other specific discrete items
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
March 31,
December 31,
(Amounts in thousands, except par
value)
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
531,981
$
545,678
Accounts receivable, net of allowance for
expected credit losses of $78,305 and $80,013, respectively
914,357
881,869
Contract assets, net of allowance for
expected credit losses of $4,986 and $4,993, respectively
287,058
280,228
Inventories
883,341
879,937
Prepaid expenses and other
149,840
116,065
Total current assets
2,766,577
2,703,777
Property, plant and equipment, net of
accumulated depreciation of $1,162,548 and $1,158,451,
respectively
499,499
506,158
Operating lease right-of-use assets,
net
163,183
156,430
Goodwill
1,173,368
1,182,225
Deferred taxes
215,216
218,358
Other intangible assets, net
119,355
122,248
Other assets, net of allowance for
expected credit losses of $66,357 and $66,864, respectively
212,727
219,523
Total assets
$
5,149,925
$
5,108,719
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
549,515
$
547,824
Accrued liabilities
547,382
504,430
Contract liabilities
279,216
287,697
Debt due within one year
66,428
66,243
Operating lease liabilities
31,635
32,382
Total current liabilities
1,474,176
1,438,576
Long-term debt due after one year
1,152,336
1,167,307
Operating lease liabilities
144,740
138,665
Retirement obligations and other
liabilities
382,461
389,120
Shareholders’ equity:
Common shares, $1.25 par value
220,991
220,991
Shares authorized – 305,000
Shares issued – 176,793 and 176,793,
respectively
Capital in excess of par value
483,963
506,525
Retained earnings
3,900,922
3,854,717
Treasury shares, at cost – 45,372 and
45,885 shares, respectively
(1,992,404
)
(2,014,474
)
Deferred compensation obligation
6,767
7,942
Accumulated other comprehensive loss
(666,259
)
(639,601
)
Total Flowserve Corporation shareholders'
equity
1,953,980
1,936,100
Noncontrolling interests
42,232
38,951
Total equity
1,996,212
1,975,051
Total liabilities and equity
$
5,149,925
$
5,108,719
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Three Months Ended March
31,
(Amounts in thousands)
2024
2023
Cash flows – Operating
activities:
Net earnings (loss), including
noncontrolling interests
$
77,915
$
29,996
Adjustments to reconcile net earnings
(loss) to net cash provided (used) by operating activities:
Depreciation
19,326
18,928
Amortization of intangible and other
assets
2,254
2,663
Stock-based compensation
8,657
9,953
Foreign currency, asset write downs and
other non-cash adjustments
1,189
(2,728
)
Change in assets and liabilities:
Accounts receivable, net
(39,687
)
(26,249
)
Inventories
(11,452
)
(70,721
)
Contract assets, net
(8,051
)
4,325
Prepaid expenses and other assets, net
(16,001
)
(16,019
)
Accounts payable
5,053
7,008
Contract liabilities
(6,372
)
32,676
Accrued liabilities
30,917
35,374
Retirement obligations and other
(2,426
)
9,477
Net deferred taxes
935
(8,095
)
Net cash flows provided (used) by
operating activities
62,257
26,588
Cash flows – Investing
activities:
Capital expenditures
(13,610
)
(15,318
)
Other
24
(1,138
)
Net cash flows provided (used) by
investing activities
(13,586
)
(16,456
)
Cash flows – Financing
activities:
Payments on term loan
(15,000
)
(10,000
)
Proceeds under other financing
arrangements
72
78
Payments under other financing
arrangements
(25
)
(1,515
)
Repurchases of common shares
(2,549
)
-
Payments related to tax withholding for
stock-based compensation
(8,857
)
(5,850
)
Payments of dividends
(27,654
)
(26,229
)
Other
(201
)
(303
)
Net cash flows provided (used) by
financing activities
(54,214
)
(43,819
)
Effect of exchange rate changes on cash
and cash equivalents
(8,154
)
3,442
Net change in cash and cash
equivalents
(13,697
)
(30,245
)
Cash and cash equivalents at beginning of
period
545,678
434,971
Cash and cash equivalents at end of
period
$
531,981
$
404,726
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.
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. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240429424747/en/
Investor Contacts: Jay Roueche, Vice President, Investor
Relations & Treasurer, (972) 443-6560 Tarek Zeni, Director,
Investor Relations, (469) 420-4045 Media Contact: Wes Warnock, Vice
President, Marketing, Communications & Public Affairs, (972)
443-6900
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