Flowserve Corporation Reports Third Quarter 2019 Results

Flowserve Corporation, a provider of flow control products and services for the global infrastructure markets, announced its financial results for the third quarter ended September 30, 2019.

“Flowserve delivered strong results for the 2019 third quarter, highlighted by top-line growth, margin expansion and a 20 percent improvement in our adjusted earnings,” said Scott Rowe, Flowserve’s president and chief executive officer. “We produced the sixth consecutive quarter of year-over-year bookings growth, as late-cycle project activity continued to advance. Despite the current geopolitical uncertainty and slow-down in North American oil and gas, we were able to deliver strong bookings in the quarter by leveraging our commercial intensity and strike zone initiatives within the Flowserve 2.0 transformation.”

Lee Eckert, Flowserve’s senior vice president and chief financial officer, added, “Based on our results through the first three quarters and our outlook, Flowserve today revised its full year EPS guidance ranges, including our Adjusted EPS[3] target range to $2.15 to $2.20. Additionally, our Flowserve 2.0 transformation initiatives continued to drive improvement in our free cash flow metrics, including a year-over-year increase of over $120 million through September 30.”

Rowe concluded, “As we look forward, we expect to build on the momentum of our Flowserve 2.0 transformation program and continue driving performance in any market environment. I am increasingly confident in Flowserve’s ability to deliver enhanced value for our customers, employees and shareholders.”

Full Year 2019 Guidance[3]
Flowserve updated its 2019 EPS guidance ranges. The revised Reported EPS target range is now $1.85 to $1.90, with an Adjusted EPS target range of $2.15 to $2.20. Both the Reported and the Adjusted EPS target ranges are based on an expected full year revenue increase of approximately 2.5 percent to 3.5 percent year-over-year, including FX and divestiture headwinds totaling approximately 3 percent. Please reference Flowserve’s 2019 third quarter earnings presentation, available on our website, for updates to other guidance metrics.

[3] Adjusted 2019 EPS will exclude the Company’s realignment expenses, the impact from other specific one-time events and below-the-line foreign currency effects and utilizes year-end 2018 FX rates and approximately 132 million fully diluted shares.

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