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Flowserve Corporation Reports Third Quarter 2020 Results
- Delivered Reported EPS of $0.39 and Adjusted EPS of $0.50 on solid backlog execution
- Tracking ahead of plan on $100 million cost reduction program
- Further traction on Flowserve 2.0 transformation efforts while limiting pandemic disruptions
- Substantial progress on new product development program, including 9 new and upgraded products
- Strengthened liquidity with $500 million notes offering, credit facility amendment and solid operating cash flow, which together bring current liquidity to $1.7 billion
DALLAS--(BUSINESS WIRE)--November 5, 2020--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 third quarter ended September 30, 2020.
Third Quarter 2020 Highlights (all comparisons to the 2019 third quarter, unless otherwise noted)
- Reported Earnings Per Share (EPS) of $0.39 and Adjusted EPS of $0.50
- Reported EPS includes after-tax adjusted items of approximately $14.3 million, including realignment, transformation and below-the-line foreign exchange impacts
- Total bookings were $806.1 million, down 21.2%, or 21.6% on a constant currency basis
- Original equipment bookings were $381.0 million, or 47% of total bookings, down 28.3%, or 29.0% on a constant currency basis
- Aftermarket bookings were $425.1 million, or 53% of total bookings, down 13.5%, or 13.6% on a constant currency basis
- Sales were $924.3 million, down 7.2%, or 7.7% on a constant currency basis
- Original equipment sales were $479.4 million, down 5.6%, or 6.3% on a constant currency basis
- Aftermarket sales were $444.9 million, down 8.8% reported and on a constant currency basis
- Reported gross and operating margins were 30.9% and 9.4%, respectively
- Adjusted gross and operating margins were 31.5% and 10.9%, respectively
- Backlog at September 30, 2020 was $2.0 billion, down 4.2% sequentially
The following information was filed by Flowserve Corp (FLS) on Thursday, November 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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