Published on 30 Apr 2024 on Zacks via Yahoo Finance

Flowserve (FLS) Q1 Earnings & Revenues Top Estimates, Rise Y/Y

Flowserve Corporation’s FLS first-quarter 2024 adjusted earnings (excluding 2 cents from non-recurring items) of 58 cents per share beat the Zacks Consensus Estimate of 47 cents. The bottom line increased 45% year over year. Results primarily benefited from higher revenues, partially offset by an increase in operating costs and expenses.Flowserve’s total sales of $1.09 billion beat the consensus estimate of $1.04 billion. The top line increased 10.9% year over year. Sales increased 10.6% on a constant-currency basis.Aftermarket sales in the reported quarter increased 8.1% year over year (up 8.1% on a constant-currency basis) to $558.9 million. Original equipment sales totaled $528.6 million, reflecting an increase of 14.1% year over year (up 13.5% on a constant-currency basis).Total bookings amounted to $1.04 billion in the quarter, reflecting a decrease of 1.8% (down 1.8% on a constant-currency basis) year over year. The backlog at the end of the reported quarter was $2.6 billion, down 6.9% year over year.

Segmental Details

FLS currently has two reportable segments, Flowserve Pump Division and Flow Control Division. A brief discussion of the segments is provided below:Revenues from the Flowserve Pump Division segment were $769.4 million, up 9.9% year over year. Our estimate was $734.5 million. Bookings decreased 3.4% year over year to $703.5 million. Segmental operating income was $110.9 million, up 40.2% year over year.Revenues from the Flow Control Division segment were $320.5 million, up 13.8% year over year. Our estimate was $302.2 million. Bookings of $341.1 million increased 2.7% on a year over year basis. The segment’s operating income was $34.7 million, up 87.6% year over year. Our estimate for the same was $32 million.