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Mar 31, 2020
Flowserve Q1 2020 Earnings Report
Flowserve's first quarter results were reported, showing a negative impact from COVID-19, but also demonstrating resilience through their Flowserve 2.0 transformation.
Key Takeaways
Flowserve Corporation reported its first quarter 2020 results, which were impacted by COVID-19. Despite the challenges, the company maintained a strong balance sheet and is taking aggressive cost actions.
Total bookings reached $976.9 million, resulting in a book-to-bill ratio exceeding 1.09.
Backlog increased by 1.2%.
GAAP EPS was break-even, while adjusted EPS stood at $0.21, reflecting the impact of COVID-19.
Free cash flow was $30 million, with liquidity exceeding $1.3 billion.
Flowserve
Flowserve
Forward Guidance
Flowserve withdrew its full year 2020 guidance due to significant market uncertainty as a result of the COVID-19 pandemic and its related effects.