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Mar 31, 2022
Flowserve Q1 2022 Earnings Report
Flowserve's first quarter results were announced, with strong bookings but impacted by supply chain issues and Russia exit.
Key Takeaways
Flowserve Corporation reported a decrease in sales but an increase in total bookings. The results were impacted by supply chain and logistics issues and the decision to exit Russian operations, leading to a reported loss per share of $0.12. Adjusted EPS was $0.07.
Total bookings increased by 14.9% year-over-year to $1.09 billion.
Backlog reached $2.23 billion, up 18.4% year-over-year.
The company decided to exit its operations in Russia due to the invasion of Ukraine.
Revised 2022 full year targets to reflect expected impacts of Russian exit, current supply chain and logistics constraints.
Flowserve
Flowserve
Forward Guidance
Flowserve updated its Reported and Adjusted EPS guidance for 2022, as well as certain other financial metrics, as shown in the table below:
Positive Outlook
- Revenue Growth Up 5.0% to 7.0%
- Adjusted Tax Rate 20% - 22%
Challenges Ahead
- Reported Earnings Per Share $1.25 - $1.45
- Adjusted Earnings Per Share $1.50 - $1.70
- Net Interest Expense $45 - $50 million
- Capital Expenditures $60 - $70 million