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Jun 30, 2024
Flowserve Q2 2024 Earnings Report
Flowserve's Q2 2024 results were reported with adjusted EPS exceeding expectations and full-year adjusted EPS guidance raised.
Key Takeaways
Flowserve Corporation reported strong second-quarter 2024 results, with earnings per share increasing 41% and adjusted earnings per share rising 40%. The company's bookings reached $1.25 billion, the highest quarterly level since 2014, driven by record aftermarket activity. Adjusted gross and operating margins also improved, leading to an increase in the full-year adjusted EPS guidance to $2.60 to $2.75.
Reported EPS of $0.55 and Adjusted EPS of $0.73, compared to $0.39 and $0.52, respectively.
Total bookings were $1.25 billion, up 12.2% or $135.1 million.
Adjusted gross and operating margins were 32.3% and 12.5%, respectively, up 200 and 210 basis points, respectively.
Full-year 2024 Adjusted EPS guidance was raised to $2.60 to $2.75.
Flowserve
Flowserve
Flowserve Revenue by Segment
Revenue by Segment
Original Equipment Revenue
CapyFin.comAftermarket Revenue
CapyFin.com Forward Guidance
Flowserve is raising its Adjusted EPS guidance metrics for 2024 and reaffirmed most other financial targets.
Positive Outlook
- Revenue Growth: Up 4.0% to 6.0% (Reaffirmed)
- Reported Earnings Per Share: $2.25 - $2.45 (Reaffirmed)
- Adjusted Earnings Per Share: $2.60 – $2.75 (Revised)
- Net Interest Expense: $60 to $65 million (Reaffirmed)
- Capital Expenditures: $75 - $85 million (Reaffirmed)
Revenue & Expenses
Visualization of income flow from segment revenue to net income