Flowserve Q3 2020 Earnings Report
Key Takeaways
Flowserve Corporation announced its financial results for the third quarter ended September 30, 2020, delivering a solid operating quarter amidst pandemic-related challenges, with reported EPS of $0.39 and adjusted EPS of $0.50. The company is increasingly optimistic about market stabilization and a return to growth in 2021, supported by the Flowserve 2.0 transformation progress.
Total bookings were $806.1 million, a decrease of 21.2% (or 21.6% on a constant currency basis).
Sales reached $924.3 million, down 7.2% (or 7.7% 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.
Flowserve
Flowserve
Flowserve Revenue by Segment
Forward Guidance
Flowserve expects the 2020 fourth quarter to largely follow the trend of highest performance for quarterly revenues, adjusted earnings and cash flow typically occurring in the fourth quarter of the year.
Positive Outlook
- Markets have stabilized
- Expect a return to growth in 2021
- World recovers from the COVID pandemic
- Continued Flowserve 2.0 transformation progress
- Well positioned to capture growth opportunities when investment returns
Revenue & Expenses
Visualization of income flow from segment revenue to net income