Flowserve Q3 2022 Earnings Report
Key Takeaways
Flowserve Corporation reported third-quarter results impacted by discrete issues, but bookings were strong due to large project awards and aftermarket activity. The company is positioned for sequential revenue growth and earnings improvement for the remainder of the year and for full-year 2023.
Total bookings increased 34.2% year-over-year to $1.22 billion.
Reported earnings per share was $0.29, including a net benefit of $0.20 due primarily to a $30 million foreign exchange gain.
Adjusted earnings per share was $0.09, impacted by certain discrete items.
Backlog reached $2.6 billion, up 29.9% versus 2021 year-end.
Flowserve
Flowserve
Flowserve Revenue by Segment
Forward Guidance
Flowserve expects fourth quarter Reported and Adjusted EPS of at least 40 cents on year-over-year quarterly revenue growth of approximately 8-10%.
Positive Outlook
- Expected sequential revenue growth.
- Improved margins anticipated.
- Discrete issues impacting Q3 are not expected to recur.
- Mitigation of supply chain headwinds.
- Implementation of new cost reduction measures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income