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Dec 31, 2022
Flowserve Q4 2022 Earnings Report
Reported improved operational performance, resulting in the highest quarterly revenue since 2019 and expanded year-over-year adjusted operating margin.
Key Takeaways
Flowserve Corporation reported fourth-quarter earnings with revenue of $1.04 billion, up 13.0% year-over-year. Reported EPS was $0.92 and Adjusted EPS was $0.63. Total bookings were $1.11 billion, up 14.2% year-over-year and backlog at December 31, 2022 was $2.74 billion, up 36.5% versus December 31, 2021.
Reported Earnings Per Share (EPS) of $0.92 and Adjusted EPS of $0.63
Total bookings were $1.11 billion, up 14.2%, or 19.4% on a constant currency basis
Sales were $1.04 billion, up 13.0%, or 18.6% on a constant currency basis
Backlog at December 31, 2022 was $2.74 billion, up 36.5% versus December 31, 2021, or up 39.2% on a constant currency basis
Flowserve
Flowserve
Forward Guidance
Flowserve reaffirms its Reported and Adjusted EPS guidance for 2023.
Positive Outlook
- Revenue Growth Up 9.0% to 11.0%
- Reported Earnings Per Share $1.40 - $1.65
- Adjusted Earnings Per Share $1.50 - $1.75
- Net Interest Expense $55 - $60 million
- Adjusted Tax Rate 18% - 20%
Challenges Ahead
- This outlook excludes any contribution from the expected acquisition of Velan Inc., announced previously.
- Adjusted EPS target range also excludes expected adjusted items including realignment charges of approximately $20 million
- Excludes the potential impact of below-the-line foreign currency effects
- Excludes certain other discrete items which may arise during the course of the year.
- Capital Expenditures $75 - $85 million