Flowserve Q4 2023 Earnings Report
Key Takeaways
Flowserve Corporation reported strong Q4 2023 results, with adjusted EPS of $0.68 and revenue of $1.17 billion, a 12.1% increase year-over-year. Total bookings were $1.04 billion. The company initiated full year 2024 guidance, including revenue growth between 4%-6% and Adjusted EPS of $2.40 to $2.60.
Reported EPS was $0.47, and Adjusted EPS was $0.68.
Total bookings reached $1.04 billion, with aftermarket awards exceeding $550 million.
Sales increased to $1.17 billion, up 12.1% year-over-year.
The quarterly cash dividend increased by 5% to $0.21 per share, and the stock repurchase authorization was replenished to $300 million.
Flowserve
Flowserve
Flowserve Revenue by Segment
Forward Guidance
Flowserve initiated full year 2024 guidance, including revenue growth between 4%-6% and Reported and Adjusted EPS of $2.25 to $2.45 and $2.40 to $2.60, respectively.
Positive Outlook
- Revenue Growth Up 4.0% to 6.0%
- Reported Earnings Per Share $2.25 to $2.45
- Adjusted Earnings Per Share $2.40 to $2.60
- Intend to increase the conversion percentage of strong $2.7 billion backlog
- Expand operating margins through improved operational excellence and enhanced product management.
Challenges Ahead
- Net Interest Expense $60 to $65 million
- Adjusted Tax Rate ~20%
- Capital Expenditures $75 to $85 million
- Excludes realignment charges of approximately $30 million
- Potential impact of below-the-line foreign currency effects and certain other discrete items
Revenue & Expenses
Visualization of income flow from segment revenue to net income