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Dec 31, 2023
Flowserve Q4 2023 Earnings Report
Reported solid results driven by strong operational performance and aftermarket awards.
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
Revenue by Segment
Original Equipment Revenue
CapyFin.comAftermarket Revenue
CapyFin.com 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