Flowserve Corporation’s (FLS - Free Report) third-quarter 2022 adjusted earnings (excluding 20 cents from non-recurring items) of 9 cents per share missed the Zacks Consensus Estimate of 24 cents. The bottom line declined approximately 67% year over year. Supply-chain woes and inflationary pressure hurt the performance.
Flowserve’s total sales of $872.9 million missed the Zacks Consensus Estimate of $877 million. However, the top line increased 0.8% year over year. Sales increased 7.2% on a constant-currency basis.
Aftermarket sales in the reported quarter increased 4.5% year over year (or up 10.6% on a constant-currency basis) to $460.8 million. Original equipment sales totaled $412.1 million, reflecting a decrease of 3.1% (up 3.6% on a constant-currency basis).
Bookings totaled $1.22 billion in the quarter, reflecting an increase of 34.2% (or 40.8% on a constant-currency basis) from the year-ago quarter. The backlog at the end of the reported quarter was $2.6 billion, up 29.9% year over year.
Segmental Details
The company currently has two reportable segments — Flowserve Pump Division and Flow Control Division. A brief discussion of the segments is provided below:
Revenues from the Flowserve Pump Division were $592.6 million, down 1.5% year over year. Bookings rose 40.1% to $925.8 million.
Revenues from the Flow Control Division were $282.6 million, up 6.2% year over year. Bookings of $300 million increased 18.3%.
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Flowserve Corporation’s (FLS - Free Report) third-quarter 2022 adjusted earnings (excluding 20 cents from non-recurring items) of 9 cents per share missed the Zacks Consensus Estimate of 24 cents. The bottom line declined approximately 67% year over year. Supply-chain woes and inflationary pressure hurt the performance.
Flowserve’s total sales of $872.9 million missed the Zacks Consensus Estimate of $877 million. However, the top line increased 0.8% year over year. Sales increased 7.2% on a constant-currency basis.
Aftermarket sales in the reported quarter increased 4.5% year over year (or up 10.6% on a constant-currency basis) to $460.8 million. Original equipment sales totaled $412.1 million, reflecting a decrease of 3.1% (up 3.6% on a constant-currency basis).
Bookings totaled $1.22 billion in the quarter, reflecting an increase of 34.2% (or 40.8% on a constant-currency basis) from the year-ago quarter. The backlog at the end of the reported quarter was $2.6 billion, up 29.9% year over year.
Segmental Details
The company currently has two reportable segments — Flowserve Pump Division and Flow Control Division. A brief discussion of the segments is provided below:
Revenues from the Flowserve Pump Division were $592.6 million, down 1.5% year over year. Bookings rose 40.1% to $925.8 million.
Revenues from the Flow Control Division were $282.6 million, up 6.2% year over year. Bookings of $300 million increased 18.3%.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.2% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
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