Welcome to our dedicated page for Flowserve news (Ticker: FLS), a resource for investors and traders seeking the latest updates and insights on Flowserve stock.
Flowserve Corporation (FLS) provides engineered flow control solutions for critical industries worldwide. This news hub offers investors and industry professionals centralized access to official announcements, financial updates, and strategic developments from the global leader in pumps, valves, and seals.
Track comprehensive coverage of Flowserve's operational milestones, including quarterly earnings reports, new technology launches, and strategic partnerships. Our curated news collection simplifies monitoring of corporate developments affecting the energy, chemical processing, and water infrastructure sectors.
Discover updates across key business areas: product innovations in precision flow systems, sustainability initiatives, global expansion efforts, and maintenance service enhancements. All content is verified through primary sources to ensure regulatory compliance and factual accuracy.
Bookmark this page for efficient tracking of Flowserve's market position and industry leadership. Combine historical context from their 220-year legacy with real-time updates to inform your analysis of this essential industrial infrastructure provider.
Flowserve (NYSE: FLS) has secured a contract to provide Dry Gas Seals and Dry Gas Seal Systems for Abu Dhabi National Oil Company's (ADNOC) carbon capture initiative. The project, in collaboration with Celeros Flow Technology, aims to capture and store 1.5 million tons of CO₂ annually, equivalent to emissions from 326,000 vehicles.
The initiative involves installing two high-pressure injection packages at ADNOC's Habshan gas plant, marking the first-ever continuous supercritical CO₂ pump injection services for enhanced oil recovery. The captured CO₂ will be transported from the Habshan facility to ADNOC's Bab Far North Field Development CO₂ Storage Hub. ADNOC targets increasing its carbon capture capacity to five million tons annually by 2030.
Flowserve (NYSE: FLS) has announced its Board of Directors has authorized a quarterly cash dividend of $0.21 per share on outstanding common stock. The dividend will be paid on January 10, 2025, to shareholders of record as of December 27, 2024. While the company intends to maintain regular quarterly cash dividends, future payments at this rate will be subject to individual review and Board approval.
Flowserve (NYSE: FLS) has announced its participation in several upcoming investor events. The company will host an investor reception in New York City on November 7, featuring CEO Scott Rowe and management team members. On November 13, Rowe will attend the Baird Global Industrial Conference for investor meetings and a fireside chat at 3:30 pm CT. Additional events include Rowe's participation in the UBS Global Industrials and Transportation Conference on December 3, and CFO Amy Schwetz's attendance at the Goldman Sachs Industrials and Materials Conference on December 5. Presentation materials and live streams will be available on Flowserve's Investors Page.
Flowserve (NYSE: FLS) reported strong Q3 2024 results with bookings of $1.20 billion, up 12.7% year-over-year. The company achieved third quarter Reported and Adjusted EPS of $0.44 and $0.62 respectively, both including a $0.07 unfavorable impact from discrete charges. Notable highlights include power bookings increasing nearly 30% with over $100 million in nuclear awards, and adjusted gross and operating margins of 32.4% and 11.1%. Operating cash flow grew 121% to $178 million. The company maintained its 2024 adjusted EPS guidance range of $2.60-$2.75, while lowering reported EPS guidance to $2.15-$2.35.
Flowserve (NYSE:FLS), a leading provider of flow control products and services for global infrastructure markets, has announced its schedule for releasing third quarter 2024 financial results. The company plans to disclose its results after the New York Stock Exchange (NYSE) closes on Monday, October 28. Following this, Flowserve will host a conference call with the financial community on Tuesday, October 29, at 10 a.m. Eastern time.
The call will feature presentations by Scott Rowe, President and Chief Executive Officer, along with other members of the management team. Shareholders and interested parties can access the earnings materials and webcast of the conference call through Flowserve's Investors page on their website.
Flowserve (NYSE: FLS) has completed the acquisition of MOGAS Industries, strengthening its position in severe service valves and aftermarket services. The transaction, valued at approximately $305 million including potential earnout, was funded with cash. This acquisition aligns with Flowserve's 3D strategy, enhancing its valve aftermarket business and expanding its presence in mission-critical severe service valves.
The integration of MOGAS into Flowserve's Flow Control Division segment is expected to bolster the company's portfolio in key growth sectors such as mining, mineral extraction, and process industries. Flowserve aims to leverage its industry-leading scale to expand MOGAS' severe service portfolio and aftermarket services globally, capitalizing on MOGAS' large installed base.
Flowserve (NYSE: FLS), a leading provider of flow control products and services for global infrastructure markets, has announced a quarterly cash dividend of $0.21 per share on its outstanding common stock. The dividend is payable on October 11, 2024, to shareholders of record as of the close of business on September 27, 2024. While Flowserve intends to continue paying regular quarterly cash dividends, future dividends at this rate or otherwise will be reviewed individually and declared by the Board of Directors at its discretion.
Flowserve (NYSE: FLS) has announced its acquisition of MOGAS Industries, a Houston-based provider of severe service valves, for $290 million with a potential $15 million earnout. The transaction, expected to close in Q4 2024, aligns with Flowserve's 3D growth strategy by expanding its severe service flow control offering in mining, mineral extraction, and process industries. Key highlights include:
1. MOGAS will be integrated into Flowserve's Flow Control Division.
2. The deal represents a 7.5x multiple of MOGAS' 2024E adjusted EBITDA.
3. Expected to be EPS accretive in the first full year post-closing.
4. MOGAS is projected to contribute $200 million in revenues with high-teens adjusted EBITDA margins.
5. At least $15 million in run-rate cost synergies anticipated within two years of closing.
Flowserve (NYSE: FLS) announced its Q2 2024 financial results, significantly surpassing previous performance metrics. The company reported a 41% increase in reported EPS to $0.55 and a 40% rise in adjusted EPS to $0.73. Total bookings hit $1.25 billion, marking a 12.2% growth and the highest quarterly level since 2014, with aftermarket bookings at a record $610 million.
Sales grew by 7.1% to $1.16 billion, with original equipment sales up by 9.4% and aftermarket sales increasing by 5.0%. Adjusted gross and operating margins improved by 200 and 210 basis points to 32.3% and 12.5%, respectively. The backlog reached $2.7 billion, up 2.8% sequentially.
Flowserve raised its full-year 2024 adjusted EPS guidance to $2.60-$2.75, reflecting confidence in its operational performance and market outlook.
CEO Scott Rowe highlighted operational excellence and product management as key drivers of growth, positioning the company well for future success.
Flowserve (NYSE: FLS) has acquired cryogenic Liquefied Natural Gas (LNG) submerged pump technology from NexGen Cryogenic Solutions, Inc. This acquisition includes intellectual property and in-process R&D related to LNG pump and cold energy recovery turbine (CERT) technology for liquefaction, shipping, and regasification markets. The move is expected to expand Flowserve's LNG product portfolio and complement its existing offerings.
The acquisition aligns with Flowserve's 3D growth strategy to diversify, decarbonize, and digitize. It aims to strengthen the company's decarbonization offerings across the LNG value chain. Flowserve plans to leverage its new state-of-the-art LNG pump facility and network of quick response centers to commercialize this technology.
The transaction closed in Q3 2024 and is expected to reduce Flowserve's adjusted earnings per share by $0.05 in that quarter.
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