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 (NYSE: FLS) is a manufacturer of fluid motion and flow control products and services, and its news flow reflects activity across energy, chemical, power generation and other infrastructure-related markets. Company press releases and Form 8-K filings highlight developments in its engineered and industrial pumps, valves, seals and flow management services, as well as strategic moves that affect its business profile.
On this page, readers can follow FLS news related to quarterly earnings results, bookings and segment performance, including updates from the Flowserve Pumps Division and Flow Control Division. Flowserve regularly reports on bookings, sales, margins, cash from operations and guidance, and it uses non-GAAP measures such as adjusted earnings per share to discuss underlying trends in its business.
Flowserve’s news also covers strategic transactions, such as the acquisition of Greenray Turbine Solutions, Ltd., a provider of aftermarket products and services for industrial gas turbines, and the divestiture of BW/IP – New Mexico, Inc., a subsidiary holding legacy asbestos liabilities and related insurance assets. Other releases describe portfolio adjustments, including the transfer of a herringbone gear pump product line to CIRCOR International under an asset transaction.
Investors and followers of FLS can track capital allocation updates, including announcements of quarterly cash dividends and commentary on how divestitures and cash flows may influence future investment priorities. Governance and leadership changes, such as the appointment of a new president for the Flow Control Division or decisions by directors regarding re-election, are also disclosed through news releases and corresponding Form 8-K filings.
By reviewing the Flowserve news feed, users can see how the company communicates about its operating performance, risk factors, international exposure and strategic priorities within the pump and pumping equipment manufacturing industry.
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.
Flowserve (NYSE:FLS), a key player in the flow control products and services sector, is set to release its second quarter 2024 financial results after the NYSE closes on Monday, July 29. A conference call with the financial community will be held the next day, July 30, at 10 a.m. Eastern time, hosted by President and CEO Scott Rowe and other management members. Shareholders and interested parties can access the earnings materials and webcast through Flowserve’s Investors page.
Flowserve (NYSE: FLS), a leading provider of flow control products, has partnered with Germany's Heide Refinery to implement Flowserve’s Energy Advantage Program. This collaboration aims to enhance energy efficiency and reduce carbon emissions. The program’s first phase projects a reduction in power consumption by over 2,000 MWh annually, translating to a savings of 1,300 metric tons of CO2. The partnership will focus on optimizing pump and valve power consumption with minimal disruption to existing processes. Flowserve's initial assessment identified potential savings in Heide Refinery’s highest energy-consuming flow loops. This initiative is part of Heide's effort to provide reliable energy while reducing its environmental impact. The success of the pilot phase has encouraged both companies to expand the program to other areas within the plant.
Flowserve (NYSE:FLS), a top provider of flow control products and services for global infrastructure markets, announced its participation in two key investor events. On June 5, 2024, Flowserve will attend the Stifel 2024 Cross Sector Insight Conference, where CEO Scott Rowe will engage in investor meetings and a fireside chat at 9:45 a.m. EDT. The following day, June 6, 2024, Flowserve will take part in the Deutsche Bank 15th Annual Global Industrials, Materials & Building Products Conference in New York City, conducting individual investor meetings. Both events aim to provide insights into Flowserve's business and strategic direction. The June 5 fireside chat will be accessible via a live webcast on Flowserve’s Investors Page, with a replay available afterward.
Flowserve (NYSE: FLS) announced that its Board of Directors has authorized a quarterly cash dividend of $0.21 per share. This dividend will be paid on July 12, 2024, to shareholders of record as of June 28, 2024. The company focuses on providing flow control products and services for global infrastructure markets. While Flowserve aims to maintain regular quarterly dividends, future payments will be reviewed and declared individually by the Board at its discretion.
Flowserve Corp. (NYSE: FLS) held its 2024 Annual Meeting of Shareholders virtually on May 16, 2024. Shareholders elected 11 directors to serve until the 2025 meeting. An advisory vote on executive compensation passed with 94.6% approval, and PricewaterhouseCoopers LLP was ratified as the independent auditor for 2024. The Employee Stock Purchase Plan was overwhelmingly approved with 99.9% in favor. A shareholder proposal on political spending was rejected by 73.7% of voters. Detailed voting results will be available in a Form 8-K filing.