Q2 2024 Flowserve Corp Earnings Call Transcript
Key Points
- Flowserve Corp (FLS) reported a 7% year-over-year revenue growth, with adjusted gross and operating margins increasing to 32.3% and 12.5%, respectively.
- The company achieved strong bookings of $1.25 billion in the quarter, marking a 12% increase from the previous year and sequential growth of 20%.
- Flowserve Corp (FLS) increased its full-year adjusted EPS guidance range for the second time this year to $2.60 to $2.75, representing a nearly 27% increase year-over-year.
- The company's aftermarket bookings reached a record $614 million, demonstrating resilience and strong customer relationships.
- Flowserve Corp (FLS) is making significant progress with its operational excellence program, leading to improved manufacturing efficiency and margin expansion.
- Despite strong performance, Flowserve Corp (FLS) experienced a cash use of $13 million in operating activities during the second quarter, driven by working capital requirements.
- The company's bookings in Europe and Asia-Pacific declined slightly year-over-year, indicating potential regional challenges.
- Flowserve Corp (FLS) divested its NAF AB control valve business, which was breakeven at best, indicating challenges in optimizing its portfolio.
- The company faces risks and uncertainties related to its forward-looking statements and non-GAAP measures, which could impact future performance.
- Flowserve Corp (FLS) anticipates a stronger second half of the year but acknowledges potential impacts from the annual true-up of certain liabilities.
Good day, and welcome to the Second Quarter 2024 Flowserve Corporation earnings conference call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Jay Roueche, Vice President, Treasurer and Investor Relations. Please go ahead.
Thank you, Melinda, and good morning, everyone. We appreciate you joining our conference call today to discuss Flowserve's second-quarter 2024 financial results. On the call with me today are Scott Rowe, Flowserve's President and Chief Executive Officer; and Amy Schwetz, Senior Vice President and Chief Financial Officer.
Following our prepared comments, we will open the call for your questions. As a reminder, this event is being webcast and an audio replay will be available. Please note that our earnings materials do, and this call will, include non-GAAP measures and contain forward-looking statements.
These statements are based upon forecasts, expectations and other information available to
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