Flowserve Corp. Files 10-Q for Q2 2024

TL;DR

Flowserve's Q2 2024 10-Q is in. Check financials.

AI Summary

Flowserve Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and segment information are presented, reflecting the company's ongoing business activities in the pumps and pumping equipment industry.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Flowserve Corp., a key player in the industrial equipment sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the quarter for which financial data is reported.)
• 12/31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• FLOWSERVE CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240729 (date) — Filing Date
• PUMPS & PUMPING EQUIPMENT [3561] (industry) — Standard Industrial Classification
• NY (location) — State of Incorporation
• IRVING (location) — Business Address City
• TX (location) — Business Address State
• 75039 (postal_code) — Business Address Zip
• 9724436500 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $1.25 — ange on Which Registered Common Stock, $1.25 Par Value FLS New York Stock Exchange

Filing Documents

• fls-20240630.htm (10-Q) — 2064KB
• fls6302024exhibit311.htm (EX-31.1) — 10KB
• fls6302024exhibit312.htm (EX-31.2) — 9KB
• fls6302024exhibit321.htm (EX-32.1) — 6KB
• fls6302024exhibit322.htm (EX-32.2) — 5KB
• fls-20240630_g1.gif (GRAPHIC) — 2KB
• 0000030625-24-000081.txt ( ) — 10346KB
• fls-20240630.xsd (EX-101.SCH) — 45KB
• fls-20240630_cal.xml (EX-101.CAL) — 68KB
• fls-20240630_def.xml (EX-101.DEF) — 215KB
• fls-20240630_lab.xml (EX-101.LAB) — 639KB
• fls-20240630_pre.xml (EX-101.PRE) — 435KB
• fls-20240630_htm.xml (XML) — 2238KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income (Loss) – Three Months Ended June 30, 202 4 and 202 3 (unaudited) 1 Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income (Loss) – Six Months Ended June 30, 202 4 and 202 3 (unaudited) 2 Condensed Consolidated Balance Sheets – June 30, 202 4 and December 31, 202 3 (unaudited) 3 Condensed Consolidated Statements of Shareholders ' Equity – Three Months Ended June 30, 202 4 and 202 3 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity – Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 202 4 and 202 3 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 i Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FLOWSERVE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Amounts in thousands, except per share data) Three Months Ended June 30, 2024 2023 Sales $ 1,156,892 $ 1,080,376 Cost of sales ( 790,796 ) ( 757,616 ) Gross profit 366,096 322,760 Selling, general and administrative expense ( 238,627 ) ( 230,082 ) Loss on sale of business ( 12,981 ) — Net earnings from affiliates 6,816 3,970 Operating income 121,304 96,648 Interest expense ( 16,917 ) ( 16,554 ) Interest income 1,174 1,907 Other income (expense), net ( 5,263 ) ( 5,543 ) Earnings (loss) before income taxes 100,298 76,458 Provision for income taxes ( 23,846 ) ( 21,304 ) Net earnings (loss), including noncontrolling interests 76,452 55,154 Less: Net earnings attributable to noncontrolling interests ( 3,836 ) ( 3,951 ) Net earnings (loss) attributable to Flowserve Corporation $ 72,616 $ 51,203 Net earnings (loss) per share attributable to Flowserve Corporation common shareholders: Basic $ 0.55 $ 0.39 Diluted 0.55 0.39 Weighted average shares – basic 131,656 131,171 Weighted average shares – diluted 132,415 131,810 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Amounts in thousands) Three Months Ended June 30, 2024 2023 Net earnings (loss), including noncontrolling interests $ 76,452 $ 55,154 Other comprehensive income (loss): Foreign currency translation adjustments, net of taxes of $ 2,280 and $( 163 ), respectively ( 24,431 ) 8,901 Pension and other postretirement effects, net of taxes of $( 28 ) and $( 29 ), respectively 819 ( 839 ) Cash flow hedging activity, net of taxes of $( 7 ) and $( 7 ), respectively 24 30 Other comprehensive income (loss) ( 23,588 ) 8,092 Comprehensive income (loss), including noncontrolling interests 52,864 63,246 Comprehensive (income) loss attributable to noncontrolling interests ( 3,764 ) ( 4,196 ) Comprehensive income (loss) attributable to Flowserve C

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