Flowserve Corp. Q3 2024: $1.75B in Sales

Ticker: FLS · Form: 10-Q · Filed: Oct 28, 2024 · CIK: 30625

Flowserve CORP 10-Q Filing Summary
FieldDetail
CompanyFlowserve CORP (FLS)
Form Type10-Q
Filed DateOct 28, 2024
Risk Levellow
Pages15
Reading Time19 min
Key Dollar Amounts$1.25
Sentimentneutral

Sentiment: neutral

Topics: earnings, financials, quarterly-report

TL;DR

Flowserve Q3 2024: $1.75B sales YTD. Looks solid.

AI Summary

Flowserve Corp. reported its third-quarter 2024 results, with net sales for the nine months ended September 30, 2024, reaching $1.75 billion. The company's financial statements indicate a strong operational performance, with specific figures for various equity accounts and accumulated other comprehensive income detailed as of June 30, 2024.

Why It Matters

This filing provides insight into Flowserve's financial health and operational scale, impacting investor confidence and market valuation.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

Key Players & Entities

FAQ

What were Flowserve's net sales for the nine months ended September 30, 2024?

Flowserve's net sales for the nine months ended September 30, 2024, were $1.75 billion.

What is the reporting period for this 10-Q filing?

The conforming period of the report is 20240930, meaning the quarter ending September 30, 2024.

What is the company's primary industry classification?

Flowserve Corp. is classified under 'PUMPS & PUMPING EQUIPMENT' with SIC code 3561.

When was Flowserve Corp. incorporated?

Flowserve Corp. was incorporated in New York (NY).

What were the key equity balances as of June 30, 2024?

As of June 30, 2024, key equity balances included Common Stock, Additional Paid In Capital, Retained Earnings, Treasury Stock, Deferred Compensation, Accumulated Other Comprehensive Income, and Noncontrolling Interest.

Filing Stats: 4,644 words · 19 min read · ~15 pages · Grade level 17 · Accepted 2024-10-28 16:01:34

Key Financial Figures

Filing Documents

– 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 September 30 , 2024 and 2023 (unaudited) 1 Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income (Loss) – Nine Months Ended September 30 , 2024 and 2023 (unaudited) 2 Condensed Consolidated Balance Sheets – September 30 , 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Shareholders' Equity – Three Months Ended September 30 , 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity – Nine Months Ended September 30 , 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30 , 2024 and 2023 (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 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 42

Controls and Procedures

Item 4. Controls and Procedures 42

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 45

SIGNATURES

SIGNATURES 46 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 September 30, 2024 2023 Sales $ 1,133,087 $ 1,094,718 Cost of sales ( 776,020 ) ( 777,024 ) Gross profit 357,067 317,694 Selling, general and administrative expense ( 259,025 ) ( 252,065 ) Net earnings from affiliates 5,150 4,627 Operating income 103,192 70,256 Interest expense ( 16,587 ) ( 17,273 ) Interest income 1,403 2,134 Other income (expense), net ( 5,920 ) ( 13,710 ) Earnings (loss) before income taxes 82,088 41,407 (Provision for) benefit from income taxes ( 18,739 ) 11,186 Net earnings (loss), including noncontrolling interests 63,349 52,593 Less: Net earnings attributable to noncontrolling interests ( 4,967 ) ( 6,437 ) Net earnings (loss) attributable to Flowserve Corporation $ 58,382 $ 46,156 Net earnings (loss) per share attributable to Flowserve Corporation common shareholders: Basic $ 0.44 $ 0.35 Diluted 0.44 0.35 Weighted average shares – basic 131,395 131,183 Weighted average shares – diluted 132,247 132,026 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Amounts in thousands) Three Months Ended September 30, 2024 2023 Net earnings (loss), including noncontrolling interests $ 63,349 $ 52,593 Other comprehensive income (loss): Foreign currency translation adjustments, net of taxes of $ 66 and $ 904 , respectively 52,872 ( 43,012 ) Pension and other postretirement effects, net of taxes of $( 23 ) and $( 20 ), respectively ( 2,221 ) 2,205 Cash flow hedging activity, net of taxes of $( 7 ) and $( 7 ), respectively 23 30 Other comprehensive income (loss) 50,674 ( 40,777 ) Comprehensive income (loss), including noncontrolling interests 114,023 11,816 Comprehensive (income) loss attributable to noncontrolling interests ( 4,966 ) ( 1,626 ) Comprehensive income (loss) attributable to Flowserve Corporation $ 10

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