FLOWSERVE CORP
For the period ended Jun 30, 2024. Filed Jul 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 29, 2024
FLS$85.66-0.2%Stored close · as of Nov 10, 2026
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Item 1. Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| (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)
| (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 Corporation | $49,100 | $59,050 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| (Amounts in thousands, except per share data) | Six Months Ended June 30, | |
|---|---|---|
| 2024 | 2023 | |
| Sales | $2,244,371 | $2,060,681 |
| Cost of sales | (1,539,307) | (1,441,090) |
| Gross profit | 705,064 | 619,591 |
| Selling, general and administrative expense | (467,045) | (474,359) |
| Loss on sale of business | (12,981) | — |
| Net earnings from affiliates | 9,344 | 8,603 |
| Operating income | 234,382 | 153,835 |
| Interest expense | (32,233) | (32,766) |
| Interest income | 2,343 | 3,401 |
| Other income (expense), net | (6,137) | (13,562) |
| Earnings (loss) before income taxes | 198,355 | 110,908 |
| Provision for income taxes | (43,988) | (25,757) |
| Net earnings (loss), including noncontrolling interests | 154,367 | 85,151 |
| Less: Net earnings attributable to noncontrolling interests | (7,531) | (7,181) |
| Net earnings (loss) attributable to Flowserve Corporation | $146,836 | $77,970 |
| Net earnings (loss) per share attributable to Flowserve Corporation common shareholders: | ||
| Basic | $1.12 | $0.59 |
| Diluted | 1.11 | 0.59 |
| Weighted average shares - basic | 131,583 | 131,051 |
| Weighted average shares - diluted | 132,392 | 131,782 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| (Amounts in thousands) | Six Months Ended June 30, | |
|---|---|---|
| 2024 | 2023 | |
| Net earnings (loss), including noncontrolling interests | $154,367 | $85,151 |
| Other comprehensive income (loss): | ||
| Foreign currency translation adjustments, net of taxes of $3,108 and $554, respectively | (52,675) | 22,407 |
| Pension and other postretirement effects, net of taxes of $49 and $(41), respectively | 2,195 | (1,282) |
| Cash flow hedging activity, net of taxes of $(43) and $(14), respectively | 19 | 60 |
| Other comprehensive income (loss) | (50,461) | 21,185 |
| Comprehensive income (loss), including noncontrolling interests | 103,906 | 106,336 |
| Comprehensive (income) loss attributable to noncontrolling interests | (7,246) | (4,265) |
| Comprehensive income (loss) attributable to Flowserve Corporation | $96,660 | $102,071 |
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