FLOWSERVE CORP
For the period ended Sep 30, 2024. Filed Oct 28, 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.
Sep 30, 2024 · Filed Oct 28, 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 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)
| (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 | $109,057 | $10,190 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
| (Amounts in thousands, except per share data) | Nine Months Ended September 30, | |
|---|---|---|
| 2024 | 2023 | |
| Sales | $3,377,458 | $3,155,399 |
| Cost of sales | (2,315,326) | (2,218,114) |
| Gross profit | 1,062,132 | 937,285 |
| Selling, general and administrative expense | (726,070) | (726,424) |
| Loss on sale of business | (12,981) | — |
| Net earnings from affiliates | 14,494 | 13,229 |
| Operating income | 337,575 | 224,090 |
| Interest expense | (48,820) | (50,039) |
| Interest income | 3,746 | 5,535 |
| Other income (expense), net | (12,057) | (27,271) |
| Earnings (loss) before income taxes | 280,444 | 152,315 |
| (Provision for) benefit from income taxes | (62,728) | (14,571) |
| Net earnings (loss), including noncontrolling interests | 217,716 | 137,744 |
| Less: Net earnings attributable to noncontrolling interests | (12,498) | (13,618) |
| Net earnings (loss) attributable to Flowserve Corporation | $205,218 | $124,126 |
| Net earnings (loss) per share attributable to Flowserve Corporation common shareholders: | ||
| Basic | $1.56 | $0.95 |
| Diluted | 1.55 | 0.94 |
| Weighted average shares - basic | 131,520 | 131,095 |
| Weighted average shares - diluted | 132,343 | 131,864 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| (Amounts in thousands) | Nine Months Ended September 30, | |
|---|---|---|
| 2024 | 2023 | |
| Net earnings (loss), including noncontrolling interests | $217,716 | $137,744 |
| Other comprehensive income (loss): | ||
| Foreign currency translation adjustments, net of taxes of $3,174 and $1,458, respectively | 197 | (20,605) |
| Pension and other postretirement effects, net of taxes of $26 and $(62), respectively | (26) | 923 |
| Cash flow hedging activity, net of taxes of $(50) and $(21), respectively | 42 | 90 |
| Other comprehensive income (loss) | 213 | (19,592) |
| Comprehensive income (loss), including noncontrolling interests | 217,929 | 118,152 |
| Comprehensive (income) loss attributable to noncontrolling interests | (12,212) | (5,891) |
| Comprehensive income (loss) attributable to Flowserve Corporation | $205,717 | $112,261 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.