Oppenheimer Remains Sidelined on Flowserve (FLS) After Meeting with Management
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Oppenheimer maintained a Perform rating on Flowserve Corp. (NYSE: FLS) after touring the company's FLS's Vernon, CA pump facility and meeting with management. Management reiterated its operating environment is characterized by tough OE price/volumes, with baseline/AM "resilient," meaning not getting worse but not necessarily getting better.
Analyst Jim Giannakouros commented, "We recently toured FLS's Vernon, CA pump facility and met with CFO Karyn Ovelmen. We got a good look into operations centered on pumping system engineering, manufacturing, and testing, one of the largest industrial pump manufacturing and design centers in the world. The facility produces a variety of process pumps, including horizontally split between bearings pumps, double-case (barrel) pumps, and vertical pumps used in O&G production, water resources, and power generation. The facility assembles pumps and N-Seals for the nuclear industry and is also the primary design and manufacturing center for hydraulic decoking systems and special products for residual upgrading. Realignment plan execution, backlog shipments remaining on schedule, and pace of IPD's distribution penetration remain key variables in an uncertain demand environment."
Shares of Flowserve Corp. closed at $48.09 yesterday.
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