Flowserve (FLS) Tops Q3 EPS by 6c

Flowserve (NYSE: FLS) reported Q3 EPS of $0.50, $0.06 better than the analyst estimate of $0.44. Revenue for the quarter came in at $924.3 million versus the consensus estimate of $886.3 million.

“We delivered a solid operating quarter as we continued to refine and improve our processes to more effectively manage the pandemic-related challenges,” said Scott Rowe, Flowserve’s president and chief executive officer. “Our front-line workers and operating leaders are continuously improving their ability to limit COVID disruptions in our facilities, demonstrating their commitment to each other and our customers to safely deliver critical support, products and services.”

“Despite the challenges with COVID, we continue to execute the Flowserve 2.0 agenda and advance our long-term strategic plan,” added Rowe. “The transformation has enabled us to achieve our $100 million annualized cost savings target, as well as manage our margins and decrementals better than previous cycles. Additionally, we launched five new and four upgraded products during the quarter targeting attractive process applications. We believe these actions will continue to position Flowserve for long-term success as our end-markets begin to recover in 2021.”

For earnings history and earnings-related data on Flowserve (FLS) click here.

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