Flowserve Announces 12.5% Increase in Quarterly Cash Dividend from $0.32 Per Share to $0.36 Per Share
(Thomson Reuters ONE) -
DALLAS, February 21, 2012 -- Flowserve Corp. (NYSE: FLS), a leading provider of
flow control products and services for the global infrastructure markets, today
announced that its board of directors has authorized the payment of a quarterly
cash dividend of $0.36 per share on the company's outstanding shares of common
stock. The quarterly cash dividend increased from $0.32 per share, or 12.5%
over the previous quarterly rate.
The dividend is payable on April 13, 2012, to shareholders of record as of the
close of business on March 30, 2012.
Mark Blinn, Flowserve president and chief executive officer, said, "We are
pleased that our board of directors has authorized this increase in our
quarterly cash dividend. Late last year, we announced our adoption of a policy
to annually return to shareholders 40% to 50% of our running two year average
net earnings in the form of quarterly dividends or stock repurchases. This
quarterly dividend increase demonstrates our commitment to this policy, as well
as our confidence in the company's overall performance and continued ability to
deliver strong cash flows."
While Flowserve currently intends to pay regular quarterly cash dividends for
the foreseeable future, any future dividends, at this $0.36 per share rate or
otherwise, will be reviewed individually and declared by the board at its
discretion, dependent on the board's assessment of the company's financial
condition and business outlook at the applicable time.
Investor Contact: Mike Mullin, director, investor relations (972) 443-6636
Media Contact: Steve Boone, director, global communications & public affairs
(972) 443-6644
About Flowserve: Flowserve Corp. is one of the world's leading providers of
fluid motion and control products and services. Operating in more than 55
countries, the company produces engineered and industrial pumps, seals and
valves as well as a range of related flow management services. More information
about Flowserve can be obtained by visiting the company's Web site at
www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, as
amended. Words or phrases such as, "may," "should," "expects," "could,"
"intends," "plans," "anticipates," "estimates," "believes," "predicts" or other
similar expressions are intended to identify forward-looking statements, which
include, without limitation, earnings forecasts, statements relating to our
business strategy and statements of expectations, beliefs, future plans and
strategies and anticipated developments concerning our industry, business,
operations and financial performance and condition.
The forward-looking statements included in this news release are based on our
current expectations, projections, estimates and assumptions. These statements
are only predictions, not guarantees. Such forward-looking statements are
subject to numerous risks and uncertainties that are difficult to predict. These
risks and uncertainties may cause actual results to differ materially from what
is forecast in such forward-looking statements, and include, without limitation,
the following: a portion of our bookings may not lead to completed sales, and
our ability to convert bookings into revenues at acceptable profit margins;
changes in the global financial markets and the availability of capital and the
potential for unexpected cancellations or delays of customer orders in our
reported backlog; our dependence on our customers' ability to make required
capital investment and maintenance expenditures; risks associated with cost
overruns on fixed-fee projects and in taking customer orders for large complex
custom engineered products; the substantial dependence of our sales on the
success of the oil and gas, chemical, power generation and water management
industries; the adverse impact of volatile raw materials prices on our products
and operating margins; our ability to execute and realize the expected financial
benefits from our strategic realignment initiatives; economic, political and
other risks associated with our international operations, including military
actions or trade embargoes that could affect customer markets, particularly
Middle Eastern markets and global oil and gas producers, and non-compliance with
U.S. export/re-export control, foreign corrupt practice laws, economic sanctions
and import laws and regulations; our exposure to fluctuations in foreign
currency exchange rates, particularly in hyperinflationary countries such as
Venezuela; our furnishing of products and services to nuclear power plant
facilities; potential adverse consequences resulting from litigation to which we
are a party, such as litigation involving asbestos-containing material claims; a
foreign government investigation regarding our participation in the United
Nations Oil-for-Food Program; expectations regarding acquisitions and the
integration of acquired businesses (including the Valbart Srl acquisition); our
foreign subsidiaries autonomously conducting limited business operations and
sales in certain countries identified by the U.S. State Department as state
sponsors of terrorism; our relative geographical profitability and its impact on
our utilization of deferred tax assets, including foreign tax credits; the
potential adverse impact of an impairment in the carrying value of goodwill or
other intangible assets; our dependence upon third-party suppliers whose failure
to perform timely could adversely affect our business operations; the highly
competitive nature of the markets in which we operate; environmental compliance
costs and liabilities; potential work stoppages and other labor matters; our
inability to protect our intellectual property in the U.S., as well as in
foreign countries; obligations under our defined benefit pension plans; and
other factors described from time to time in our filings with the Securities and
Exchange Commission.
All forward-looking statements included in this news release are based on
information available to us on the date hereof, and we assume no obligation to
update any forward-looking statement.
# # #
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Flowserve Corporation via Thomson Reuters ONE
[HUG#1588083]
Unternehmensinformation / Kurzprofil:
Datum: 22.02.2012 - 02:00 Uhr
Sprache: Deutsch
News-ID 117066
Anzahl Zeichen: 7537
contact information:
Town:
Irving, TX
Kategorie:
Business News
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"Flowserve Announces 12.5% Increase in Quarterly Cash Dividend from $0.32 Per Share to $0.36 Per Share"
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