Flowserve Corporation Reports Full Year and Fourth Quarter 2011 Results
(Thomson Reuters ONE) -
Reports Full Year EPS of $7.64, Up 11.0% Over 2010; Reaffirms 2012 Full Year EPS
Target Range of $8.00 to $8.80
DALLAS, February 22, 2012 - Flowserve Corp. (NYSE:FLS), a leading provider of
flow control products and services for the global infrastructure markets,
announced today financial results for the full year and fourth quarter in its
2011 Annual Report on Form 10-K filed with the Securities and Exchange
Commission. Highlights were as follows:
Full Year 2011 (all comparisons versus full year 2010 unless otherwise noted):
* Fully diluted EPS of $7.64, up 11.0%, including $0.05 of net currency
benefits
* Bookings of $4.66 billion, up 10.2%, or 6.7% excluding positive currency
effects of $149 million, reflecting solid short cycle original equipment
activity and increased aftermarket activity
* Aftermarket bookings up $153.5 million, or 9.0%, over 2010
* Sales of $4.51 billion, up 11.9%, or 8.3% excluding positive currency
effects of $144 million, driven by increased short cycle original equipment
sales and strong aftermarket sales
* Aftermarket sales up $276.7 million, or 17.6%, over 2010
* Gross margin decrease of 140 basis points to 33.6%
* SG&A as a percentage of sales down 70 basis points to 20.3%
* Operating income of $618.7 million, up 6.4%, including realignment charges
of $12.0 million
* Operating margin decrease of 70 basis points to 13.7%
* Backlog at December 31, 2011 of $2.7 billion, including negative currency
effects of $51 million, compared to $2.6 billion in backlog at December
31, 2010
Fourth Quarter 2011 (all comparisons versus fourth quarter 2010 unless otherwise
noted):
* Fully diluted EPS of $2.25, up 12.5%, including $0.05 of negative currency
effects
* Bookings of $1.15 billion, up 11.3%, or 12.0% excluding negative currency
effects of $8 million, reflecting solid chemical, oil & gas and general
industries orders and continued strong aftermarket activity
* Aftermarket bookings up $21.9 million, or 4.9%, over fourth quarter 2010
* Sales of $1.27 billion, up 11.0%, or 11.7% excluding negative currency
effects of $8 million, reflecting solid original equipment sales and strong
aftermarket sales across all divisions
* Aftermarket sales up $51.3 million, or 10.9%, over fourth quarter 2010
* Gross margin decrease of 50 basis points to 33.2%
* SG&A as a percentage of sales down 130 basis points to 18.4%
* Operating income of $193.4 million, up 17.9%
* Operating margin increase of 90 basis points to 15.3%
Mark Blinn, Flowserve president and chief executive officer, said, "I am pleased
with our performance in 2011 and particularly in the fourth quarter, as we
continued to drive top line growth and improve our operating results. Double
digit bookings growth during the year was led by improvement in our short cycle
business and aftermarket activity, which balanced competitiveness in our long
cycle business. Strength in the chemical, general industries and oil and gas
industries, particularly in the latter part of the year, drove this growth.
"Our focus on deepening our customer relationships by expanding our global QRC
network and service capabilities continued to produce significant value for our
shareholders, leading to record aftermarket sales in the fourth quarter. At the
same time, our cost management discipline helped maintain positive operating
momentum in the fourth quarter, producing year-over-year and sequential
operating margin improvement. This continues to validate our strategic focus
and the efforts of our outstanding workforce."
Blinn added, "We are proud of what we accomplished in 2011 and how we have
positioned ourselves to drive growth in 2012. Our continued strategic
investments to drive growth in emerging markets and expand our customized
product and aftermarket offerings have expanded our global reach and will
support our objective to achieve 5% to 7% revenue growth in 2012. Our focus on
high margin business, through innovation and portfolio management, combined with
our disciplined cost management culture, has generated recent operating margin
improvements that will provide the foundation from which we will drive towards
our longer term operating margin improvement target.
"The advancement of our "One Flowserve" initiative, begun through the successful
combination of our pumps and seals businesses, was continued by bringing the
leadership of all our operations under Tom Pajonas as chief operating officer.
This unified leadership structure will enable us to leverage operational
excellence across our global platform to drive additional improvements. Looking
forward, I am confident that we have the people, products and platform in place
to execute on our strong backlog and grow our business to continue to create
value for our shareholders in 2012 and beyond."
Financial Performance and Guidance
Mike Taff, senior vice president and chief financial officer, said, "Increased
sales volumes and continued improvements in SG&A leverage positively influenced
our earnings and operating margin this quarter. Our fourth quarter earnings
were negatively impacted by a profit mix shift to higher tax jurisdictions,
resulting in a quarterly tax rate of 30.3%. We do not view this shift as
permanent, and we expect our structural rate of 28-30% to remain intact going
forward.
"In the fourth quarter, we announced a policy to return 40% to 50% of our
running two-year average net earnings to shareholders annually. Demonstrating
our commitment to this policy, we repurchased approximately $109 million of our
common stock in the fourth quarter and replenished the capacity of our share
repurchase program to $300 million. This, along with the recently announced
12.5% increase in our quarterly dividend, underscores the confidence we have in
the cash flow generation capability of our business and our commitment to
disciplined cash management and creating shareholder value going forward."
Taff added, "Improving our levels of working capital remains a sharp focus and
high priority for improvement in 2012. Increased growth in our business in the
last year contributed to increases in raw materials and work in process
inventory balances. But, our working capital levels have also been influenced by
our levels of past due backlog and other factors within our control. We reduced
our past due backlog during the fourth quarter by over $60 million, and we are
working to decrease the amount by another $60 million in the first half of
2012. Increased focus from our new leadership structure should provide
additional benefits going forward.
"Our reaffirmed 2012 earnings guidance of $8.00 to $8.80 per share anticipates
approximately $0.50 of negative currency effects compared to 2011. This is
driven by the recent strengthening of the U.S. dollar against many of our
functional currencies, in particular the Euro when compared to the first half of
2011. As we discussed, we expect our performance in 2012 will be weighted
towards the second half of the year. In particular, the first quarter is
expected to be impacted by some large, low margin late project shipments booked
in 2010 and early in 2011, as well as a reduced level of aftermarket shipments
compared to the fourth quarter of 2011. That said, we remain confident in the
earnings generation capability of our operating platform to achieve our 2012
goals."
Operational Performance
Tom Pajonas, senior vice president and chief operating officer, said, "I was
pleased to see the momentum in short cycle and aftermarket business that began
to build in 2011 continue through the end of the year. Our long cycle bid
selectivity helped offset continued competitiveness in this business. With
increasing levels of project activity in the oil and gas industry, we anticipate
improvement in long cycle business conditions in 2012. We also continued to
make progress in managing costs and margins through operational excellence,
disciplined project pursuit and the successful completion of our realignment
programs.
"Full year bookings for the Engineered Product Division (EPD) grew 4.1%, with
solid growth in the chemical, power and general industries. Sales grew 7.8% for
the year, driven by regional growth in North America, the Middle East and Asia
Pacific, followed to a lesser extent by Latin America. Operating margin was
17.0% for the full year in a mixed market environment, with continued negative
impact from certain large projects with low margins and charges related to
certain projects that have not shipped or shipped late. Our focus on project
selectivity has helped offset some of this impact, and we expect improvement
after these isolated projects are shipped in the first half of 2012. We are also
excited about the addition of Lawrence Pumps (LPI) to the Flowserve family and
the critical products and aftermarket potential it offers that will allow us to
provide additional value to our customers."
Pajonas added, "The Industrial Product Division (IPD) delivered improved
bookings and sales for the full year and fourth quarter, which was driven by
activity in the general and chemical industries. Margins for the full year
reflect less favorable pricing on shipped projects, increased material costs and
charges incurred as part of the division's recovery plan. While we have made
some progress in improving IPD over the last year, we still have significant
opportunity to strengthen its performance further. IPD should benefit from a
strengthening business environment and renewed focus from our new operational
leadership structure.
"The Flow Control Division (FCD) delivered impressive 2011 performance, with
full year bookings increasing 22.7% on the strength of the chemical, oil and gas
and general industries. Sales increased 23% for the full year, led by Latin
America and the Middle East, but also supported by percentage increases in
Europe, Asia Pacific and North America. FCD's solid backlog and continued
strong operational performance provide encouraging opportunities for growth
going forward."
Segment Overview (all comparisons versus fourth quarter 2010 or full year 2010
unless otherwise noted)
FSG Engineered Product Division (EPD)
EPD bookings for the fourth quarter of 2011 were $590.0 million, an increase of
$64.4 million, up 12.3%, or 13.8% excluding negative currency effects of
approximately $8 million. Bookings for the full year 2011 were $2.33 billion, an
increase of $91.5 million, up 4.1%, or 1.2% excluding currency benefits of
approximately $65 million. EPD sales for the fourth quarter of 2011 were $666.1
million, an increase of $81 million, up 13.8%, or 15.2% excluding negative
currency effects of approximately $8 million. Sales for the full year 2011 were
$2.32 billion, an increase of $168.7 million, up 7.8%, or 4.7% excluding
currency benefits of approximately $67 million.
EPD gross profit for the fourth quarter of 2011 increased to $230.1 million, up
$22.3 million. Gross margin for the fourth quarter of 2011 decreased 100 basis
points to 34.5%. Gross profit for the full year 2011 increased to $803.4
million, up $20.5 million or 2.6%. Gross margin for the full year 2011
decreased 180 basis points to 34.6%, which was primarily attributable to the
effect on revenue of certain large projects at low margins primarily in
beginning of year backlog, the negative impact of currency on margins of U.S.
dollar denominated sales produced in certain non-U.S. facilities and incremental
charges associated with certain projects that have not shipped or shipped late.
These factors were partially offset by a sales mix shift towards higher margin
aftermarket sales.
EPD operating income for the fourth quarter of 2011 increased to $124.8 million,
up $13.6 million or 12.2%, including negative currency effects of approximately
$3 million. Operating income for the full year 2011 decreased to $395.2 million,
down $17.4 million or 4.2%, including currency benefits of approximately $9
million. The full year decrease was primarily attributable to increased SG&A,
which was due to increased selling and marketing-related expenses, compensation
increases and hiring associates in high-growth areas of the business,
acquisition-related and other incremental costs associated with the acquisition
of LPI and a $3.9 million penalty assessed by a Spanish regulatory commission in
the second quarter. These factors were partially offset by a decrease in broad-
based annual and long-term incentive program compensation. Fourth quarter
operating margin decreased 30 basis points to 18.7%. Full year 2011 operating
margin decreased 220 basis points to 17.0%.
FSG Industrial Product Division (IPD)
IPD bookings for the fourth quarter of 2011 were $230.9 million, an increase of
$11.7 million, up 5.3%, which includes currency benefits of less than $1
million. Bookings for the full year 2011 were $905.4 million, an increase of
$77.9 million, up 9.4%, or 5.9% excluding currency benefits of approximately $29
million. IPD sales for the fourth quarter of 2011 were $261.7 million, an
increase of $32.8 million, up 14.3%, or 13.9% excluding currency benefits of
approximately $1 million. Sales for the full year 2011 were $878.2 million, an
increase of $78.0 million, up 9.7%, or 6.1% excluding currency benefits of
approximately $29 million.
IPD gross profit for the fourth quarter of 2011 declined to $57.2 million, down
$0.9 million or 1.5%. Gross margin for the fourth quarter of 2011 decreased
350 basis points to 21.9%. Gross profit for the full year 2011 decreased to
$197.5 million, down $7.2 million or 3.5%. Gross margin for the full year 2011
decreased 310 basis points to 22.5%, which was primarily attributable to less
favorable pricing on products shipped from backlog, increased material costs,
charges related to the IPD recovery plan and incremental charges from
operational efficiency issues in certain sites. These factors were partially
offset by increased savings realized from realignment programs and a sales mix
shift to higher margin aftermarket sales.
IPD operating income for the fourth quarter of 2011 increased to $23.7 million,
up $1.6 million or 7.2%, which includes currency benefits of less than $1
million. Operating income for the full year 2011 decreased to $62.9 million,
down $5.6 million or 8.2%, including currency benefits of approximately $2
million. The full year decrease was primarily attributable to the decrease in
gross profit, partially offset by a decrease in SG&A. Fourth quarter 2011
operating margin decreased 50 basis points to 9.1%. Full year 2011 operating
margin decreased 140 basis points to 7.2%.
Flow Control Division (FCD)
FCD bookings for the fourth quarter of 2011 were $377.6 million, an increase of
$49.8 million, up 15.2%, or 15.5% excluding negative currency effects of
approximately $1 million. Bookings for the full year 2011 were $1.60 billion,
an increase of $296.4 million, up 22.7%, or 18.6% excluding currency benefits of
approximately $54 million. Valbart provided bookings of $165.0 million for the
full year. FCD sales for the fourth quarter of 2011 were $380.3 million, an
increase of $20.2 million, up 5.6%, or 5.9% excluding negative currency effects
of approximately $1 million. Sales for the full year 2011 were $1.47 billion,
an increase of $275.8 million, up 23.0%, or up 19.0% excluding currency benefits
of approximately $48 million. Valbart provided sales of $112.9 million for the
full year.
FCD gross profit for the fourth quarter of 2011 increased to $132.7 million, up
$13.6 million or 11.4%. Gross margin for the fourth quarter of 2011 increased
180 basis points to 34.9%. Gross profit for the full year 2011 increased to
$511.5 million, up $89.2 million or 21.1%. Gross margin for the full year 2011
decreased 60 basis points to 34.7%, which was primarily attributable to
increased material costs, partially offset by increased sales, which favorably
impacted absorption of fixed manufacturing costs, and various CIP initiatives.
FCD operating income for the fourth quarter of 2011 increased to $62.1 million,
up $9.6 million or 18.3%, including negative currency effects of approximately
$1 million. Operating income for the full year 2011 increased to $233.3
million, up $52.9 million or 29.3%, including currency benefits of approximately
$7 million. The full year increase was primarily attributable to the increase
in gross profit, partially offset by an increase in SG&A, which was attributable
to increased selling and marketing-related expenses, compensation increases,
increased research and development costs and the impact of the hiring of
associates in high-growth areas of the business. Fourth quarter 2011 operating
margin increased 170 basis points to 16.3%. Full year 2011 operating margin
increased 70 basis points to 15.8%.
Conference Call
The conference call will take place on Thursday, February 23 at 11:00 AM
Eastern.
Mark Blinn, president and chief executive officer, as well as other members of
the management team will be presenting.
The call can be accessed at the Flowserve Web site at www.flowserve.com under
the "Investor Relations" section.
Contact Information
Investor Contact: Mike Mullin, director, investor relations (972) 443-6636
Media Contact: Steve Boone, director, global communications (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," "forecasts,"
"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, including 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; 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.
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
(Amounts in
thousands, 2011 2010
except per
share data)
ASSETS
Current
assets:
Cash and cash $ 337,356 $ 557,579
equivalents
Accounts
receivable, 1,060,249 839,566
net
Inventories, 1,008,379 886,731
net
Deferred taxes 121,905 131,996
Prepaid
expenses and 100,465 107,872
other
Total current 2,628,354 2,523,744
assets
Property,
plant and 598,746 581,245
equipment, net
Goodwill 1,045,077 1,012,530
Deferred taxes 17,843 24,343
Other
intangible 163,482 147,112
assets, net
Other assets, 169,112 170,936
net
Total assets $ 4,622,614 $ 4,459,910
LIABILITIES
AND EQUITY
Current
liabilities:
Accounts $ 597,342 $ 571,021
payable
Accrued 808,601 817,837
liabilities
Debt due
within one 53,623 51,481
year
Deferred taxes 10,755 16,036
Total current 1,470,321 1,456,375
liabilities
Long-term debt
due after one 451,593 476,230
year
Retirement
obligations 422,470 414,272
and other
liabilities
Shareholders'
equity:
Common shares,
$1.25 par 73,664 73,664
value
Shares
authorized -
120,000
Shares issued
- 58,931 and
58,931,
respectively
Capital in
excess of par 621,083 613,861
value
Retained 2,205,524 1,848,680
earnings
2,900,271 2,536,205
Treasury
shares, at
cost - 5,025 (424,052) (292,210)
and 3,872
shares,
respectively
Deferred
compensation 9,691 9,533
obligation
Accumulated
other (216,097) (150,506)
comprehensive
loss
Total
Flowserve
Corporation 2,269,813 2,103,022
Shareholders'
Equity
Noncontrolling 8,417 10,011
interest
Total equity 2,278,230 2,113,033
Total
liabilities $ 4,622,614 $ 4,459,910
and equity
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
(Amounts in
thousands, 2011 2010 2009
except per
share data)
Sales $ 4,510,201 $ 4,032,036 $4,365,262
Cost of sales (2,996,555) (2,622,343) (2,817,130)
Gross profit 1,513,646 1,409,693 1,548,132
Selling,
general and (914,080) (844,990)
administrative (934,451)
expense
Net earnings
from 19,111 16,649 15,836
affiliates
Operating 618,677 581,352 629,517
income
Interest (36,181) (34,301)
expense (40,005)
Interest 1,581 1,575
income 3,247
Other income 3,678 (18,349)
(expense), net (7,968)
Earnings
before income 587,755 530,277 584,791
taxes
Provision for (158,524) (141,596)
income taxes (156,460)
Net earnings,
including 429,231 388,681 428,331
noncontrolling
interests
Less: Net
earnings
attributable (649) (391)
to (444)
noncontrolling
interests
Net earnings
attributable $ 428,582 $ 388,290 $ 427,887
to Flowserve
Corporation
Net earnings per share attributable to Flowserve Corporation common
shareholders:
Basic $ 7.72 $ 6.96 $
7.66
Diluted 7.64 6.88
7.59
Cash dividends $
declared per $ 1.28 $ 1.16 1.08
share
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended December 31,
(Amounts in
thousands, 2011 2010
except per
share data)
Sales $ 1,265,428 $ 1,140,353
Cost of sales (755,833)
(845,402)
Gross profit 384,520
420,026
Selling,
general and (224,679)
administrative (232,462)
expense
Net earnings
from 5,796 4,111
affiliates
Operating 163,952
income 193,360
Interest
expense (9,497) (8,358)
Interest
income 482 405
Other expense,
net (4,174) (3,089)
Earnings
before income 180,171 152,910
taxes
Provision for (40,463)
income taxes (54,616)
Net earnings,
including 112,447
noncontrolling 125,555
interests
Less: Net
(earnings)
loss
attributable (458) 57
to
noncontrolling
interests
Net earnings
attributable $ 125,097 $ 112,504
to Flowserve
Corporation
Net earnings per share attributable to Flowserve Corporation common
shareholders:
Basic $ $
2.27 2.02
Diluted
2.25 2.00
Cash dividends $ $
declared per 0.32 0.29
share
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(Amounts in 2011 2010 2009
thousands)
Cash flows -
Operating
activities:
Net earnings,
including $ 429,231 $ 388,681 $ 428,331
noncontrolling
interests
Adjustments to
reconcile net
earnings to
net cash
provided by
operating
activities:
Depreciation 90,653 90,509 85,585
Amortization
of intangible 14,168 10,785
and other 9,860
assets
Amortization
of deferred 2,740 3,247 2,208
loan costs
Loss on early
extinguishment - 1,601 -
of debt
Net (gain)
loss on the (149) 356
disposition of 864
assets
Acquisition-
related non- - - (4,448)
cash gains
Gain on sale - (3,993)
of investment -
Excess tax
benefits from
stock-based (5,668) (10,048) (1,174)
payment
arrangements
Stock-based 32,090 32,428 40,751
compensation
Net earnings
from
affiliates, (5,213) (9,990)
net of (4,189)
dividends
received
Change in
assets and
liabilities,
net of
acquisitions:
Accounts
receivable, (243,118) (51,974) 50,730
net
Inventories, (139,754) (52,905) 74,674
net
Prepaid
expenses and (12,227) (2,363) 20,840
other
Other assets, (3,629) 6,763
net 1,559
Accounts 45,845 70,741
payable (104,679)
Accrued
liabilities (6,901) (125,591)
and income (106,810)
taxes payable
Retirement
obligations 6,682 (20,296)
and other (71,623)
liabilities
Net deferred 13,463 27,824
taxes 8,798
Net cash flows
provided by 218,213 355,775 431,277
operating
activities
Cash flows -
Investing
activities:
Capital (107,967) (102,002)
expenditures (108,448)
Payments for
acquisitions, (90,505) (199,396)
net of cash (30,750)
acquired
Proceeds from
disposal of 4,269 11,030 556
assets
Affiliate
investment - 3,651 -
activity, net
Net cash flows
used by (194,203) (286,717)
investing (138,642)
activities
Cash flows -
Financing
activities:
Excess tax
benefits from
stock-based 5,668 10,048 1,174
payment
arrangements
Payments on (25,000) (544,016)
long-term debt (5,682)
Proceeds from
issuance of - 500,000 -
long-term debt
Payments of
deferred loan - (11,596) (2,764)
costs
Net borrowings
(payments)
under other 1,581 2,421 (684)
financing
arrangements
Repurchases of (150,000) (46,015)
common shares (40,955)
Payments of (69,557) (63,582)
dividends (59,204)
Proceeds from
stock option 547 5,926 2,939
activity
Dividends paid
to (2,195) (483)
noncontrolling (2,229)
interests
Sales of
shares to - 4,384
noncontrolling 327
interests
Net cash flows
used by (238,956) (142,913)
financing (107,078)
activities
Effect of
exchange rate (5,277) (22,886)
changes on (3,293)
cash
Net change in
cash and cash (220,223) (96,741) 182,264
equivalents
Cash and cash
equivalents at 557,579 654,320 472,056
beginning of
year
Cash and cash
equivalents at $ 337,356 $ 557,579 $ 654,320
end of year
Income taxes
paid (net of $ 113,921 $ 135,892 $ 189,520
refunds)
Interest paid 32,368 31,009 38,067
SEGMENT
INFORMATION
FSG ENGINEERED
PRODUCT Three Months Ended December 31,
DIVISION
(Amounts in
millions, 2011 2010
except
percentages)
Bookings $ 590.0 $ 525.6
Sales 666.1 585.1
Gross profit 230.1 207.8
Gross profit 34.5% 35.5%
margin
Operating 124.8 111.2
income
Operating 18.7% 19.0%
margin
FSG INDUSTRIAL
PRODUCT Three Months Ended December 31,
DIVISION
(Amounts in
millions, 2011 2010
except
percentages)
Bookings $ 230.9 $ 219.2
Sales 261.7 228.9
Gross profit 57.2 58.1
Gross profit 21.9% 25.4%
margin
Operating 23.7 22.1
income
Operating 9.1% 9.6%
margin
FLOW CONTROL Three Months Ended December 31,
DIVISION
(Amounts in
millions, 2011 2010
except
percentages)
Bookings $ 377.6 $ 327.8
Sales 380.3 360.1
Gross profit 132.7 119.1
Gross profit 34.9% 33.1%
margin
Operating 62.1 52.5
income
Operating 16.3% 14.6%
margin
SEGMENT
INFORMATION
FSG ENGINEERED
PRODUCT Year Ended December 31,
DIVISION
(Amounts in
millions, 2011 2010 2009
except
percentages)
Bookings $ 2,333.5 $ 2,242.0 $ 1,976.0
Sales 2,321.4 2,152.7 2,316.3
Gross profit 803.4 782.9
843.5
Gross profit 34.6% 36.4% 36.4%
margin
Operating 395.2 412.6
income 434.8
Operating 17.0% 19.2% 18.8%
margin
FSG INDUSTRIAL
PRODUCT Year Ended December 31,
DIVISION
(Amounts in
millions, 2011 2010 2009
except
percentages)
Bookings $ 905.4 $ 827.5 $ 823.1
Sales 878.2 800.2
971.0
Gross profit 197.5 204.7
262.5
Gross profit 22.5% 25.6% 27.0%
margin
Operating 62.9 68.5
income 107.9
Operating 7.2% 8.6% 11.1%
margin
FLOW CONTROL Year Ended December 31,
DIVISION
(Amounts in
millions, 2011 2010 2009
except
percentages)
Bookings $ 1,603.0 $ 1,306.6 $ 1,198.3
Sales 1,473.3 1,197.5 1,203.2
Gross profit 511.5 422.3
445.2
Gross profit 34.7% 35.3% 37.0%
margin
Operating 233.3 180.4
income 204.1
Operating 15.8% 15.1% 17.0%
margin
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#1587656]
Unternehmensinformation / Kurzprofil:
Datum: 22.02.2012 - 22:12 Uhr
Sprache: Deutsch
News-ID 117631
Anzahl Zeichen: 46392
contact information:
Town:
Irving, TX
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Flowserve Corporation Reports Full Year and Fourth Quarter 2011 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Flowserve Corporation (Nachricht senden)
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