Flowserve Corporation Reports Third Quarter Results
(Thomson Reuters ONE) -
Updates 2011 Full Year EPS Target Range to $7.45 to $7.85
DALLAS, October 27, 2011 - Flowserve Corp. (NYSE:FLS), a leading provider of
flow control products and services for the global infrastructure markets,
announced today financial results for the third quarter of 2011 in its Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission.
HIGHLIGHTS
Third Quarter of 2011 (all comparisons versus the third quarter of 2010 unless
otherwise noted):
* Fully diluted EPS of $1.92, up 4.3%, including $0.08 of negative currency
effects
* Fully diluted EPS up 19.8% excluding after tax currency effects in the
current and prior periods
* Bookings of $1.16 billion, up 15.9%, or 10.2% excluding currency benefits of
$57 million, reflecting solid chemical, oil & gas and general industry
orders and strong aftermarket activity
* Sales of $1.12 billion, up 15.4%, or 9.9% excluding currency benefits of $54
million, driven by increased short cycle original equipment sales and strong
aftermarket sales
* Gross margin decrease of 70 basis points to 33.6%
* SG&A as a percentage of sales down 130 basis points to 20.1%
* Operating income of $155.0 million, up 20.0%, including realignment charges
of $1.2 million
* Operating margin increase of 50 basis points to 13.8%
* Tax rate of 22.9% for the quarter
* Cash balance of $227.9 million at September 30, 2011
* Backlog at September 30, 2011 of $2.81 billion, including negative currency
effects of $43 million, compared to $2.59 billion in backlog at December
31, 2010
Year-to-Date 2011 (all comparisons versus year-to-date 2010 unless otherwise
noted):
* Fully diluted EPS of $5.40, up 10.4%, including $0.20 of charges from
realignment activity and a Spanish regulatory penalty, partially offset by
$0.10 of net currency benefits
* Bookings of $3.53 billion, up 10.1%, or 5.2% excluding currency benefits of
$157 million, reflecting solid short cycle original equipment activity and
increased aftermarket activity
* Sales of $3.24 billion, up 12.2%, or 7.0% excluding currency benefits of
$152 million, driven by increased short cycle original equipment sales and
strong aftermarket sales
* Gross margin decrease of 180 basis points to 33.7%, or 34.0% excluding
realignment charges
* SG&A as a percentage of sales down 50 basis points to 21.0%
* Operating income of $425.3 million, up 1.9%, including realignment charges
of $10.4 million and a Spanish regulatory penalty of $3.9 million
* Operating margin decrease of 130 basis points to 13.1%, or 13.4% excluding
realignment charges
Mark Blinn, Flowserve president and chief executive officer, said, "I am pleased
with our performance this quarter, with top line growth and improved operating
performance driving earnings up about 20%, excluding currency effects. We
posted double digit growth in bookings, led primarily by our short cycle
business but overall by broad based increases in activity in the chemical,
general industries and oil and gas industries and across most regions. Our
short cycle business remains strong, and our smaller project long cycle business
is steady to improving, which balances continued competitiveness in large long-
cycle project activity.
"We saw our strongest ever aftermarket performance in the quarter, as our focus
on expanding our global QRC footprint and growing our service capabilities
continues to deepen our customer relationships. In addition, the continued
dedication of our outstanding workforce on executing on our key strategies
helped drive both year over year and sequential operating margin improvement.
This generated positive operating momentum across the organization that we plan
to build on as we close out the year and move into 2012."
Blinn added, "We remained focused on executing our strategic growth initiatives
and serving our customers in spite of an uncertain macroeconomic and
geopolitical environment, and we are proud of what we have accomplished in
positioning our company to deliver sustainable earnings growth and long-term
shareholder value. During the quarter, we announced a new $300 million share
repurchase program, reflecting our ongoing commitment to returning cash to our
shareholders and increasing our flexibility to pursue additional value-enhancing
opportunities. Our recently announced acquisition of Lawrence Pumps exemplifies
our inorganic growth strategy, where we view incremental, disciplined leverage
of our diverse global platform with 'bolt on' acquisitions as the best way to
drive growth and create value for our shareholders. Looking forward, I am
confident that through our continued disciplined execution of our strategic
plan, broad product capabilities, strong backlog, high-margin aftermarket
business and global presence - particularly in high-growth markets - we are well
positioned for 2012 and beyond."
FINANCIAL PERFORMANCE AND GUIDANCE
Dick Guiltinan, senior vice president, finance and chief accounting officer,
said, "Our earnings and margins this quarter were positively influenced by
increased sales volumes, driven primarily by the continued strength of our short
cycle and aftermarket business, operational improvements and benefits from a
lower tax rate, which offset headwinds from currency. We also benefitted from
our disciplined cost-control initiatives in achieving sequential and year over
year improvement in SG&A as a percentage of sales.
"Solid growth across our company, and in particular in our short cycle original
equipment business, has continued to drive increased working capital levels.
This continued growth in our business remains a significant driver of our raw
materials and work in process inventory balances over year end. While we began
to see our past due backlog trend down towards the end of the third quarter, our
inventory levels also continue to be influenced by isolated project delays and
customer-driven delays on certain large projects, most of which we plan to ship
by year end. Receivables balances continued to be impacted by shipment delays
and longer negotiated payment terms. General market conditions, in which
companies are increasingly mindful of cash flow, led to slower than anticipated
payments from certain customers, although we have not seen any real
deterioration in credit quality or collectability. As we move into the fourth
quarter, which historically has been our best operating cash flow quarter of the
year, we remain focused on optimizing working capital levels.
"In considering our full year guidance, we expect the lost opportunity related
to ongoing disruptions in the Middle East and North Africa will extend through
year end. We also expect a small dilutive effect in 2011 relating to the
Lawrence Pumps acquisition. As such, we have narrowed our full year EPS target
range to between $7.45 and $7.85, which anticipates a continuation of the recent
currency rate environment."
FLOW SOLUTIONS GROUP
Tom Ferguson, president, Flow Solutions Group, said, "The Engineered Product
Division (EPD) continued to deliver solid aftermarket performance this quarter,
as we used our Integrated Services Group, our global QRC network and end user
focus to drive growth. Our smaller project original equipment volumes are
steady to improving, although large project activity remains highly competitive,
where we have been more selective in the projects we choose to pursue. We
believe these factors should help support our margins going forward, as we
simultaneously work to ship and clear out some delayed projects that have
weighed down EPD margins this year.
"I am excited that we will very soon close our acquisition of Lawrence Pumps, an
industry leader in highly engineered critical slurry pumps in our core markets.
This acquisition is an excellent example of our 'bolt on' acquisition strategy,
which is focused on highly engineered products with close strategic fit,
meaningful potential synergies and attractive aftermarket opportunities that can
be significantly grown through our global sales and distribution network.
"I am pleased with the Industrial Product Division's (IPD) performance this
quarter, as we capitalized on continued end market strength and gained traction
on operational improvements as part of IPD's recovery plan. IPD's bookings
growth was broadly based, primarily driven by the chemical, power generation and
oil and gas industries. Our stronger backlog and improved short cycle market
conditions provide the opportunity to drive further performance improvements."
FLOW CONTROL DIVISION
Tom Pajonas, president, Flow Control Division, said, "I am proud that the FCD
team delivered another solid quarter of overall performance, demonstrating our
ability to execute in the current macroeconomic environment and our continued
efforts to drive growth and value-added solutions for our customers. Bookings
activity increased substantially in the third quarter, driven by broad based
growth in the chemical and general industries, as well as growth in the oil and
gas industry with the support of our 2010 Valbart acquisition. Sales increased
notably over the same period last year, with strong growth in most regions. I
am pleased by the strong performance of the division across a number of key
financial performance metrics, including operating margins and overall
aftermarket growth."
SEGMENT OVERVIEW (all comparisons versus the third quarter of 2010 unless
otherwise noted)
FSG Engineered Product Division (EPD)
EPD bookings for the third quarter of 2011 were $567.6 million, an increase of
$69.7 million, up 14.0%, or up 9.2% excluding currency benefits of approximately
$24 million. EPD sales for the third quarter of 2011 were $574.3 million, an
increase of $63.0 million, up 12.3%, or up 7.4% excluding currency benefits of
approximately $25 million. EPD gross profit was $193.1 million, up $8.3 million
or 4.5%. Gross margin for the third quarter of 2011 decreased 250 basis points
to 33.6%. The gross margin decrease was primarily due to the negative impact of
currency on U.S. dollar denominated sales produced in non-U.S. facilities and
the effect on revenue of certain large projects at very low margins, partially
offset by a sales mix shift towards higher margin aftermarket sales.
EPD operating income for the third quarter of 2011 was $91.9 million, a decrease
of $0.9 million or 1.0%, including currency benefits of approximately $4
million. The decrease was primarily due to increased SG&A, driven by currency
effects and increased selling and marketing related expenses, substantially
offset by increased gross profit. Operating margin decreased 210 basis points
to 16.0%.
FSG Industrial Product Division (IPD)
IPD bookings for the third quarter of 2011 were $223.2 million, an increase of
$20.3 million, up 10.0%, or up 4.6% excluding currency benefits of approximately
$11 million. IPD sales for the third quarter of 2011 were $215.6 million, an
increase of $39.1 million, up 22.2%, or 15.9% excluding currency benefits of
approximately $11 million. IPD gross profit was $50.9 million, up $8.9 million
or 21.2%. Gross margin for the third quarter of 2011 decreased 20 basis points
to 23.6%, or decreased 40 basis points to 24.1% when realignment charges in the
current and comparison periods are excluded. The gross margin decrease was
primarily due to increased material costs, substantially offset by the impact of
increased sales on the absorption of fixed manufacturing costs and a mix shift
to higher margin aftermarket sales.
IPD operating income for the third quarter of 2011 was $16.5 million, up $7.0
million or 73.7%, including currency benefits of approximately $1 million and
realignment charges of $1.0 million. The increase was primarily attributable to
the increase in gross profit, partially offset by an increase in SG&A, which was
driven by currency effects. Operating margin increased 230 basis points to
7.7%, or increased 210 basis points to 8.1% excluding realignment charges in the
current and comparison periods.
Flow Control Division (FCD)
FCD Bookings for the third quarter of 2011 were $409.9 million, an increase of
$74.9 million, up 22.4%, or 16.1% excluding currency benefits of approximately
$21 million. FCD sales for the third quarter of 2011 were $368.3 million, an
increase of $55.7 million, up 17.8%, or 12.1% excluding currency benefits of
approximately $18 million. FCD gross profit was $131.3 million, up $23.9
million or 22.3%. Gross margin for the third quarter of 2011 increased 130
basis points to 35.7%. The gross margin increase was primarily due to the impact
of increased sales on the absorption of fixed manufacturing costs and a
favorable product line and maintenance, repair and overhaul mix.
FCD operating income for the third quarter of 2011 was $63.8 million, up $18.1
million or 39.6%, including currency benefits of approximately $2 million. The
increase was primarily attributable to the increase in gross profit, partially
offset by an increase in SG&A, which was driven by increased selling and
marketing-related expenses and increased research and development costs.
Operating margin increased 270 basis points to 17.3%.
Conference Call
The conference call will take place on Friday, October 28 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," "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 and other critical processes; potential adverse consequences
resulting from litigation to which we are a party, such as litigation involving
asbestos-containing material claims; 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.
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
(Amounts in thousands, except per
share data) Three Months Ended September 30,
-----------------------------------------------
2011 2010
-----------------------------------------------
Sales $ 1,121,813 $ 971,681
Cost of sales (745,227) (638,183)
-----------------------------------------------
Gross profit 376,586 333,498
Selling, general and
administrative expense (225,996) (207,741)
Net earnings from affiliates 4,367 3,439
-----------------------------------------------
Operating income 154,957 129,196
Interest expense (8,544) (8,266)
Interest income 216 430
Other (expense) income, net (6,621) 18,578
-----------------------------------------------
Earnings before income taxes 140,008 139,938
Provision for income taxes (32,052) (35,713)
-----------------------------------------------
Net earnings, including
noncontrolling interests 107,956 104,225
Less: Net earnings attributable
to noncontrolling interests (185) (306)
-----------------------------------------------
Net earnings attributable to
Flowserve Corporation $ 107,771 $ 103,919
-----------------------------------------------
Net earnings per share
attributable to Flowserve
Corporation common shareholders:
Basic $ 1.94 $ 1.86
Diluted 1.92 1.84
Cash dividends declared per share
$ 0.32 $ 0.29
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
(Amounts in thousands, except per
share data) Nine Months Ended September 30,
-----------------------------------------------
2011 2010
-----------------------------------------------
Sales $ 3,244,772 $ 2,891,683
Cost of sales (2,151,153) (1,866,510)
-----------------------------------------------
Gross profit 1,093,619 1,025,173
Selling, general and
administrative expense (681,618) (620,311)
Net earnings from affiliates 13,314 12,537
-----------------------------------------------
Operating income 425,315 417,399
Interest expense (26,684) (25,942)
Interest income 1,100 1,170
Other income (expense), net 7,852 (15,259)
-----------------------------------------------
Earnings before income taxes 407,583 377,368
Provision for income taxes (103,908) (101,133)
-----------------------------------------------
Net earnings, including
noncontrolling interests 303,675 276,235
Less: Net earnings attributable
to noncontrolling interests (191) (448)
-----------------------------------------------
Net earnings attributable to
Flowserve Corporation $ 303,484 $ 275,787
-----------------------------------------------
Net earnings per share
attributable to Flowserve
Corporation common shareholders:
Basic $ 5.45 $ 4.94
Diluted 5.40 4.89
Cash dividends declared per share $ 0.96 $ 0.87
CONDENSED CONSOLIDATED BALANCE
SHEETS
September 30, December 31,
(Amounts in thousands, except per
share data) 2011 2010
-----------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 227,885 $ 557,579
Accounts receivable, net of
allowance for doubtful accounts
of $21,146
and $18,632, respectively 1,022,897 839,566
Inventories, net 1,076,704 886,731
Deferred taxes 128,909 131,996
Prepaid expenses and other 121,071 107,872
-----------------------------------------------
Total current assets 2,577,466 2,523,744
Property, plant and equipment,
net of accumulated depreciation
of $719,720
and $682,715, respectively 564,759 581,245
Goodwill 1,013,526 1,012,530
Deferred taxes 21,383 24,343
Other intangible assets, net 139,811 147,112
Other assets, net 163,560 170,936
-----------------------------------------------
Total assets $ 4,480,505 $ 4,459,910
-----------------------------------------------
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 459,900 $ 571,021
Accrued liabilities 769,620 817,837
Debt due within one year 50,033 51,481
Deferred taxes 18,513 16,036
-----------------------------------------------
Total current liabilities 1,298,066 1,456,375
Long-term debt due after one year 457,855 476,230
Retirement obligations and other
liabilities 417,715 414,272
Shareholders' equity:
Common shares, $1.25 par value 73,664 73,664
Shares authorized - 120,000
Shares issued - 58,931 and
58,931, respectively
Capital in excess of par value 612,744 613,861
Retained earnings 2,098,054 1,848,680
-----------------------------------------------
2,784,462 2,536,205
Treasury shares, at cost - 3,927
and 3,872 shares, respectively (315,389) (292,210)
Deferred compensation obligation 9,582 9,533
Accumulated other comprehensive
loss (179,951) (150,506)
-----------------------------------------------
Total Flowserve Corporation
Shareholders' Equity 2,298,704 2,103,022
Noncontrolling interest 8,165 10,011
-----------------------------------------------
Total equity 2,306,869 2,113,033
-----------------------------------------------
Total liabilities and equity $ 4,480,505 $ 4,459,910
-----------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Amounts in thousands) Nine Months Ended September 30,
-----------------------------------------------
2011 2010
-----------------------------------------------
Cash flows - Operating
activities:
Net earnings, including
noncontrolling interests $ 303,675 $ 276,235
Adjustments to reconcile net
earnings to net cash used by
operating
activities:
Depreciation 67,166 64,727
Amortization of intangible and
other assets 10,206 7,192
Amortization of deferred loan
costs 2,179 2,699
Net gain on disposition of assets (484) (97)
Gain on sale of investment - (2,618)
Excess tax benefits from stock-
based compensation arrangements (5,201) (9,971)
Stock-based compensation 23,655 24,295
Net earnings from affiliates, net
of dividends received 472 (5,869)
Stock-based compensation
Change in assets and liabilities:
Accounts receivable, net (201,636) (47,883)
Inventories, net (206,079) (112,528)
Prepaid expenses and other (21,606) (17,034)
Other assets, net (2,019) 5,812
Accounts payable (101,671) (61,960)
Accrued liabilities and income
taxes payable (43,648) (138,420)
Retirement obligations and other
liabilities 13,635 (31,632)
Net deferred taxes 11,271 30,433
-----------------------------------------------
Net cash flows used by operating
activities (150,085) (16,619)
-----------------------------------------------
Cash flows - Investing
activities:
Capital expenditures (71,164) (46,429)
Proceeds from disposal of assets 3,530 6,748
Payments for acquisitions, net of
cash acquired (890) (199,396)
Affiliate investing activity, net - 4,326
-----------------------------------------------
Net cash flows used by investing
activities (68,524) (234,751)
-----------------------------------------------
Cash flows - Financing
activities:
Excess tax benefits from stock-
based compensation arrangements 5,201 9,971
Payments on long-term debt (18,750) (4,261)
Net (payments) borrowings under
other financing arrangements (1,747) 438
Repurchase of common shares (41,088) (34,074)
Payments of dividends (51,794) (47,419)
Proceeds from stock option
activity 310 5,576
Dividends paid to noncontrolling
interests (2,168) (259)
Sale of shares to noncontrolling
interests - 1,654
-----------------------------------------------
Net cash flows used by financing
activities (110,036) (68,374)
Effect of exchange rate changes
on cash (1,049) (23,963)
-----------------------------------------------
Net change in cash and cash
equivalents (329,694) (343,707)
Cash and cash equivalents at
beginning of period 557,579 654,320
-----------------------------------------------
Cash and cash equivalents at end
of period $ 227,885 $ 310,613
-----------------------------------------------
SEGMENT INFORMATION
FSG ENGINEERED PRODUCT DIVISION Three Months Ended September 30,
(Amounts in millions) 2011 2010
-----------------------------------------------
Bookings $ 567.6 $ 497.9
Sales 574.3 511.3
Gross profit 193.1 184.8
Gross profit margin 33.6% 36.1%
Segment operating income 91.9 92.8
Segment operating income as a
percentage of sales 16.0% 18.1%
FSG INDUSTRIAL PRODUCT DIVISION Three Months Ended September 30,
(Amounts in millions) 2011 2010
-----------------------------------------------
Bookings $ 223.2 $ 202.9
Sales 215.6 176.5
Gross profit 50.9 42.0
Gross profit margin 23.6% 23.8%
Segment operating income 16.5 9.5
Segment operating income as a
percentage of sales 7.7% 5.4%
FLOW CONTROL DIVISION Three Months Ended September 30,
(Amounts in millions) 2011 2010
-----------------------------------------------
Bookings $ 409.9 $ 335.0
Sales 368.3 312.6
Gross profit 131.3 107.4
Gross profit margin 35.7% 34.4%
Segment operating income 63.8 45.7
Segment operating income as a
percentage of sales 17.3% 14.6%
FSG ENGINEERED PRODUCT DIVISION Nine Months Ended September 30,
(Amounts in millions) 2011 2010
-----------------------------------------------
Bookings $ 1,753.7 $ 1,719.5
Sales 1,655.3 1,567.6
Gross profit 573.3 575.1
Gross profit margin 34.6% 36.7%
Segment operating income 270.4 301.4
Segment operating income as a
percentage of sales 16.3% 19.2%
FSG INDUSTRIAL PRODUCT DIVISION Nine Months Ended September 30,
(Amounts in millions) 2011 2010
-----------------------------------------------
Bookings $ 674.5 $ 609.5
Sales 616.5 571.2
Gross profit 140.4 146.6
Gross profit margin 22.8% 25.7%
Segment operating income 39.2 46.4
Segment operating income as a
percentage of sales 6.4% 8.1%
FLOW CONTROL DIVISION Nine Months Ended September 30,
(Amounts in millions) 2011 2010
-----------------------------------------------
Bookings $ 1,227.1 $ 978.7
Sales 1,093.0 837.4
Gross profit 378.8 303.2
Gross profit margin 34.7% 36.2%
Segment operating income 171.2 127.9
Segment operating income as a
percentage of sales 15.7% 15.3%
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#1558876]
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Datum: 27.10.2011 - 22:12 Uhr
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News-ID 81324
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contact information:
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