Flowserve Corporation reported third quarter 2024 sales of $1.133 billion, a 3.5% increase compared to the prior year period. Gross profit rose by 8.9% to $357.067 million, resulting in a gross profit margin of 31.5%, an expansion of 2.5 percentage points. Operating income significantly increased by 46.9% to $103.192 million, with an operating margin of 9.1%.
The company's net earnings attributable to Flowserve Corporation were $58.382 million, or $0.44 per diluted share. Adjusted earnings per share (EPS) for the quarter was $0.62, which was below analysts' consensus estimates of $0.67. Despite the EPS miss, Flowserve generated $1.2 billion in bookings, including strong aftermarket activity and record bookings from its 3D strategic initiatives.
Flowserve reaffirmed its full-year 2024 Adjusted EPS guidance range of $2.60 to $2.75, while lowering its Reported EPS target range to $2.15 to $2.35. The company ended the quarter with a near-record backlog of $2.8 billion, providing strong revenue visibility. Management expressed confidence in exiting 2024 with positive momentum and progressing towards its 2027 financial targets.
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