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Flowserve Corp (FLS.N)

FLS.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Flowserve Corporation qtrly ‍adjusted EPS was $0.22
Thursday, 27 Jul 2017 04:17pm EDT 

July 27 (Reuters) - Flowserve Corp :Flowserve Corporation reports second quarter 2017 results.Q2 sales $877 million versus I/B/E/S view $933.9 million.Flowserve Corp - ‍backlog at June 30, 2017 was $2.1 billion, up 12.4% and 1.5% versus 2016 year-end, and prior year Q2, respectively​.Flowserve Corp - qtrly ‍reported earnings per share $0.32​.Flowserve Corp - qtrly ‍adjusted EPS was $0.22​.Flowserve Corp - expects reported and adjusted EPS target ranges of $0.85 to $1.05 and $1.30 to $1.50, respectively for FY 2017.FY2017 earnings per share view $1.78 -- Thomson Reuters I/B/E/S.Flowserve - ‍during 2017 Q2, immaterial accounting errors identified in prior period financial statements for period beginning in 2013 through Q1 2017​.Flowserve Corp - ‍determined to amend 2016 form 10-K and March 31, 2017 form 10-Q to reflect revisions​.Flowserve Corp - ‍determined material weakness existed in internal control structure at year-end 2016 and continued through end of 2017 Q2​.Flowserve Corp - ‍intends to institute remediation plans as a result of the errors​.Flowserve Corp - ‍cumulative effect of changes to retained earnings as of March 31, 2017 was a reduction of approximately $30 million​.  Full Article

Flowserve says on June 30 entered into fourth amendment to its existing credit agreement, dated August 20, 2012
Friday, 7 Jul 2017 05:36pm EDT 

July 7 (Reuters) - Flowserve Corp ::Flowserve Corp says on june 30 entered into a fourth amendment to its existing credit agreement, dated august 20, 2012 - sec filing.Flowserve Corp - amendment to decrease the revolving credit commitment from $1 billion to $800 million‍​.Flowserve - amendment modifies credit agreement to decrease maximum amount of priority debt allowed from 15% to 7.5% of consolidated tangible assets of co.Flowserve Corp - amendment to decrease maximum amount of receivables company can securitize from $200 million to $100 million.  Full Article

Spirax-Sarco to buy Flowserve Corp's Gestra for 186 million euros
Monday, 3 Apr 2017 02:33am EDT 

Spirax-Sarco Engineering Plc : Acquisition of Gestra for eur 186 million (£160 million) . Signed a conditional sale and purchase agreement to acquire Gestra AG and associated businesses from Flowserve Corporation . Acquisition will be accretive to earnings in 2017 but is expected to have a slightly dilutionary impact on group profit margin in this year . The purchase consideration will be financed from a combination of existing cash resources and debt facilities . Completion is subject to certain customary conditions, including regulatory approval by merger control authority in Germany .These conditions are expected to be satisfied during current quarter.  Full Article

Flowserve appoints Jay Roueche interim CFO
Friday, 24 Feb 2017 08:15am EST 

Flowserve Corp : Flowserve appoints Jay Roueche interim chief financial officer . Eoueche's appointment follows Karyn Ovelmen's departure from company as executive vice president and chief financial officer . Roueche's appointment follows Karyn Ovelmen's departure from company as executive vice president and chief financial officer .Flowserve will initiate a search to identify a permanent chief financial officer under incoming CEO Scott Rowe's direction.  Full Article

Flowserve says awarded supply pumping contract for Hengli integrated refining complex
Thursday, 16 Feb 2017 04:14pm EST 

Flowserve Corp : Flowserve awarded significant contract to supply pumping equipment for Hengli integrated refining complex .Flowserve corp - order close to $80 million to provide pumps and ebulators for Hengli integrated refining complex project.  Full Article

Flowserve reports Q4 earnings per share $0.50
Thursday, 16 Feb 2017 04:07pm EST 

Flowserve Corp : Flowserve Corporation reports fourth quarter and full year 2016 results; issues 2017 financial guidance . Q4 earnings per share $0.50 . Q4 sales $1.07 billion versus I/B/E/S view $1.07 billion . Q4 earnings per share view $0.64 -- Thomson Reuters I/B/E/S . Q4 adjusted earnings per share $0.72 . Flowserve Corp- backlog at December 31, 2016 was $1.90 billion, down 12.7pct versus prior year . Flowserve Corp - sees FY revenues down 6pct to 11pct . Flowserve Corp - sees FY adjusted earnings per share $1.55 - $1.85 . FY2017 earnings per share view $2.13, revenue view $3.80 billion -- Thomson Reuters I/B/E/S .Flowserve Corp sees 2017 reported earnings per share $0.72 - $1.02.  Full Article

Flowserve appoints R. Scott Rowe as chief executive officer
Wednesday, 8 Feb 2017 07:00am EST 

Flowserve Corp - : Flowserve appoints R. Scott Rowe as president and chief executive officer . Rowe will also join Flowserve board of directors . Flowserve appoints R. Scott Rowe as president and chief executive officer .R. Scott Rowe succeeds Mark Blinn.  Full Article

Flowserve corporation reports Q3 loss per share $0.16
Thursday, 27 Oct 2016 04:05pm EDT 

Flowserve Corp : Flowserve corporation reports third quarter 2016 results . Flowserve corp - remain on track to deliver expected incremental savings of approximately $100 million in 2016 . Flowserve corp says q3 total bookings were $960 million, down 7.3% on a constant currency basis, and down 1.0% sequentially on a constant currency basis . Flowserve corp - realized cost savings of approximately $37 million in q3 . Flowserve corp - backlog at september 30, 2016 was $2.14 billion, down 1.6% versus year-end 2015 and up 1.7% sequentially . Flowserve corporation reports third quarter 2016 results . Q3 loss per share $0.16 . Q3 sales $943 million versus i/b/e/s view $974.3 million . Q3 earnings per share view $0.62 -- Thomson Reuters I/B/E/S . Q3 adjusted earnings per share $0.52 . Flowserve corp says q3 aftermarket bookings were $452 million, down 2.1% on a constant currency basis as compared to 2015 q3 . Flowserve corp says backlog at september 30, 2016 was $2.14 billion, down 1.6% versus year-end 2015 and up 1.7% sequentially, including q3 book-to-bill of 1.02 . Flowserve corp - for full year 2016 continues to expect to incur realignment charges of approximately $160 million . Flowserve corp -sees 2016 adjusted eps target range to $2.05 to $2.25 per share . Flowserve corp - sees fy revenue declines of 11 to 14 percent year-over-year.  Full Article

Flowserve Corp says Mark A. Blinn to resign as president and CEO and as a member of the board
Thursday, 22 Sep 2016 05:10pm EDT 

Flowserve Corp : Says to ensure an orderly transition, mr. Blinn will remain in those roles until appointment of his successor . Mark a. Blinn will resign from his positions as president and chief executive officer and as a member of the board - sec filing . If resignation date is prior to march 31, 2017, blinn will remain employed with the company as a special advisor until march 31, 2017 .Board may extend blinn's retirement date and/or the resignation date after march 31, 2017 for a period not to exceed 90 days.  Full Article

Flowserve Corp says Q2 earnings per share $0.48
Thursday, 28 Jul 2016 04:05pm EDT 

Flowserve Corp : Backlog at june 30, 2016 was $2.10 billion, down 3.2% versus year-end 2015 . Continues to expect full year 2016 incremental savings of approximately $100 million through its realignment program . For full year 2016 continues to expect to incur realignment charges of approximately $160 million . Fy2016 earnings per share view $2.50, revenue view $4.07 billion -- Thomson Reuters I/B/E/S . Qtrly total bookings were $975 million, down 10.1% on a constant currency basis, and up 4.0% sequentially on a constant currency basis . In 2016 q2, flowserve realized cost savings of approximately $27 million through its realignment program . Flowserve corporation reports second quarter 2016 results . Q2 earnings per share $0.48 . Q2 sales $1.03 billion versus i/b/e/s view $1 billion . Q2 earnings per share view $0.60 -- Thomson Reuters I/B/E/S . Reaffirms fy 2016 earnings per share view $2.40 to $2.60 including items . Q2 adjusted earnings per share $0.57 . Tightened its 2016 adjusted eps target range of $2.40 to $2.60 per share . Reaffirming 2016 expected revenues declining 7 to 14 percent year-over-year .Expects its full year 2016 adjusted eps to be weighted toward second half of year.  Full Article

BRIEF-Flowserve announces quarterly cash dividend of $0.19 per share

* Flowserve announces quarterly cash dividend of $0.19 per share Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)