Flowserve Has Record Third Quarter, Led By Bookings
Tuesday, November 11, 2008
Posted by: Judy Tibbs
(10/28/08) Flowserve Corp. had a record third quarter performance including earnings per share, sales and bookings. The company announced third quarter fully diluted EPS of $2.04, up 86%, and operating income of $163.6 million, up 51%, both over the third quarter of 2007. This earnings growth significantly outpaced strong quarterly sales growth of 26%, compared to the same quarter of 2007, which was driven by a third quarter operating margin improvement of 240 basis points, to 14.2%.
Flowserve also posted record third quarter bookings of $1.37 billion, up 30%, 22% on an organic basis, over the prior year period, driven by continued strong growth of both its original equipment and aftermarket business. The company indicated that the bookings growth was led by the Flowserve Pump Division bookings increase of 44%, 35% on an organic basis. Flow Control Division bookings for the third quarter of 2008 increased to $368 million, up $44 million, or 14%, including currency benefits of approximately $14 million; while the Flow Solutions Divisions bookings for the third quarter of 2008 increased to $173 million, up $14 million, or 9%, including currency benefits of approximately $6 million. More…