Flowserve Reports First Quarter Results

Flowserve Corp. announced financial results for the first quarter of 2010 in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Flowserve had fully diluted EPS of $1.42, down 13.4%; bookings of $1.07 billion, up 10.7%, or 5.6% excluding currency benefits of $49 million; and sales of $959 million, down 6.4%, or 11.0% excluding currency benefits of $47 million.

Flow Control Division (FCD) bookings for the first quarter of 2010 were $318.9 million, an increase of $16.1 million, up 5.3%, or 0.7% excluding currency benefits of approximately $14 million. FCD sales for the first quarter of 2010 were $256.1 million, a decrease of $41.1 million, down 13.8%, or 17.5% excluding currency benefits of approximately $11 million. FCD gross profit decreased to $95.7 million, down $11.5 million or 10.7%. More…