Flowserve Corporation reports second quarter 2015 results

Flowserve Corporation – a leading provider of flow control products and services for the global infrastructure markets – reported adjusted earnings per share (EPS) of US$0.80 for the 2015 second quarter, which includes US$0.06 per share of negative currency translation as compared to last year, and excludes US$0.24 per share of adjusted items.

As previously disclosed, Flowserve’s 2015 adjusted EPS calculation excludes the impact of the SIHI Group (SIHI) acquisition, which was completed on 7 January 2015, as well as below-the-line foreign currency effects and specific one-time events, such as the 2015 realignment initiatives.

Second quarter 2015 summary (all comparisons versus prior year quarter, unless otherwise noted):

Bookings were US$1.12 billion, including US$61.5 million from SIHI.

Bookings increased 7.0% sequentially and included approximately US$636 million of original equipment, and US$479 million of aftermarket bookings.

Excluding SIHI’s contribution, bookings increased by 11.3% sequentially and decreased by 15.3%, as compared to prior year on a constant currency basis.

Sales were US$1.16 billion, including US$77.2 million from SIHI.

Aftermarket sales were US$492 million, or approximately 42% of total sales.

Excluding SIHI’s contribution, aftermarket sales increased by 1.5% constant currency.

Gross profit was US$369.1 million, including US$8.9 million from SIHI.

Excluding adjusted items, gross profit decreased by 4.4% constant currency.

Gross margin excluding adjusted items was 34.5%, down 60 basis points.

SG&A expense was US$243.6 million, including US$25.3 million from SIHI.

Excluding adjusted items, SG&A decreased US$30.3 million or 12.7%.

Operating income was US$127.6 million, including negative impacts from realignment and SIHI of US$24.7 million and US$16.4 million, respectively.

Adjusted operating margin, excluding realignment and SIHI effects, was 15.5%, down 40 basis points.

Backlog on 30 June 2015 was US$2.68 billion, including a SIHI backlog of US$132 million.

Excluding SIHI, backlog increased by 0.7% constant currency as compared to the prior year.

Edited from press release by Stephanie Roker

Read the article online at: https://www.worldpipelines.com/business-news/03082015/flowserve-corporation-reports-second-quarter-2015-results/