Flowserve Corporation Reports Strong Q1 2025 Results; Reaffirms Full-Year Guidance

DALLAS — Flowserve Corporation (NYSE: FLS), a global leader in flow control solutions, reported robust first quarter 2025 results, highlighted by record aftermarket bookings, increased profitability, and margin expansion across business segments.

Q1 2025 Highlights
Bookings: $1.23 billion, up 18.1% year-over-year

Aftermarket bookings: Record high at $688.6 million

Power segment bookings: Increased 45%, third straight quarter of $100M+ nuclear awards

Backlog: $2.90 billion, up 11.1% year-over-year

Sales: $1.14 billion, up 5.2%

Operating Income: $132 million (GAAP), $147 million adjusted (up 24%)

Gross Margin: 32.3% GAAP (+110 bps); 33.5% adjusted (+180 bps)

EPS: $0.56 GAAP; $0.72 adjusted (up 24.1%)

Cash from Operations: ($49.9 million), impacted by working capital timing

Segment Results
Flowserve Pumps Division (FPD)

Bookings: $852.9 million (+21.2%)

Sales: $783.1 million (+1.8%)

Gross Margin: 34.3% (+210 bps)

Adjusted Operating Margin: 17.7% (+280 bps)

Flow Control Division (FCD)

Bookings: $376 million (+10.2%)

Sales: $364.1 million (+13.6%)

Gross Margin: 27.5% (-140 bps)

Adjusted Operating Margin: 12.2% (+110 bps)

2025 Outlook (Reaffirmed)
Organic Sales Growth: +3% to +5%

Total Sales Growth: +5% to +7% (including MOGAS acquisition and FX)

Adjusted EPS: $3.10 – $3.30

CapEx: $80 – $90 million

Adjusted Tax Rate: ~21%

Net Interest Expense: ~$70 million

Flowserve Corporation reports fourth quarter and full-year results

3D strategy and Flowserve Business System drive sales and earnings growth

Dallas, February 18, 2025 – Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for global infrastructure markets, has announced its financial results for the fourth quarter and full year ended December 31, 2024.

Key financial highlights:
- Fourth-quarter bookings totaled $1.2 billion, including $618 million from aftermarket activity.
- Power bookings grew over 40% year-over-year, with more than $110 million in nuclear awards in Q4.
- Gross margin improved to 31.5%, with an adjusted gross margin of 32.8%, representing increases of 240 and 300 basis points, respectively, compared to the prior year.
- Operating income reached $125 million, with adjusted operating income of $149 million, reflecting increases of 14% and 22%, respectively.
- Operating cash flow stood at $197 million, driven by strong earnings and working capital improvements.
- Full-year 2025 guidance includes projected organic sales growth of 3% to 5% and adjusted earnings per share (EPS) of $3.10 to $3.30, representing a 22% increase at the midpoint compared to 2024 adjusted EPS.

Management commentary:
Scott Rowe, Flowserve’s President and Chief Executive Officer, stated:
“We made significant progress throughout 2024, launching the Flowserve Business System and leveraging our 3D strategy to drive solid top-line growth, expand margins, increase adjusted earnings, and deliver strong cash flow. I am grateful for the dedication and effort of our associates who are improving our execution and positioning Flowserve for continued near-term and long-term growth.”

Rowe added:
“Activity across our markets remains robust as customers leverage our capabilities to address ongoing demand, improve efficiency, and advance decarbonization investments. We enter 2025 with strong momentum, which we expect to build on through enhanced operational execution and our 80-20 complexity reduction efforts. With these levers, we are well-positioned to continue creating long-term value for our customers, shareholders, and associates.”