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.”