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Flowserve Corporation: Flowserve Reports Third Quarter 2013 Results



     Flowserve Corporation: Flowserve Reports Third Quarter 2013 Results

Third Quarter EPS of $0.90 increased
30.4% from prior year

Increased bookings, sales, gross profit
and operating income year-over-year;
margins improved

Narrowed 2013 Full Year EPS Target Range
to $3.33 to $3.53

DALLAS, October 24, 2013 - Flowserve
Corporation (NYSE:FLS), a leading
provider of flow control products and
services for the global infrastructure
markets, announced today its financial
results for the 2013 third quarter.  In
addition, Flowserve also today filed its
Form 10-Q with the Securities and
Exchange Commission for the period ended
September 30, 2013.

Highlights of 2013 Third Quarter (all
comparisons versus prior year quarter,
unless otherwise noted):

  * Fully diluted EPS of $0.90, up 30.4%
    compared to $0.69 per share

       * Fully diluted EPS up
         approximately 22% excluding
         below the line FX currency
         effects year over year

  * Bookings of $1.23 billion, up 3.7%,
    or 3.4% on a constant currency basis

       * Original equipment bookings of
         $750.3 million, up 5.6%, or 4.4%
         on a constant currency basis,
         and up sequentially 3.6%
       * Aftermarket bookings of $479.5
         million, up 0.9%, or 1.9% on a
         constant currency basis

  * Sales of $1.23 billion, up 5.4%, or
    6.4% on a constant currency basis

       * Aftermarket sales of $464.7
         million, up 1.4%, or 2.5% on a
         constant currency basis

  * Gross profit increased $33.1 million
    to $422.7 million, up 8.5%
  * Gross margin improved 100 basis
    points to 34.4%
  * SG&A spend essentially flat, and as a
    percentage of sales decreased 70
    basis points to 18.8%
  * Operating income increased $27.7
    million to $193.4 million, up 16.7%
  * Operating margin of 15.7% increased
    150 basis points

"We are pleased with the progress and
momentum demonstrated thus far in 2013,
evidenced by these strong third quarter
results," said Mark Blinn, Flowserve's
president and chief executive officer. 
"Our continued internal improvement
initiatives have the company
well-positioned for disciplined
profitable growth, continued operational
improvement and project opportunities.
Key takeaways from the 2013 third quarter
include:

  * Ongoing operational excellence
    initiatives, including 'One
    Flowserve,' buoyed our margin
    improvements and supported EPS growth
    for the quarter as well as
    year-to-date compared to 2012;
  * Solid year-over-year and sequential
    OE bookings growth, particularly in
    EPD, is a positive indicator despite
    a difficult 2012 compare quarter that
    included large IPD orders exceeding
    $90 million;
  * Continued bidding discipline remains
    paramount, as initial large project
    opportunities anticipated to be
    highly competitive;
  * Diversity in geographic exposure,
    business mix, customer base and end
    markets remains a major strength;
  * Aftermarket strategies and run-rate
    original equipment projects again
    contributed to increased sales and
    gross profits, and producing an
    improved level-loading of our
    business during the year;
  * Significant shipments of "legacy"
    projects suppressed EPD margins this
    quarter, but improved past-due
    metrics and enhanced the quality of
    quarter-end backlog;
  * Earnings leverage on volume in EPD
    and gross margin increases in FCD,
    again drove single-digit sales growth
    into double-digit profit improvement
    for the third consecutive quarter;
  * IPD gross margin increase of 120
    basis points is encouraging progress,
    solidifying the operational platform
    to pursue growth; 
  * Strong SG&A expense and fixed cost
    leverage realized and remains a key
    focus; and
  * While some uncertainty remains within
    the global economy, the strength of
    our business model and the energy
    markets we serve provide confidence
    to our outlook for long-term earnings
    growth."

"In summary, our strong third quarter
results again demonstrate that our
internal initiatives, disciplined
approach and end-user strategies are
delivering value to our customers, and in
turn to Flowserve shareholders."

Financial Performance and Guidance

"For the third quarter of 2013, our
single-digit revenue increase produced
solid operating leverage and incremental
margins.  These improvements, when
combined with the share count reduction,
delivered EPS growth over 30%," commented
Mike Taff, Flowserve's senior vice
president and chief financial officer. 
"Focused cost control yielded impressive
SG&A leverage during the 2013 third
quarter, as compared to 2012, driving
SG&A as a percent of sales to 18.8%, as
each segment delivered a reduction in
absolute dollar SG&A spend."

"Even with our strong third quarter
financial results, we continue to address
opportunities to improve our performance.
Initiatives to improve our working
capital are an example and are gaining
traction. In the 2013 third quarter, we
realized solid operating cash flow
improvement both year-over-year and
sequentially.  We also showed progress in
a five day reduction in DSO compared to
prior year, which builds on the three day
improvement in the second quarter.  With
meaningful "legacy" shipments, we also
saw significant improvement in our past
due backlog, although our inventory turns
were essentially flat.  Overall, this
progress validates that our focus is
well-placed and that opportunities remain
available."   

"As we pursue our long-term working
capital and cash flow goals, we remain
strategically focused on deploying cash
to the most accretive long-term
alternatives, including organic and
acquisitive investments or by returning
excess capital to our shareholders, all
while maintaining a solid balance sheet. 
Through the first nine months of 2013,
Flowserve returned approximately $427
million in share repurchases and
dividends. Going forward, we will remain
faithful to this disciplined approach to                            
capital deployment."

"We are encouraged by the year-to-date
results we have delivered with a more
level-loaded business, but we still
anticipate the fourth quarter to be the
pinnacle of the full year.  As such, we
have increased the lower-end of our prior
guidance range, and now expect 2013 EPS
between $3.33 and $3.53."

Operational Commentary and Segment
Performance (all comparisons versus third
quarter 2012 unless otherwise noted)

"Our strong and improved operational
performance was validated by these solid
third quarter results," said Tom Pajonas,
senior vice president and chief operating
officer. "In particular, the benefits
from our 'One Flowserve' initiatives
continue to enhance our operations, while
our commitment to a disciplined and
selective pursuit of project work is
designed to generate sales with the
desired outcomes.  Together, this formula
in the 2013 third quarter delivered
significant flow through to the operating
income line in EPD, with continued strong
income and margin growth in FCD.  As we
look ahead, these ongoing essentials are
positioning the business to maximize
project opportunities as the cycle gains
momentum."

"In the third quarter 2013, Flowserve
customers entrusted us with our highest
level of original equipment bookings
since the first quarter of 2012,
representing continued strong run-rate
activity plus a few medium size awards.
With regard to larger orders, we remain
encouraged by the size and number of
projects that are progressing through the
pre-FEED and FEED stages, including a few
which have already been officially
awarded to EPC firms.  Our larger OE
bookings typically follow this process,
and therefore the vast majority of
opportunities are still on the horizon. 
We anticipate that initial bidding
opportunities for larger projects will
prove very competitive.  As such, we will
maintain our discipline and selectivity
to ensure the quality of our backlog."

Flowserve reports its operations through
three segments: Engineered Product
Division (EPD), Industrial Product
Division (IPD) and Flow Control Division
(FCD).  Key financial highlights of
segment performance for the third quarter
of 2013 include:

 

Third Quarter 2013 - Segment Results
(dollars in millions, comparison vs. 2012
third quarter, unaudited)
                                   
                EPD       IPD       FCD
Bookings            $         $        $ 
                665.3     228.5     373.2
  - vs.
prior           20.2%    -19.4%     -2.1%
year
  - on
constant        20.9%    -20.5%     -3.2%
currency
                                         
Sales         $ 651.4         $        $ 
                          222.4     394.4
  - vs.
prior           14.8%     -8.7%     -0.1%
year
  - on
constant        17.8%     -9.5%     -1.1%
currency
                                         
Gross               $    $ 56.8        $ 
Profit          219.2               147.4
  - vs.
prior           14.0%     -3.9%      5.6%
year
                                         
Gross
Margin (%       33.7%     25.5%     37.4%
of sales)
  - vs. prior                            
year (in         -20        120       200
basis points)
                                         
Operating           $    $ 25.2       $  
Income          114.0                76.7
  - vs.
prior           31.0%     -5.3%     12.3%
year
  - on
constant        36.8%     -9.0%     13.8%
currency
                                         
Operating
Margin (% of    17.5%     11.3%     19.4%
sales)
  - vs. prior
year (in          220        40       210
basis points)
                                         
Backlog             $         $         $
              1,411.8     561.5     781.1

 

Third Quarter 2013 Year-to-Date
Highlights

For the first nine months of 2013,
Flowserve's fully diluted EPS was $2.41
per share, up 26.2%, on a 4.2% increase
in total sales to $3.57 billion.  Gross
profit of $1.22 billion and operating
income of $547.4 million, during the
first nine months of 2013, represented
margins of 34.2%, up 110 basis points,
and 15.4%, up 160 basis points,
respectively.  Bookings for the nine
months ended September 30, 2013 totaled
over $3.6 billion.

Third Quarter 2013 Results Conference
Call

Flowserve will host its conference call
with the financial community on Friday,
October 25, at 11:00 AM Eastern. Mark
Blinn, president and chief executive
officer, as well as other members of the
management team will be presenting.  The
call can be accessed by shareholders and
other interested parties at
www.flowserve.com under the "Investor
Relations" section. 

Flowserve Contacts

Investor Contacts:
Mike Mullin, director, Investor
Relations, (972) 443-6636
Jay Roueche, vice president, Investor
Relations & Treasurer, (972) 443-6560

Media Contact:
Lars Rosene, vice president, Global
Communications & Public Affairs, (972)
443-6644
Amy Allen, manager, Global Communications
& Public Affairs, (972) 443-6501

About Flowserve: Flowserve Corp. is one
of the world's leading providers of fluid
motion and control products and services.
Operating in more than 50 countries, the
company produces engineered and
industrial pumps, seals and valves as
well as a range of related flow
management services. More information
about Flowserve can be obtained by
visiting the company's Web site at
www.flowserve.com.

 
Safe Harbor Statement: This news release
includes forward-looking statements
within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934,
which are made pursuant to the safe
harbor provisions of the Private
Securities Litigation Reform Act of 1995,
as amended. Words or phrases such as,
"may," "should," "expects," "could,"
"intends," "plans," "anticipates,"
"estimates," "believes," "forecasts,"
"predicts" or other similar expressions
are intended to identify forward-looking
statements, which include, without
limitation, earnings forecasts,
statements relating to our business
strategy and statements of expectations,
beliefs, future plans and strategies and
anticipated developments concerning our
industry, business, operations and
financial performance and condition.

The forward-looking statements included
in this news release are based on our
current expectations, projections,
estimates and assumptions. These
statements are only predictions, not
guarantees. Such forward-looking
statements are subject to numerous risks
and uncertainties that are difficult to
predict.  These risks and uncertainties
may cause actual results to differ
materially from what is forecast in such
forward-looking statements, and include,
without limitation, the following: a
portion of our bookings may not lead to
completed sales, and our ability to
convert bookings into revenues at
acceptable profit margins; changes in the
global financial markets and the
availability of capital and the potential
for unexpected cancellations or delays of
customer orders in our reported backlog;
our dependence on our customers' ability
to make required capital investment and
maintenance expenditures; risks
associated with cost overruns on
fixed-fee projects and in taking customer
orders for large complex custom
engineered products; the substantial
dependence of our sales on the success of
the oil and gas, chemical, power
generation and water management
industries; the adverse impact of
volatile raw materials prices on our
products and operating margins; economic,                           
political and other risks associated with
our international operations, including
military actions or trade embargoes that
could affect customer markets,
particularly Middle Eastern markets and
global oil and gas producers, and
non-compliance with U.S. export/re-export
control, foreign corrupt practice laws,
economic sanctions and import laws and
regulations; our exposure to fluctuations
in foreign currency exchange rates,
including in hyperinflationary countries
such as Venezuela; our furnishing of
products and services to nuclear power
plant facilities and other critical
processes; potential adverse consequences
resulting from litigation to which we are
a party, such as litigation involving
asbestos-containing material claims; a
foreign government investigation
regarding our participation in the United
Nations Oil-for-Food Program;
expectations regarding acquisitions and
the integration of acquired businesses;
our relative geographical profitability
and its impact on our utilization of
deferred tax assets, including foreign
tax credits; the potential adverse impact
of an impairment in the carrying value of
goodwill or other intangible assets; our
dependence upon third-party suppliers
whose failure to perform timely could
adversely affect our business operations;
the highly competitive nature of the
markets in which we operate;
environmental compliance costs and
liabilities; potential work stoppages and
other labor matters; our inability to
protect our intellectual property in the
U.S., as well as in foreign countries;
obligations under our defined benefit
pension plans; and other factors
described from time to time in our
filings with the Securities and Exchange
Commission.

All forward-looking statements included
in this news release are based on
information available to us on the date
hereof, and we assume no obligation to
update any forward-looking statement.

# # #

CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Unaudited)
                                                                    
(Amounts in thousands, except per share          Three Months Ended September 30,
data)
                                                   2013                    2012
                                                                    
Sales                                                $ 1,229,057             $ 1,165,923
Cost of sales                                          (806,318)               (776,319)
Gross profit                                             422,739                 389,604
Selling, general and administrative                    (231,569)               (227,797)
expense
Net earnings from affiliates                               2,218                        
                                                                                   3,899
Operating income                                         193,388                 165,706
Interest expense                                        (13,046)                        
                                                                                (12,144)
Interest income                                                                         
                                                             325                     208
Other income (expense), net                                1,733                        
                                                                                 (9,167)
Earnings before income taxes                             182,400                 144,603
Provision for income taxes                              (55,870)                        
                                                                                (37,769)
Net earnings, including noncontrolling                   126,530                 106,834
interests
Less: Net earnings attributable to                                                      
noncontrolling interests                                   (259)                   (538)
Net earnings attributable to Flowserve                 $ 126,271               $ 106,296
Corporation
                                                                    
Net earnings per share attributable to
Flowserve Corporation common                                        
shareholders:
Basic                                                     $ 0.90                  $ 0.70
Diluted^1                                                                               
                                                            0.90                    0.69
                                                                                        
Cash dividends declared per share                         $ 0.14                  $ 0.12
                                                                    
^1Calculated using fully diluted shares of 141,085 and 153,855      
shares, respectively
                                                                    
                                                                    
                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF                                
INCOME
(Unaudited)                                                         
                                                                    
(Amounts in thousands, except per share         Nine Months Ended   September 30,
data)
                                                   2013                    2012
                                                                    
Sales                                                $ 3,565,179             $ 3,423,128
Cost of sales                                        (2,347,555)             (2,289,739)
Gross profit                                           1,217,624               1,133,389
Selling, general and administrative                    (706,278)               (673,578)
expense
Net earnings from affiliates                              36,043                  13,214
Operating income                                         547,389                 473,025
Interest expense                                        (38,262)                        
                                                                                (29,876)
Interest income                                                                         
                                                             877                     727
Other expense, net                                                                      
                                                         (8,679)                (22,151)
Earnings before income taxes                             501,325                 421,725
Provision for income taxes                             (154,998)               (112,864)
Net earnings, including noncontrolling                   346,327                 308,861
interests
Less: Net earnings attributable to                                                      
noncontrolling interests                                 (1,878)                 (2,124)
Net earnings attributable to Flowserve                 $ 344,449               $ 306,737
Corporation
                                                                                        
Net earnings per share attributable to
Flowserve Corporation common                                                            
shareholders:
Basic                                                     $ 2.42                  $ 1.92
Diluted^2                                                                               
                                                            2.41                    1.91
                                                                                        
Cash dividends declared per share                         $ 0.42                  $ 0.36
                                                                    
^2Calculated using fully diluted shares of 143,199 and 160,581      
shares, respectively
                                                                    
                                                                    
                                                                    
CONDENSED CONSOLIDATED BALANCE SHEETS                               
(Unaudited)                                                         
                                                                    
(Amounts in thousands, except par value)      September 30,            December 31,
                                                   2013                    2012
                                                                    
ASSETS                                                              
Current assets:                                                     
Cash and cash equivalents                              $ 113,751               $ 304,252
Accounts receivable, net of allowance for
doubtful accounts of $25,916 and $21,491,              1,089,748               1,103,724
respectively
Inventories, net                                       1,184,188               1,086,663
Deferred taxes                                           150,760                 151,093
Prepaid expenses and other                                88,204                  94,484
Total current assets                                   2,626,651               2,740,216
Property, plant and equipment, net of
accumulated depreciation of $837,476 and                 678,934                 654,179
$784,864, respectively
Goodwill                                               1,058,802               1,053,852
Deferred taxes                                            26,241                  26,706
Other intangible assets, net                             143,067                 150,075
Other assets, net                                        162,499                 185,930
Total assets                                         $ 4,696,194             $ 4,810,958
                                                                    
LIABILITIES AND EQUITY                                              
Current liabilities:                                                
Accounts payable                                       $ 495,295               $ 616,900
Accrued liabilities                                      822,414                 906,593
Debt due within one year                                 268,934                  59,478
Deferred taxes                                             7,606                        
                                                                                   7,654
Total current liabilities                              1,594,249               1,590,625
Long-term debt due after one year                        839,224                 869,116
Retirement obligations and other                         452,254                 456,742
liabilities
Shareholders' equity:                                                                   
Common shares, $1.25 par value                           220,991                 220,991
Shares authorized - 305,000                                                             
Shares issued - 176,793 and 176,793,                                                    
respectively
Capital in excess of par value                           464,990                 467,856
Retained earnings                                      2,863,863               2,579,308
Treasury shares, at cost - 38,357 and                (1,511,768)             (1,164,496)
32,389 shares, respectively
Deferred compensation obligation                           9,359                  10,870
Accumulated other comprehensive loss                   (242,778)               (224,310)
Total Flowserve Corporation shareholders'              1,804,657               1,890,219
equity
Noncontrolling interest                                    5,810                        
                                                                                   4,256
Total equity                                           1,810,467               1,894,475
Total liabilities and equity                         $ 4,696,194             $ 4,810,958
                                                                    
                                                                    
                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                     
(Unaudited)                                                         
                                                                    
(Amounts in thousands)                          Nine Months Ended   September 30,
                                                   2013                    2012
                                                                    
Cash flows - Operating activities:                                  
Net earnings, including noncontrolling                 $ 346,327               $ 308,861
interests
Adjustments to reconcile net earnings to
net cash provided by operating                                                          
activities:
Depreciation                                              66,700                  66,027
Amortization of intangible and other                      11,884                  14,751
assets
Loss on early extinguishment of debt                                                    
                                                             -                     1,293
Net gain on disposition of assets                                                       
                                                           (248)                (10,461)
Gain on sale of equity investment in                    (12,995)                        
affiliate                                                                            -  
Gain on remeasurement of acquired assets                (15,315)                        
                                                                                     -  
Excess tax benefits from stock-based                    (10,104)                        
compensation arrangements                                                       (11,056)
Stock-based compensation                                  24,395                  25,942
Net earnings from affiliates, net of                                                    
dividends received                                       (3,397)                 (5,798)
Change in assets and liabilities:                                                       
Accounts receivable, net                                  10,828                        
                                                                                (45,566)
Inventories, net                                       (101,745)               (149,254)
Prepaid expenses and other                                                              
                                                         (6,870)                 (8,968)
Other assets, net                                       (12,574)                        
                                                                                (11,609)
Accounts payable                                       (126,976)                        
                                                                                (75,169)
Accrued liabilities and income taxes                    (61,139)                  26,057
payable
Retirement obligations and other                                                        
liabilities                                              (8,512)                 (6,737)
Net deferred taxes                                         8,629                        
                                                                                   4,251
Net cash flows provided by operating                     108,888                 122,564
activities
                                                                                        
Cash flows - Investing activities:                                                      
Capital expenditures                                    (94,702)                        
                                                                                (84,180)
Proceeds from disposal of assets                                                  11,473
                                                             969
Payments for acquisitions, net of cash                  (10,143)                        
acquired                                                                         (3,996)
Proceeds from (contributions to) equity                   46,240                        
investments in affiliates                                                        (3,825)
Net cash flows used by investing                        (57,636)                        
activities                                                                      (80,528)
                                                                                        
Cash flows - Financing activities:                                                      
Excess tax benefits from stock-based                      10,104                  11,056
compensation arrangements
Payments on long-term debt                              (15,000)               (475,000)
Proceeds from issuance of senior notes                                           498,075
                                                             -  
Proceeds from issuance of long-term debt                                         400,000
                                                             -  
Proceeds from short-term financing, net                  196,000                        
                                                                                     -  
(Payments) borrowings under other                          (571)                     294
financing arrangements, net
Repurchases of common shares                           (370,127)               (533,864)
Payments of dividends                                   (57,337)                        
                                                                                (55,569)
Payment of deferred loan costs                                                          
                                                             -                   (9,657)
Other                                                                                   
                                                            (78)                   (248)
Net cash flows used by financing                       (237,009)               (164,913)
activities
Effect of exchange rate changes on cash                                                 
                                                         (4,744)                   2,941
Net change in cash and cash equivalents                (190,501)               (119,936)
Cash and cash equivalents at beginning of                304,252                 337,356
period
Cash and cash equivalents at end of                    $ 113,751               $ 217,420
period
                                                                    
                                                                    
                                                                    
SEGMENT INFORMATION                                                 
                                                                    
ENGINEERED PRODUCT DIVISION                      Three Months Ended September 30,
(Amounts in millions, except percentages)          2013                    2012
Bookings                                                 $ 665.3                 $ 553.7
Sales                                                      651.4                        
                                                                                   567.5
Gross profit                                               219.2                        
                                                                                   192.3
Gross profit margin                                        33.7%                   33.9%
Operating income                                           114.0                        
                                                                                    87.0
Operating margin                                           17.5%                   15.3%
                                                                    
INDUSTRIAL PRODUCT DIVISION                      Three Months Ended September 30,
(Amounts in millions, except percentages)          2013                    2012
Bookings                                                 $ 228.5                 $ 283.5
Sales                                                      222.4                        
                                                                                   243.6
Gross profit                                                                            
                                                            56.8                    59.1
Gross profit margin                                        25.5%                   24.3%
Operating income                                                                        
                                                            25.2                    26.6
Operating margin                                           11.3%                   10.9%
                                                                    
FLOW CONTROL DIVISION                            Three Months Ended September 30,
(Amounts in millions, except percentages)          2013                    2012
Bookings                                                 $ 373.2                 $ 381.4
Sales                                                      394.4                        
                                                                                   394.7
Gross profit                                               147.4                        
                                                                                   139.6
Gross profit margin                                        37.4%                   35.4%
Operating income                                                                        
                                                            76.7                    68.3
Operating margin                                           19.4%                   17.3%
                                                                    
                                                                    
                                                                    
SEGMENT INFORMATION                                                 
                                                                    
ENGINEERED PRODUCT DIVISION                     Nine Months Ended   September 30,
(Amounts in millions, except percentages)          2013                    2012
Bookings                                               $ 1,845.5               $ 1,818.2
Sales                                                    1,816.0                 1,689.0
Gross profit                                               617.4                        
                                                                                   571.4
Gross profit margin                                        34.0%                   33.8%
Operating income                                           296.8                        
                                                                                   274.2
Operating margin                                           16.3%                   16.2%
                                                                    
INDUSTRIAL PRODUCT DIVISION                     Nine Months Ended   September 30,
(Amounts in millions, except percentages)          2013                    2012
Bookings                                                 $ 643.3                 $ 758.1
Sales                                                      672.6                        
                                                                                   688.4
Gross profit                                               172.0                        
                                                                                   164.6
Gross profit margin                                        25.6%                   23.9%
Operating income                                                                        
                                                            77.1                    67.8
Operating margin                                           11.5%                    9.8%
                                                                    
FLOW CONTROL DIVISION                           Nine Months Ended   September 30,
(Amounts in millions, except percentages)          2013                    2012
Bookings                                               $ 1,250.8               $ 1,173.0
Sales                                                    1,189.6                 1,160.1
Gross profit                                               428.4                        
                                                                                   399.1
Gross profit margin                                        36.0%                   34.4%
Operating income                                           236.7                        
                                                                                   184.4
Operating margin                                           19.9%                   15.9%

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