Significant EPS Guidance Increase
Flowserve increased its full year adjusted EPS guidance to $3.25 to $3.40, representing an increase of more than 25% year-over-year.
Strong Financial Performance
Second quarter bookings of approximately $1.1 billion, revenue growth of 3%, and adjusted gross margins expanding 260 basis points to 34.9%.
Aftermarket Business Success
Fifth consecutive quarter of aftermarket bookings above $600 million, with a notable $11 million nuclear aftermarket order.
Nuclear Market Opportunities
Secured the first production order related to a small modular nuclear reactor. Total nuclear bookings were nearly $60 million.
Operational Excellence
Implemented the 80/20 framework across all products, driving significant margin improvements.
Balance Sheet Strength
Received a $266 million termination payment from the terminated merger with Chart Industries, enhancing the balance sheet.
Strong Cash Flow
Delivered strong cash from operations of $154 million, with a free cash conversion ratio of 115%.