DALLAS - Flowserve Corporation (NYSE: NYSE:FLS), a global provider of flow control products and services, has announced the acquisition of over $150 million in bookings from two engineering, procurement, and construction (EPC) contractors.
These bookings, secured earlier in April, are for projects based in the Middle East, primarily involving original equipment pumps. The company expects these awards to be included in its second-quarter 2024 bookings.
The President and CEO of Flowserve, Scott Rowe, remarked on the company's successful track record and robust global project funnel, which has increased by approximately 10% as of March 31, 2024, compared to the previous year.
Rowe highlighted the Middle East's ongoing multi-year capital spending up-cycle and Flowserve's strong position in the region. He also anticipated continuous opportunities for aftermarket and maintenance, repair, and operations (MRO) work, given the enhanced activity and higher utilization rates globally.
Flowserve operates in over 50 countries, offering a range of engineered and industrial pumps, seals, valves, and related services. The company is set to discuss its first-quarter 2024 results in a conference call with the financial community on Tuesday, April 30th at 11:00 AM Eastern Time.
The news release also contained forward-looking statements regarding the company's business strategy, anticipated developments, and future performance. These statements are based on current expectations and are subject to various risks, including economic and political conditions, supply chain disruptions, market volatility, and other factors that could impact the company's operations and financial results.
Flowserve's bookings from the EPC contractors represent a significant addition to its business portfolio, reinforcing its market presence in the Middle East. The company's focus on selective bidding and execution of large projects is expected to drive long-term value for its customers, associates, and shareholders. This information is based on a press release statement from Flowserve Corporation.
InvestingPro Insights
Amidst the latest developments at Flowserve Corporation, the company's financial health and stock performance are key indicators for investors. According to InvestingPro data, Flowserve has a market capitalization of $6.07 billion and has demonstrated a robust revenue growth of 19.51% over the last twelve months as of Q4 2023.
This growth is further evidenced by a 12.15% quarterly revenue increase in Q4 2023, indicating a strong upward trend in the company's financial performance.
InvestingPro Tips suggest that Flowserve is trading at a high earnings multiple, with an adjusted P/E ratio of 24.25 as of Q4 2023. This could reflect the market's optimistic valuation of the company's future earnings potential. Moreover, Flowserve has been recognized for its stability, maintaining dividend payments for 18 consecutive years, which may appeal to income-focused investors.
The company's dividend yield stands at 1.82% as of April 2023, with a dividend growth of 5.0% over the last twelve months. Moreover, Flowserve's stock has experienced a large price uptick of 27.4% over the last six months, which could signal strong investor confidence.
Investors interested in a deeper analysis of Flowserve Corporation can find additional insights on InvestingPro, which offers more detailed metrics and tips to help make informed investment decisions. For those looking to take advantage of this resource, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 9 InvestingPro Tips available for Flowserve, providing a comprehensive perspective on the company's financial health and stock performance.
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