FLS - Flowserve Corporation (FLS) Q1 2024 Earnings Call Transcript

2024-04-30 16:05:24 ET

Flowserve Corporation (FLS)

Q1 2024 Results Conference Call

April 30, 2024 11:00 AM ET

Company Participants

Jay Roueche - Vice President, Treasurer and Investor Relations

Scott Rowe - President and Chief Executive Officer

Amy Schwetz - Senior Vice President and Chief Financial Officer

Conference Call Participants

Deane Dray - RBC Capital Markets

Andy Kaplowitz - Citigroup

Mike Halloran - Baird

Brett Linzey - Mizuho

Nathan Jones - Stifel

Sabrina Abrams - Bank of America

Joe Giordano - TD Cowen

Presentation

Operator

Good day. And welcome to the First Quarter 2024 Flowserve Corporation Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jay Roueche, Vice President, Treasurer and Investor Relations. Please go ahead, sir.

Jay Roueche

Thank you, Jess. And good morning, everyone. We appreciate you joining our call today to discuss Flowserve's first quarter 2024 financial results. On the call with me today are Scott Rowe, Flowserve's President and Chief Executive Officer; and Amy Schwetz, Senior Vice President and Chief Financial Officer. Following our prepared comments, we will open the call for your questions. As a reminder, this event is being webcast and the audio replay will be available. Please note that our earnings materials do and this call will include non-GAAP measures and contain forward-looking statements. These statements are based upon forecasts, expectations and other information available to management as of April 30, 2024 and they involve risks and uncertainties, many of which are beyond the company's control. We encourage you to review our safe harbor disclosures as well as the reconciliation of our non-GAAP measures to our reported results, both of which are included in our press release and earnings presentation, and are accessible on our Web site in the Investors section. I would now like to turn the call over to Scott Rowe, Flowserve's President and Chief Executive Officer, for his prepared comments.

Scott Rowe

Thanks, Jay, and good morning. We are extremely pleased with our first quarter results, marking a very strong start to the year. We continue to drive improvements in the business and outperformed our own expectations in the quarter. Given the excellent start to the year, we have increased our full year adjusted EPS guidance range to $2.50 to $2.70, which at the midpoint is nearly a 24% increase year-over-year. Flowserve is building on the solid momentum established over the last 18 months, driven by the implementation of our new operating model, improved execution and delivering on our ongoing 3D strategy. While we have made tremendous progress over the period, we believe there is more room for improvement and we remain committed to our 2027 financial targets that we presented last year. Before I get into the results, I would like to thank our associates around the world that share my passion for providing flow control solutions to our customers every day of the year. Thank you for what you're doing to make Flowserve such a great company....

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