Page 1

EX - 99.1 2 a52516556ex99_1.htm EXHIBIT 99.1 Flowserve Corporation Reports Third Quarter 2021 Results • Reported and Adjusted Earnings Per Share of 38 cents and 29 cents , respectively • Financial results adversely affected by late - quarter supply chain and logistics challenges ⚫ Bookings increased 13.1 % year - over - year to $ 912 million , Backlog up 6.2 % year - to - date • • Year - to - date operating cash flow of $ 151 million , up over 32 percent versus prior year Revised full - year 2021 financial guidance metrics , including Revenue and Adjusted EPS Exhibit 99.1 DALLAS -- ( BUSINESS WIRE ) -- October 27 , 2021 -- Flowserve Corporation ( NYSE : FLS ) , a leading provider of flow control products and services for the global infrastructure markets , today announced its financial results for the third quarter ended September 30 , 2021 . Third Quarter 2021 Highlights ( all comparisons to the 2020 third quarter , unless otherwise noted ) 1 • • • • Reported Earnings Per Share ( EPS ) of $ 0.38 and Adjusted EPS2 of $ 0.29 。 Reported EPS includes a net after - tax adjusted gain of $ 12.1 million , comprised of certain discrete tax items partially offset by realignment and financing costs and below - the - line foreign exchange impacts Total bookings were $ 911.6 million , up 13.1 % , or 11.8 % on a constant currency basis 。 Original equipment bookings were $ 417.0 million , or 46 % of total bookings , up 9.4 % , or 7.9 % on a constant currency basis 。 Aftermarket bookings were $ 494.6 million , or 54 % of total bookings , up 16.3 % , or 15.3 % on a constant currency basis Sales were $ 866.1 million , down 6.3 % , or 7.3 % on a constant currency basis 。 Original equipment sales were $ 425.2 million , down 11.3 % , or 12.5 % on a constant currency basis 。 Aftermarket sales were $ 440.9 million , down 0.9 % , or 1.8 % on a constant currency basis Reported gross and operating margins were 29.3 % and 6.6 % , respectively 。 Adjusted gross and operating margins³ were 29.6 % and 7.0 % , respectively Backlog at September 30 , 2021 was $ 1.97 billion , up 6.2 % versus December 31 , 2020 " We are encouraged that the visibility into our project funnel continues to improve , including numerous energy transition related opportunities . In the third quarter , we captured a number of energy transition awards , including bio - diesel , solar power and desalination projects , " said Scott Rowe , Flowserve's president and chief executive officer . " Additionally , our aftermarket and MRO activity are expected to remain at or near pre - pandemic levels , while our capabilities to support our customers ' decarbonization and other energy transition initiatives will further support the increased project activity we see ahead . We are confident in our near - term outlook for over - year bookings growth which should position Flowserve well to deliver revenue and earnings growth in 2022. " year-