Flowserve has reported adjusted earnings per share (EPS) of US$0.58 for the first quarter of this year, which includes US$0.38 per share of adjusted terms. As previously disclosed, Flowserve’s 2015 adjusted EPS calculation excludes the impact of the SIHI Group acquisition, which was completed on January 7, as well as below the line foreign currency effects and specific one time events, such as realignment.
- Bookings were US$1.04 billion, including US$85.3 million from SIHI.
- Sales were US$1.01 billion, including US$66.8 million from SIHI.
- Gross profit was US$331.7 million, including a US$0.6 million loss from SIHI.
- SG&A expense was US$239.9 million, including US$32.1 million from SIHI.
- Operating income was US$93.4 million, including a US$32.8 million loss from SIHI.
- Backlog at March 31 this year was US$2.7 billion, including US$127.2 million from SIHI acquisition.
Mark Blinn, President and CEO, “our 2015 first quarter results were lower than expected, specifically in the final month, by broad based industrial spending declines, which originated in the oil and gas markets, and were further accentuated by the strengthening US dollar. Despite this environment, Flowserve continues to perform operationally at a high level, as evidenced by out adjusted gross margin. Additionally, our operational strength allows us to quickly capture available market opportunities, while driving additional cost savings through manufacturing optimisation and SG&A efficiency initiatives. Flowserve has a proven track record of successfully managing through challenging markets, and I am confident we will emerge from the current market and even strong culturally.”
Edited from press release by Claira Lloyd
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