Flowserve Corporation reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Sales for Q3 2024 reached $1,133.1 million, a 3.5% increase from $1,094.7 million in Q3 2023. For the nine months, sales totaled $3,377.5 million, up 7.0% from $3,155.4 million in the prior year. Gross profit for Q3 2024 was $357.1 million, reflecting a 12.4% increase, while for the nine months, it rose to $1,062.1 million, a 13.3% increase year-over-year.
Operating income also saw substantial growth, with Q3 2024 operating income at $103.2 million, a 46.8% increase from $70.3 million in Q3 2023. For the nine-month period, operating income was $337.6 million, up 50.6% from $224.1 million in the same period last year. Net earnings attributable to Flowserve for Q3 2024 were $58.4 million, compared to $46.2 million in Q3 2023, while for the nine months, net earnings reached $205.2 million, up from $124.1 million.
The company’s comprehensive income for Q3 2024 was $109.1 million, a significant increase from $10.2 million in Q3 2023. The effective tax rate for Q3 2024 was 22.8%, up from a negative rate of 27.0% in the same quarter of 2023.
Flowserve's strategic developments included the termination of the acquisition of Velan Inc. in October 2023 due to regulatory issues, incurring $7.3 million in related expenses. Additionally, the divestiture of NAF AB in May 2024 resulted in a $13.0 million loss. However, the company completed the acquisition of MOGAS Industries, Inc. on October 15, 2024, for $290 million, which is expected to enhance its product offerings and aftermarket services.
The company also initiated realignment activities in 2023 to consolidate operations, with an estimated total investment of $123 million aimed at achieving over $100 million in annualized cost savings. As of September 30, 2024, Flowserve reported cash and cash equivalents of $611.7 million, an increase from $545.7 million at the end of 2023, and a backlog of $2,783.8 million, reflecting a 3.3% increase since December 31, 2023.
Overall, Flowserve's performance in 2024 has been bolstered by increased sales, improved profitability, and strategic acquisitions, positioning the company for continued growth in the flow control systems market.
About FLOWSERVE CORP
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