Flowserve Hosts 2023 Analyst Day and Issues 2027 Financial Targets

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, will host its 2023 Analyst Day today in New York City beginning at 8 a.m. ET.

Scott Rowe, president and chief executive officer of Flowserve, and several members of the executive leadership team, will update the financial community through a series of presentations highlighting the company’s 3D growth strategy, innovation roadmap and new technology initiatives aimed at driving accelerated growth and shareholder value creation.

“Flowserve has demonstrated positive momentum over the last several quarters and we are excited to update shareholders on our plans to deliver profitable growth over the next several years,” commented Mr. Rowe. “Our 3D growth strategy is delivering results, and the fundamentals of our business are robust. This includes strength across our large and growing traditional end-markets, rapidly expanding new energy opportunities, year-to-date margin expansion, and the benefits we are gaining from our new operating model. These factors position Flowserve well for an expected multi-year growth cycle, delivery of increased revenues and solid earnings growth.”

Reaffirmed 2023 Guidance

Flowserve is reaffirming its revenue and adjusted EPS guidance metrics for 2023, revised on August 1, 2023, as shown in the table below:

				Reaffirmed Target Range
Revenue Growth				Up 16.0% to 18.0%
Reported Earnings Per Share				$1.40 - $1.65
Adjusted Earnings Per Share1				$1.85 - $2.00
Net Interest Expense				~$60 million
Adjusted Tax Rate				~20%
Capital Expenditures				$75 - $85 million

The outlook excludes any contribution from the previously announced pending acquisition of Velan Inc. Additionally, Flowserve’s 2023 Adjusted EPS target range also excludes expected adjusted items including identified realignment charges of approximately $40 million, as well as the potential impact of below-the-line foreign currency effects and certain other discrete items which may arise during the course of the year, including the potential for additional realignment expense.