Flowserve (FLS) Misses Q2 EPS by 3c, Comments on Realignment Program

Flowserve (NYSE: FLS) reported Q2 EPS of $0.57, $0.03 worse than the analyst estimate of $0.60. Revenue for the quarter came in at $1.03 billion versus the consensus estimate of $1 billion.

GUIDANCE:

Flowserve sees FY2016 EPS of $2.40-$2.60, versus the consensus of $2.50.

Realignment Program

In the 2016 second quarter, Flowserve realized cost savings of approximately $27 million through its realignment program, and continues to expect full year 2016 incremental savings of approximately $100 million. The Company expensed $20 million during the quarter related to realignment efforts, and for the full year 2016 continues to expect to incur realignment charges of approximately $160 million. This program is expected to repurpose, close or sell a number of manufacturing facilities and reduce total headcount approximately 15-20% by the end of next year.

For earnings history and earnings-related data on Flowserve (FLS) click here.

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