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Flowserve Corp. (NYSE: FLS), Dallas, TX, reported sales for the first quarter of $863.6 million, down 8.8 percent year-over-year. Profit decreased 60.8 percent to $14.8 million.
“Flowserve’s results were solid, despite the continued challenges in our end markets and the first quarter’s seasonal effect,” said Scott Rowe, Flowserve’s President and CEO. “Bookings in the period grew both sequentially and year-over-year, which supports our expectation that we are at, or near, the bottom of this cycle.”