Flowserve Sales Down 8.9% in 3Q

Year-to-date sales down 6.4 percent compared to same period in 2014.

Flowserve Corp. (NYSE: FLS), Dallas, TX, reported sales for the third quarter of $1.1 billion, a decrease of 8.9 percent year-over-year. Profit decreased 27.2 percent to $93.6 million.

“We are moving quickly on our previously announced $100 million of realignment investment including immediate headcount reductions as well as the announcements of several permanent facility closures," said Mark Blinn, Flowserve’s president and CEO. "We are also identifying at least $25 million of additional investment to further reduce our cost structure through a variety of levers, including streamlining our management structure, improving our manufacturing costs and implementing additional product rationalization, with dollar for dollar cost savings opportunity.”

Year-to-date sales were $3.3 billion, a decrease of 6.4 percent over the prior-year period. Profit decreased 45.4 percent to $196.3 million.

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