The 2020 Mid-Year Economic Update_long

Flowserve Sales Fall 12% in Second Quarter

Sales in Flowserve's Industrial Product Division declined 9.6 percent during the quarter.

Flowserve Corp. (NYSE: FLS), Dallas, TX, reported sales for the second quarter were $961 million, down 11.9 percent from second quarter 2009. Excluding the impact of currency exchange, sales were down 10.6 percent. Profit for the provider of flow control products and services for the global infrastructure markets declined 15.3 percent to $91.6 million.

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For the first six months, sales were $1.92 billion, down 9.2 percent in a year-over-year comparison. Excluding the impact of currency, sales were down 10.8 percent. Profit fell 14.3 percent to $171.9 million.

\”The significant movement of the U.S. dollar against the euro in the second quarter and the resulting mark on our cash flow hedges had a considerable net adverse effect on our earnings,\” said Dick Guiltinan, senior vice president, finance and chief accounting officer. \”Our updated earnings guidance accounts for this adverse effect, and it also anticipates an adverse currency impact for the second half of the year when compared to our original guidance.\”

Engineered Product Division bookings for the second quarter of 2010 were $631.1 million, an increase of 7.2 percent. EPD sales for the second quarter of 2010 were $524.5 million, a decrease of 9.6 percent.

Industrial Product Division bookings for the second quarter of 2010 were $214.3 million, an increase of 6.1 percent. IPD sales for the second quarter of 2010 were $198.6 million, down 17.8 percent.

Flow Control Division bookings for the second quarter of 2010 were $324.9 million, an increase of $51.0 million. FCD sales for the second quarter of 2010 were $268.8 million, down 11.1 percent.

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