Slide 1: Q1 2024 Earnings Conference Call
Q1 2024 EARNINGS CONFERENCE CALL APRIL 30, 2024
Slide 2: Forward Looking Statement and Non-GAAP Measures
FORWARD LOOKING STATEMENT AND NON-GAAP MEASURES Safe Harbor Statement: This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions o
Slide 3: Q1 2024 Highlights
Q1 2024 HIGHLIGHTS TOTAL BOOKINGS 3D BOOKINGS REVENUE GROWTH $1.04B ~30% 10.9% Strong MRO and 3D strategy continues to Solid revenue growth aftermarket activity deliver meaningful year-over-year driven by elevating bookings bookings backlog conversion ADJUSTING OPERATING Adjusted EPS* OPERATING CASH
Slide 4: Q1 2024 Overview
Q1 2024 OVERVIEW BOOKINGS SALES OPERATING CASH FLOW ADJUSTED EPS* $ millions $ millions $ millions $62 $0.58 $1,057 $1,038 $1,087 $980 $27 $0.40 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 Aftermarket and MRO activity Revenue increased 10.9% versus Record first quarter cash flow
Slide 5: Q1 2024 Bookings Mix
Q1 2024 BOOKINGS MIX OIL & GAS: 37% ORIGINAL EQUIPMENT • High refining utilization rates driving significant MRO and aftermarket business $ millions • LNG demand remains elevated as regions like Europe and Asia look for secure sources of energy • Decarbonization investment growing and carbon capture
Slide 6: Q1 2024 Sales Mix
Q1 2024 SALES MIX ORIGINAL EQUIPMENT $ millions Geographic Mix Revenue Growth $529 $463 49% 19% 47% 47% 40% Europe Q1: 18% 17% North America 2023 Q1 2024 Q1 Q1: 8% 17% Asia Pacific Q1: 1% AFTERMARKET Middle East $ millions 7% & Africa $559 Q1: 28% $517 Latin America Q1: 5% 53% 51% Revenue growth acr
Slide 7: Q1 2024 Segment Highlights
Q1 2024 SEGMENT HIGHLIGHTS FPD FCD As Reported Year-Over-Year As Reported Year-Over-Year Bookings $703.5 -3.4% $341.1 2.7% Revenue $769.4 9.9% $320.5 13.8% Adjusted Gross Margin* 32.9% 100 bps 29.2% 70 bps Adjusted Operating Margin* 14.9% 270 bps 11.1% 30 bps Book-to-Bill 0.91x 1.06x Record FPD adju
Slide 8: Flowserve 3D Growth Strategy in Action
FLOWSERVE 3D GROWTH STRATEGY IN ACTION DIVERSIFY – Building the Smart DECARBONIZE – Working DIGITIZE – Securing a Pivotal Plant of the Future Together to Reduce CO2 Relationship • We were recently awarded flow • Our comprehensive portfolio of pumps • We will provide monitoring solutions control equi
Slide 9: Revised 2024 Adjusted EPS Guidance
REVISED 2024 ADJUSTED EPS* GUIDANCE 2023 2024 2027 (Updated Guidance at Midpoint) Analyst Day Targets • Updated guidance 24% greater than 2023 adjusted $ 4.3B Revenue (20% increase 5% $4.5B $5.0B EPS* compared to prior Growth year) • Substantial progress toward 2027 targets Adjusted 9.5% >150 Operat
Slide 10: Key Takeaways
KEY TAKEAWAYS • Strong first quarter results position us well for full-year 2024 • Q1 bookings driven by healthy fundamentals supporting MRO and aftermarket • April project awards of $150 million provide visibility to revenue growth in 2025 • 3D strategy continues to work in today’s macro environmen
Slide 11: Appendix
Appendix Q1 2024 Earnings Conference Call 11
Slide 12: Q1 2024 Consolidated Financial Results
Q1 2024 CONSOLIDATED FINANCIAL RESULTS Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands, except per share data) Selling, General Other & Income Provision For Net Gross Administrative Operating (Expense
Slide 13: Q1 2023 Consolidated Financial Results
Q1 2023 CONSOLIDATED FINANCIAL RESULTS Consolidated Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands, except per share data) Selling, General Other & Income Provision For Net Gross Administrative Operating (Expense
Slide 14: Q1 2024 and Q1 2023 Segment Financial Results
Q1 2024 AND Q1 2023 SEGMENT FINANCIAL RESULTS Segment Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measure (Unaudited) (Amounts in thousands) Flowserve Pumps Division Selling, General & Selling, General Administrative Operating & Administrative Operati
Slide 15: Q1 2024 and Q1 2023 Segment Bookings and Sales Mix
Q1 2024 AND Q1 2023 SEGMENT BOOKINGS AND SALES MIX Flowserve Pumps Division ($ millions) Q1 2024 Q1 2023 Delta (%) Constant FX (%)* 210 253 -17% -17% OE 30% 35% (500) bps Bookings Mix ** 494 476 4% 4% AM 70% 65% 500 bps 285 253 13% 11% OE 37% 36% 100 bps Sales Mix ** 484 447 8% 8% AM 63% 64% (100) b
Slide 16: Investor Relations Contacts
Investor Relations Contacts Jay Roueche Tarek Zeni 972.443.6560 469.420.4045 jroueche@flowserve.com tzeni@flowserve.com