Flowserve Corporation (FLS) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and welcome to the FlowServe first quarter 2025 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Brian Ezell, Vice President, Treasurer, and Investor Relations and Corporate Finance. Please go ahead. Thank you. Good morning, everyone. Welcome to FlowServe's first quarter 2025 business updates. I'm joined by Scott Rowe, Full Service President and Chief Executive Officer, and our Chief Financial Officer, Amy Schwetz. Following Scott and Amy's prepared remarks, we'll open the call for questions. Turning to slide two, our discussion will contain forward-looking statements that are based upon information available as of today. Actual results may differ due to risks and uncertainties. Refer to additional information, including our note on non-GAAP measures, in our press release, earnings presentation, and SEC filings, which are available on our website. With that, I will turn it over to Scott. Thank you, Brian, and good morning, everyone. I'll begin on slide three. We delivered a strong start to the year in the first quarter, demonstrating the strength of our diversified portfolio and the exceptional performance of our associates around the world operating under the full-serve business system. Looking at some of our headline numbers, bookings grew 18% versus last year to $1.2 billion, Revenue increased 5% and adjusted gross margins expanded 180 basis points to 33.5%. We delivered adjusted operating margins of 12.8%, resulting in impressive incremental margins of more than 50% in the quarter. Adjusted earnings per share was 72 cents for the quarter, an increase of nearly 25% versus the prior year. We enter the second quarter encouraged by our momentum and we remain confident in our ability to execute at a h...