Flowserve Announces Record Third Quarter 2006 Bookings
Flowserve Corp. reported third quarter 2006 bookings increased to about $900 million, surpassing the previous third quarter record of $794 million set in 2005, which included $20 million of bookings related to discontinued operations.
Flowserve President and Chief Executive Officer Lewis M. Kling said, "We are delighted that our business operations, using our successful operational excellence initiatives, are taking full advantage of robust market conditions to establish new records for incoming business."
Reported bookings of about $900 million for the third quarter of 2006 compare with third quarter 2005 bookings from continuing operations of approximately $774 million. Therefore, third quarter 2006 bookings increased about 16 percent compared with the prior year period's bookings from continuing operations. Currency had an approximate $20 million positive impact on third quarter 2006 reported bookings.
For the first nine months of 2006, reported bookings were about $2.69 billion compared with bookings from continuing operations of $2.16 billion in the prior year period. Therefore, nine-month 2006 bookings increased almost 25 percent over comparable period 2005 bookings from continuing operations. Currency had a negligible impact on nine-month 2006 reported bookings.
"I am extremely pleased with our year-to-date bookings in 2006," Kling said. "Thus far in 2006, we have continued to achieve strong quarterly bookings growth compared with 2005, despite a very strong bookings performance in last year's third quarter, where bookings from continuing operations were up 22 percent compared with the same period of 2004 on the same basis. Bottom line, our third quarter 2006 bookings from continuing operations are up 42 percent compared with their 2004 counterpart, and our 2006 year-to-date bookings are also up 42 percent on the same basis.
"Our pump business continues to be extremely robust and again posted the largest quarterly bookings increase among our business segments," Kling said. "Our outlook for our major end-markets remains decidedly favorable."
Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services.
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