Flowserve Announces Record Q2 Bookings
Flowserve Corp. on Wednesday reported second-quarter bookings of approximately $900 million for 2006—an unprecedented second-quarter figure for the company. The Dallas-based firm also repaid $25 million of debt during the period.
Second quarter 2006 bookings increased to approximately $900 million, which represents a second quarter record. Organic bookings for 2006 compare with second quarter 2005 organic bookings of approximately $696 million, or reported 2005 bookings of $723 million. Therefore, organic bookings increased about 29 percent in the second quarter of 2006 compared with the organic bookings in the prior year period, or about 25 percent on the reported basis. Currency had a negligible impact on second quarter 2006 bookings.
For the first 6 months of 2006, organic bookings increased to a record level of approximately $1.82 billion. This represents an increase of 32 percent compared with organic bookings of $1.38 billion, and an increase of 27 percent over reported bookings of $1.44 billion, in the prior year period.
Organic bookings exclude divested operations, where applicable, in relevant periods and the effect of currency in 2006 periods.
"Our pump business has been extremely robust and achieved the highest quarterly bookings increase among our business segments," said Lewis M. Kling, Flowserve’s president and CEO. "This bodes very well for the future, since project-related purchases of valves typically lag those of pumps in our customers' project investment cycle. And, the increased pump installed base provides us with greater aftermarket opportunities, where our mechanical seal business has been particularly strong."
The company repaid $25 million of debt in the second quarter of 2006, including a $20 million repayment on its revolving credit facility, which reduced the revolver balance to zero at the end of the quarter.
Flowserve 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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