Flowserve Announces Quarterly Cash Dividend of $0.19 Per Share
30 August 2018 - 8:06AM
Business Wire
Flowserve Corporation, (NYSE: FLS), a leading provider of flow
control products and services for the global infrastructure
markets, announced that its Board of Directors has authorized a
quarterly cash dividend of $0.19 per share on the company's
outstanding shares of common stock.
The dividend is payable on October 5, 2018, to shareholders of
record as of the close of business on September 21, 2018.
While Flowserve currently intends to pay regular quarterly cash
dividends for the foreseeable future, any future dividends, at this
$0.19 per share rate or otherwise, will be reviewed individually
and declared by the Board at its discretion.
About Flowserve: Flowserve Corp. is one of the world’s
leading providers of fluid motion and control products and
services. Operating in more than 55 countries, the company produces
engineered and industrial pumps, seals and valves as well as a
range of related flow management services. More information about
Flowserve can be obtained by visiting the company’s Web site
at www.flowserve.com.
Safe Harbor Statement: This news release 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
of the Private Securities Litigation Reform Act of 1995, as
amended. Words or phrases such as, "may," "should," "expects,"
"could," "intends," "plans," "anticipates," "estimates,"
"believes," "forecasts," "predicts" or other similar expressions
are intended to identify forward-looking statements, which include,
without limitation, statements concerning our future financial
performance, future debt and financing levels, investment
objectives, implications of litigation and regulatory
investigations and other management plans for future operations and
performance.
The forward-looking statements included in this news release are
based on our current expectations, projections, estimates and
assumptions. These statements are only predictions, not guarantees.
Such forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict. These risks and
uncertainties may cause actual results to differ materially from
what is forecast in such forward-looking statements, and include,
without limitation, the following: a portion of our bookings may
not lead to completed sales, and our ability to convert bookings
into revenues at acceptable profit margins; changes in global
economic conditions and the potential for unexpected cancellations
or delays of customer orders in our reported backlog; our
dependence on our customers’ ability to make required capital
investment and maintenance expenditures; risks associated with cost
overruns on fixed-fee projects and in taking customer orders for
large complex custom engineered products; the substantial
dependence of our sales on the success of the oil and gas,
chemical, power generation and water management industries; the
adverse impact of volatile raw materials prices on our products and
operating margins; our ability to execute and realize the expected
financial benefits from our strategic manufacturing optimization
and realignment initiatives; economic, political and other risks
associated with our international operations, including military
actions or trade embargoes that could affect customer markets,
particularly North African, Russian and Middle Eastern markets and
global oil and gas producers, and non-compliance with U.S.
export/re-export control, foreign corrupt practice laws, economic
sanctions and import laws and regulations; increased aging and
slower collection of receivables, particularly in Latin America and
other emerging markets; our exposure to fluctuations in foreign
currency exchange rates, particularly the Euro and British pound
and in hyperinflationary countries such as Venezuela; our
furnishing of products and services to nuclear power plant
facilities and other critical processes; potential adverse
consequences resulting from litigation to which we are a party,
such as litigation involving asbestos-containing material claims; a
foreign government investigation regarding our participation in the
United Nations Oil-for-Food Program; expectations regarding
acquisitions and the integration of acquired businesses; our
relative geographical profitability and its impact on our
utilization of deferred tax assets, including foreign tax credits;
the potential adverse impact of an impairment in the carrying value
of goodwill or other intangible assets; our dependence upon
third-party suppliers whose failure to perform timely could
adversely affect our business operations; the highly competitive
nature of the markets in which we operate; environmental compliance
costs and liabilities; potential work stoppages and other labor
matters; our inability to protect our intellectual property in the
U.S., as well as in foreign countries; obligations under our
defined benefit pension plans; risks and potential liabilities
associated with cyber security threats; our inability to execute
and realize the expected financial benefits of our strategic
manufacturing optimization and other cost-saving initiatives; our
internal control over financial reporting may not prevent or detect
misstatements because of its inherent limitations, including the
possibility of human error, the circumvention or overriding of
controls, or fraud; the recording of increased deferred tax asset
valuation allowances in the future or the impact of tax law changes
on such deferred tax assets could affect our operating results; if
we are not able to successfully execute and realize the expected
financial benefits from our strategic realignment and other
cost-saving initiatives, our business could be adversely affected;
ineffective internal controls could impact the accuracy and timely
reporting of our business and financial results; and other factors
described from time to time in our filings with the Securities and
Exchange Commission. All forward-looking statements included in
this news release are based on information available to us on the
date hereof, and we assume no obligation to update any
forward-looking statement.
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (GAAP). However,
management believes that non-GAAP financial measures which exclude
certain non-recurring items present additional useful comparisons
between current results and results in prior operating periods,
providing investors with a clearer view of the underlying trends of
the business. Management also uses these non-GAAP financial
measures in making financial, operating, planning and compensation
decisions and in evaluating the Company's performance. Throughout
our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP
financial measures, which may be inconsistent with similarly
captioned measures presented by other companies, should be viewed
in addition to, and not as a substitute for, the Company’s reported
results prepared in accordance with GAAP.
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version on businesswire.com: https://www.businesswire.com/news/home/20180829005799/en/
FlowserveInvestor Contacts:Jay Roueche, 972-443-6560Vice
President, Investor Relations and Treasurer--Mike Mullin,
972-443-6636Director, Investor Relations--Media Contact:Lars
Rosene, 972-443-6644Vice President, Corporate & Marketing
Communications
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