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Q2 2015 Earnings Conference Call – Flowserve Corp.

Flowserve Corp. · Jul 31, 2015 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 1
    Flowserve Second Quarter 2015 Earnings Conference Call July 31, 2015 SOLAR REFINING CHEMICAL DESALINATION COAL-FIRED POWER NUCLEAR
  2. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 2
    Flowserve Q2 2015 Earnings Conference Call : Page 3 Q2 2015 Financial Highlights Reported second quarter Adjusted EPS* of 0.80 Excludes 0.24 of adjusted items(1) Bookings of 1.12 billion, including SIHI bookings of 61.5 million…
  3. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 3
    Flowserve Q2 2015 Earnings Conference Call : Page 4 Flexibility Through Market Transitions * For workforce reduction efforts, where applicable, we will engage all necessary parties to meet our local consultation and information…
  4. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 4
    Flowserve Q2 2015 Earnings Conference Call : Page 5 Resiliency of Business Approximately 80% of business is traditionally aftermarket or run-rate original equipment stability and resiliency
  5. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 5
    Flowserve Q2 2015 Earnings Conference Call : Page 6 Cost Actions & Strategic Manufacturing Optimization Immediate Cost Actions Strategic Manufacturing Optimization 100 million in 2015 Accelerating existing manufacturing…
  6. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 6
    Flowserve Q2 2015 Earnings Conference Call : Page 7 Cash Flow Usage & Capital Allocation Priorities * * Includes YTD 2015 amounts Capital spending focuses on most accretive, long-term investment in both the operating…
  7. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 7
    Flowserve Q2 2015 Earnings Conference Call : Page 8 Business Outlook Multiple factors contributing to current business conditions as customers deliberate on both new order and aftermarket activity Oil & Gas volatility - reduced…
  8. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 8
    Flowserve Q2 2015 Earnings Conference Call : Page 9 Q2 2015 Bookings & Industry Outlook Oil & Gas Chemical Power General Industries Water 2015 39% 19% 14% 24% 4% 1.12B 2014 46% 19% 11% 20% 4% 1.38B OIL & GAS Investment…
  9. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 9
    Flowserve Q2 2015 Earnings Conference Call : Page 10 Q2 2015 Sales & Regional Outlook North America Europe Asia-Pacific Middle East & Africa Latin America 36% 21% 19% 14% 11% 2015 39% 23% 18% 11% 9% 1.16B 34% 20% 21% 14% 11%…
  10. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 10
    Flowserve Q2 2015 Earnings Conference Call : Page 11 Engineered Product Division Q2 2015 Segment Results 2nd Quarter Year to Date (1) Constant Constant ( millions) 2015 2014 Delta () Delta (%) FX (%)* 2015 2014 Delta () Delta (%)…
  11. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 11
    Flowserve Q2 2015 Earnings Conference Call : Page 12 Engineered Product Division Q2 2015 Bookings and Sales 2nd Quarter Year to Date (1) Constant Constant ( millions) 2015 2014 Delta (%) FX (%)* 2015 2014 Delta (%) FX (%)* OE…
  12. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 12
    Flowserve Q2 2015 Earnings Conference Call : Page 13 Engineered Product Division Q2 Overview Bookings decreased 25.1%, or 15.5% on a constant currency basis Decrease driven primarily by oil and gas and to a lesser extent,…
  13. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 13
    Flowserve Q2 2015 Earnings Conference Call : Page 14 Industrial Product Division Q2 2015 Segment Results 2nd Quarter 2nd Quarter Adjusted (1) ( millions) 2015 2014 Delta () Delta (%) Constant SIHI IPD Delta () Delta (%)…
  14. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 14
    Flowserve Q2 2015 Earnings Conference Call : Page 15 Industrial Product Division Year to Date 2015 Segment Results Year to Date Year to Date Adjusted (1) Constant IPD Constant ( millions) 2015 2014 Delta () Delta (%) FX (%)* SIHI…
  15. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 15
    Flowserve Q2 2015 Earnings Conference Call : Page 16 Industrial Product Division Q2 2015 Bookings and Sales 2nd Quarter 2nd Quarter Adjusted (1) Constant IPD Constant ( millions) 2015 2014 Delta (%) FX (%)* SIHI Ex-SIHI Delta…
  16. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 16
    Flowserve Q2 2015 Earnings Conference Call : Page 17 Industrial Product Division Q2 Overview Bookings decreased 6.5%, or 1.8% on a constant currency basis Includes SIHI bookings of 61.5 million Excluding SIHI, constant currency…
  17. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 17
    Flowserve Q2 2015 Earnings Conference Call : Page 18 Flow Control Division Q2 2015 Segment Results Q2 2015 Year to Date ( millions) 2015 2014 Delta () Delta (%) Constant 2015 2014 Delta () Delta (%) Constant FX (%)* FX (%)*…
  18. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 18
    Flowserve Q2 2015 Earnings Conference Call : Page 19 Flow Control Division Q2 2015 Bookings and Sales 2nd Quarter Year to Date ( millions) 2015 2014 Delta (%) Constant 2015 2014 Delta (%) Constant FX (%)* FX (%)* OE 288 354…
  19. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 19
    Flowserve Q2 2015 Earnings Conference Call : Page 20 Flow Control Division Q2 Overview Bookings decreased 15.8%, or 7.8% on a constant currency basis Decreased bookings driven primarily by the chemical, general industries and oil…
  20. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 20
    Flowserve Q2 2015 Earnings Conference Call : Page 21 Q2 2015 Consolidated Bookings & Sales Bookings Sales Original Equipment Aftermarket Q2 2015 57% 43% 1.12B 58% 42% 1.16B Q2 2014 62% 38% 1.38B 59% 41% 1.22B Bookings…
  21. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 21
    Flowserve Q2 2015 Earnings Conference Call : Page 22 Q2 2015 - Consolidated Financial Results 2nd Quarter 2st Quarter Adjusted Constant Other Adjusted Constant ( millions) 2015 2014 Delta () Delta (%) FX (%)* SIHI Items Results…
  22. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 22
    Flowserve Q2 2015 Earnings Conference Call : Page 23 Year to Date 2015 - Consolidated Financial Results Year to Date Year to Date Adjusted Constant Other Adjusted Constant ( millions) 2015 2014 Delta () Delta (%) FX (%)* SIHI Items…
  23. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 23
    Flowserve Q2 2015 Earnings Conference Call : Page 24 Q2 2015 Cash Flows Q2 Q1 YTD ( millions) 2015 2015 2015 2014 Net Income 76 30 106 234 Depreciation and amortization 33 34 67 56 Change in working capital (8) (210) (218)…
  24. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 24
    Flowserve Q2 2015 Earnings Conference Call : Page 25 Primary Working Capital Balances for All Periods as a % of Trailing Twelve Months Sales Q2 2015 Q2 2014 ( millions) % % Receivables 1,042 21.9% 1,158 23.6% Inventory 1,130…
  25. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 25
    Flowserve Q2 2015 Earnings Conference Call : Page 26 2015 Guidance Assumptions (1) Provided January 28, 2015 (2) Provided April 30, 2015 (3) Provided July 31, 2015 - Revenue & Adjusted EPS guidance exclude the impact of the…
  26. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 26
    Flowserve Q2 2015 Earnings Conference Call : Page 27 2015 EPS Guidance 2015 Adjusted EPS guidance range excludes the impact of recent SIHI Group acquisition, expected to be 0.25 dilutive in 2015. The guidance range further…
  27. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 27
    Flowserve Q2 2015 Earnings Conference Call : Page 28 2015 Outlook Cash Use Priorities in 2015 Continue to execute on announced capital allocation policy of annually returning 40 50% of running 2-year average net earnings to…
  28. Q2 2015 Earnings Conference Call – Flowserve Corp. – slide 28
    Flowserve Q2 2015 Earnings Conference Call : Page 29 Questions and Answers

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