Flowserve Corporation (NYSE:FLS) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET

Company Participants

Jay Roueche - Vice President, Investor Relations & Treasurer

Scott Rowe - President & Chief Executive Officer

Amy Schwetz - Senior Vice President & Chief Financial Officer

Conference Call Participants

Nathan Jones - Stifel

Joe Giordano - TD Cowen

Deane Dray - RBC Capital Markets

Sabrina Abrams - Bank of America

Michael Halloran - Baird

Damian Karas - UBS

Brett Linzey - Mizuho

Operator

Good day, and welcome to the Q2 2023 Flowserve Corporation Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to hand the call over to Jay Roueche, Vice President of Investor Relations and Treasurer. Please go ahead.

Jay Roueche

Thank you, Ali, and good morning, everyone. We appreciate you joining our conference call today to discuss Flowserve's second quarter 2023 financial results. On the call with me today are; Scott Rowe, Flowserve's President and Chief Executive Officer; and Amy Schwetz, our Senior Vice President and Chief Financial Officer.

Following our prepared comments, we will open the call for your questions. And as a reminder, this event is being webcast and an audio replay will be available. Please note that our earnings materials do, and this call will, include non-GAAP measures and contain forward-looking statements. These statements are based upon forecasts, expectations and other information available to management as of August 2, 2023, and they involve risks and uncertainties, many of which are beyond the company's control. We encourage you to review our safe harbor disclosures as well as the reconciliation of our non-GAAP measures to our reported results, both of which are included in our press release and earnings presentation that are accessible on our website in the Investor Resources section.

With that I would like to turn the call over to Scott Rowe, Flowserve's President and Chief Executive Officer for his prepared comments.

Scott Rowe

Great. Thank you, Jay and good morning, everyone. I couldn't be more pleased with the results that we delivered in the second quarter including our adjusted earnings per share of $0.52. We continue to build on the operating momentum established at the end of last year and I believe we are now delivering much closer to our true capabilities.

I want to start by thanking our associates for their commitment to our customers and the Flowserve. Without their persistence and dedication, we wouldn't be in such a good place. Our results for the second quarter were highlighted by the sixth consecutive quarter with bookings over $1 billion, our highest quarterly level of revenue since 2015 and our second consecutive quarter delivering adjusted gross margins above 30%. Our improved operational execution combined with our constructive market outlook has led us to raise our full year revenue and adjusted EPS targets.