Flowserve Corporation (NYSE:FLS) Q4 2022 Earnings Conference Call February 17, 2023 11:00 AM ET

Company Participants

Jay Roueche - VP, IR and Treasurer

Scott Rowe - President and CEO

Amy Schwetz - SVP and CFO

Conference Call Participants

Josh Pokrzywinski - Morgan Stanley

Damian Karas - UBS

Mike Halloran - Baird

Joseph Giordano - Cowen & Company

Saree Boroditsky - Jefferies

Adam Farley - Stifel

Operator

Good day, and welcome to the Q4 2022 Flowserve Corporation Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Jay Roueche, VP of IT and Treasurer. Please go ahead, sir.

Jay Roueche

Thank you, Anna, and good morning, everyone. We appreciate you joining our conference call today to discuss Flowserve's fourth quarter and full year 2022 financial results. On the call with me this morning are Scott Rowe, Flowserve's President and Chief Executive Officer; and Amy Schwetz, Senior Vice President and Chief Financial Officer.

Following our prepared comments, we will open the call for questions. 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 February 22, 2023, and they involve risks and uncertainties, many of which are beyond the company's control. We encourage you to fully 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, and both are accessible on our website at flowserve.com in the Investor Relations section.

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

Scott Rowe

Thanks, Jay, and good morning, everyone. I'd like to start by thanking our associates around the world for their resilience and dedication to our customers and our company. In the fourth quarter, we executed well and delivered significant performance improvement across all aspects of our business which led to our adjusted EPS of $0.63.

In short, we finished the year strong. These results were achieved despite the continuation of some supply chain and labor availability headwinds. Additionally, we delivered solid bookings of $1.1 billion, representing constant currency year-over-year bookings growth of nearly 20% with continued support from our traditional end markets and enhanced 3D booking activity. With four consecutive quarters now exceeding $1 billion in bookings, we ended the year with a near record backlog of $2.7 billion despite the impact of a much stronger dollar compared to the last time we were at these levels in 2014.