Flowserve Corporation (NYSE:FLS) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET

Company Participants

Jay Roueche - Vice President, Treasurer and Investor Relations
Scott Rowe - President and Chief Executive Officer
Amy Schwetz - Senior Vice President and Chief Financial Officer

Conference Call Participants

Mike Halloran - Baird
Joe Giordano - TD Cowen
Andy Kaplowitz - Citigroup
Deane Dray - RBC Capital Markets
Damian Karas - UBS
Nathan Jones - Stifel
Brett Linzey - Mizuho
Eric Look - Mizuho
Joe Ritchie - Goldman Sachs

Operator

Good day, and welcome to the Second Quarter 2024 Flowserve Corporation Earnings Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Jay Roueche, Vice President, Treasurer and Investor Relations. Please go ahead.

Jay Roueche

Thank you, Melinda, and good morning, everyone. We appreciate you joining our conference call today to discuss Flowserve's second quarter 2024 financial results. On the call with me today 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 your 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 July 30, 2024, 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, and both are accessible on our website in the Investors 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. We delivered another quarter of strong results with sequential and year-over-year improvements driven by outstanding execution. Compared to the second quarter last year, some highlights include: revenue growth over 7% with adjusted gross and operating margins increasing to 32.3% and 12.5%, while our adjusted earnings increased more than 40% per share. Our strong bookings of $1.25 billion in the quarter, represents a 12% increase versus last year and sequential growth of 20%. With a book-to-bill of almost 1.08x in the quarter, our backlog grew over $70 million sequentially to $2.7 billion, positioning the company for further growth. I want to thank our associates around the world for their passion and dedication to supporting our customers in delivering these impressive results.