Flowserve Corp (FLS) Q2 2017 10-Q Quarterly Earnings

Short answer

Flowserve Corp (FLS) filed its Q2 2017 10-Q quarterly report on Aug 14, 2017 for the quarter ended Jun 30, 2017.

AI summary of MD&A and risk factor updates

Revenue $877.1M, down 14.6% YoY from $1,027.4M, driven by lower original equipment sales
Gross margin 27.9% vs 31.2% YoY, including $16.9M Latin America contract charge
Best segment FCD operating income $164.2M, margin 59.6% vs 15.3%; worst IPD operating loss $28.7M, margin (15.0)% vs 1.3%
Cash $505.2M vs $367.2M at December 31; operating cash flow $46.6M vs $10.7M
Gestra sale generated $181.8M net proceeds; $49.6M dividends, $30.0M debt repayment, $29.4M capital expenditures
2017 outlook: capital spending declines and pricing pressures expected to persist; capital expenditures guidance $80M to $90M

Newly disclosed accounting-control risk: errors at two non-U.S. sites required revisions to 2014-2016 and 2017 interim financial information
Regulatory and compliance risk: revised reporting followed inventory, receivables, cost-of-sales and SG&A errors through first-quarter 2017
Operational market risk: Brazilian oil-and-gas spending declines triggered a $26.0 million long-lived-asset impairment
Financial liquidity risk: revolving commitment reduced to $800 million, with $89.7 million in letters of credit outstanding
Currency risk: foreign-exchange contracts had $234.9 million notional value at June 30, 2017

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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