DALLAS – (BUSINESS WIRE) – December 11, 2020–
Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services to the global infrastructure markets, announced that its board of directors has approved a quarterly cash dividend of $ 0.20 per share on the company’s outstanding common stock.
The dividend is payable on January 8, 2021 to the shareholders of record at the close of business on December 24, 2020.
While Flowserve currently intends to pay quarterly cash dividends on a regular basis for the foreseeable future, future dividends of $ 0.20 per share or otherwise will be individually examined and declared by the Directors in their sole discretion.
Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, made under the safe harbor of the Private Securities Litigation Reform Act of 1995. as amended. Words or phrases such as “may,” “should,” “expect,” “might,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “forecast,” “forecast,” or with others Similar expressions are intended to identify forward-looking statements, which include, but are not limited to, earnings forecasts, statements about our business strategy, and statements about expectations, beliefs, future plans and strategies, and expected developments regarding our industry, our business, our operations and our finances, performance and condition .
The forward-looking statements contained in this press release are based on our current expectations, forecasts, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties could cause actual results to differ materially from those projected in such forward-looking statements, including but not limited to: the impact of the global COVID-19 outbreak on our business and operations; Some of our bookings may not result in closed sales and our ability to convert bookings into revenue with acceptable margins. Changes in global economic conditions and the potential for unexpected cancellations or delays in customer orders in our reported backlog; our reliance on our customers’ ability to make the necessary capital investments and maintenance expenses; If we are unable to successfully implement and realize the anticipated financial benefits of our strategic transformation and realignment initiatives, our business could be adversely affected. Risks associated with cost overruns on fixed-fee projects and accepting customer orders for large complex custom products; the significant reliance of our sales on the success of the oil and gas, chemicals, power generation, and water management industries; the adverse effects of volatile commodity prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics, or changes in tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers and failure to comply with US export / re-export controls, foreign corruption laws, economic sanctions, and import laws and regulations; aging and slower debt collection, particularly in Latin America and other emerging markets; our exposure to currency fluctuations, including in hyperinflationary countries such as Venezuela and Argentina; our supply of products and services to nuclear power plants and other critical processes; potential adverse consequences of any litigation in which we are involved, such as: B. Legal disputes with asbestos-containing material claims; Expectations regarding acquisitions and the integration of acquired companies; our relative geographic profitability and its impact on the use of deferred tax assets, including foreign tax credits; the possible adverse effects of an impairment in the carrying amount of goodwill or other intangible assets; our reliance on third party vendors, failure to comply with which could affect business operations; the high competitiveness of the markets in which we operate; Environmental compliance costs and liabilities; possible work interruptions and other work matters; Access to public and private sources of debt financing; our inability to protect our intellectual property both in the US and abroad; Obligations from our defined benefit pension plans; Our internal control over financial reporting may not prevent or detect misrepresentation due to its inherent limitations, including the possibility of human error, circumvention or override of controls, or fraud. The recognition of increased value adjustments for deferred tax claims in the future or the effects of changes in tax law on such deferred tax claims could affect our operating result. Our information technology infrastructure can be subject to service interruptions, data corruption, cyber-based attacks or network security breaches that can disrupt our business operations and lead to the loss of critical and confidential information. Ineffective internal controls can affect the accuracy and timely reporting of our business and financial results. and other factors as described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements contained in this press release are based on information available to us as of the date of this press release and we assume no obligation to update any forward-looking statements.
The company reports its financial results in accordance with generally accepted United States accounting standards (GAAP). However, management believes that non-GAAP financial measures, which exclude certain one-off items, provide additional useful comparisons between current results and results in previous periods of operation and provide investors with a clearer view of underlying business trends. Management also uses these non-GAAP financial metrics to make financial, operational, planning, and compensation decisions and to evaluate the company’s performance. In our materials, we refer to non-GAAP measures as “restated”. Non-GAAP financial measures that may not be compatible with measures presented by other companies with similar captions should be viewed in addition to, and not as a substitute for, the company’s GAAP results.
View source version on businesswire.com: http://www.businesswire.com/news/home/20201211005546/de/
CONTACT: Flowserve contacts
Investor contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636 Media Contact:
Lars Rosene, Vice President Corporate Communications and Public Affairs, (972) 443-6644
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRIAL KEYWORD: OIL / GAS PRODUCTION OTHER PRODUCTION ENERGY OTHER ENERGY
SOURCE: Flowserve Corporation
Copyright Business Wire 2020.
PUB: 12/11/2020 2:00 p.m. / DISC: 12/11/2020 2:01 p.m.
http://www.businesswire.com/news/home/20201211005546/de
Copyright Business Wire 2020.