Flowserve Lowers FY22 Outlook

(RTTNews) - While reporting its first-quarter results on Monday, Flowserve Corporation (FLS) lowered its outlook for the full year 2022 to reflect its exit from Russia.

The company said it lowered its outlook to reflect expected impacts of Russian exit, current supply chain and logistics constraints, and the strengthening dollar, partially offset by strong backlog, favorable market environment and improvement initiatives.

The company now expects adjusted earnings of $1.50 to $1.70 per share and revenue growth of 5-7%. Previously, the company expected earnings of $1.70 to $1.90 per share and revenue growth of 7-9%.

Analysts currently estimate earnings of $1.77 per share on revenues of $3.80 billion for the year.