Flowserve Q1 loss per share $0.12; cuts 2022 EPS guidance on Russian exit and supply chain issues

FLOWSERVE CORP

2022-Q1 EPS reported -$0.12 revenue$821,058,000

Reported Q1 loss per share $0.12; adjusted EPS $0.07; sales $821.1M, down 4.2% YoY.
Bookings of $1.09B up 14.9% YoY; highest since Q2 2019; backlog $2.23B highest since Q3 2015.
Exiting Russian operations, recording $20.2M pre-tax charge; Russian work was 1-2% of revenue.
Reduced 2022 revenue growth guidance to 5-7% (prior 7-9%); adjusted EPS to $1.50-$1.70 (prior $1.70-$1.90).
CEO cites supply chain delays, labor availability, and inflation as margin headwinds.

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