Flowserve Q3 adj. EPS $0.90 (+45% YoY); raises FY guidance; divests legacy asbestos liabilities with $199M contribution

FLOWSERVE CORP

Q3 revenue $1.174B (+3.6% YoY); reported EPS $1.67 includes $0.77 net favorable items; adj. EPS $0.90 vs $0.62.
Full-year adj. EPS guidance raised to $3.40-$3.50 from $3.25-$3.40; organic sales growth ~2%, plus ~200bps from acquisitions.
Q3 bookings $1.213B; power bookings +23% YoY, including $140M in nuclear awards.
Divests legacy asbestos liabilities via sale of BW/IP to Oaktree affiliate; Flowserve contributes $199M cash; expects $135M one-time Q4 loss, excluded from adj. EPS.
Q3 cash from ops $401.8M; returned $173M to shareholders via dividends and buybacks; divestiture adds $15-20M annual free cash flow.

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