27.07.2017 22:55:12
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Flowserve Updates 2017 Guidance - Quick Facts
(RTTNews) - Flowserve Corporation (FLS) updated its 2017 guidance to reflect its first half results and expectations for the remainder of the year, and now expects adjusted EPS in a range of $1.30 to $1.50. EPS target range is based on an expected 6 to 10 percent decline in revenues year-over-year.
Second-quarter adjusted EPS was $0.22 and excludes a net gain of $0.10 per share from adjusted items and was impacted by an adjusted tax rate of 46.3%. Sales were $877 million, down 13.6% on a constant currency basis, including an approximately 2% negative impact related to the previously announced Gestra business divestiture.
The company also announced that during the 2017 second quarter, certain immaterial accounting errors were identified in prior period financial statements for the period beginning in 2013 through the first quarter of 2017, which occurred primarily at two non-U.S. sites, and principally involved certain inventory and accounts receivable balances. The company has determined to amend its 2016 Form 10-K and the March 31, 2017 Form 10-Q to reflect the revisions.
The company also intends to institute remediation plans as a result of the errors. The cumulative effect of the changes to retained earnings as of March 31, 2017 was a reduction of approximately $30 million.
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