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4-Traders Homepage  >  Equities  >  Nyse  >  Flowserve Corp    FLS

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FLOWSERVE : Receives Order for Approximately $10 Million for Desalination Energy Recovery Systems

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05/11/2010 | 03:20pm CEST

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced an order for CALDER Dual Work Exchanger Energy Recovery (DWEER) units with an approximate value of $10 million USD for the Sorek seawater desalination plant. The majority of the booking for this order is to be reflected in the second quarter of 2010.

With a capacity of 150 million cubic meters (39.6 trillion U.S. gallons) per year, Sorek is the largest seawater desalination plant in the world featuring isobaric chamber recovery system technology. Sorek Desalination Ltd., a joint venture between IDE Technologies and Hutchison Water, owns the facility.

?This order further solidifies our position as a leader in the growing desalination industry,? said Tom Ferguson, president, Flow Solutions Group. ?A key factor in selecting Flowserve was the lowest total cost of ownership; a 24-year life-cycle cost analysis found Flowserve was the most efficient and economical choice for Sorek when considering capital, operating cost, energy efficiency and maintenance. As the worldwide demand for fresh water continues to outpace supply, Flowserve is proud to offer technology that can help reduce the cost of the desalination process and provides more potable water for those who need it.?

Flowserve CALDER products and technologies specialize in the design, engineering and supply of energy recovery equipment and related proprietary technologies for the reverse-osmosis process used in desalination plants around the world. CALDER energy recovery technology is designed to capture and reuse waste energy in the desalination process, lowering net energy consumption and improving overall process efficiency.

About IDE Technologies

IDE Technologies Ltd. is a pioneer and world leader in water technologies. The company specializes in the development, engineering, production and operation of advanced desalination as well as innovative industrial solutions. For more information, please visit www.ide-tech.com.

About Hutchison Water

Hutchison Water was established in 2008 as an operation of Hutchison Whampoa Ltd. The company provides a wide range of integrated solutions and services that include development, design, detailed design, systems integration, engineering, procurement and construction. For more information, please visit www.hutchisonwater.com.

About Flowserve Corp.

Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves, as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company's Web site at www.flowserve.com.

SAFE HARBOR STATEMENT:

This news release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, ?may,? ?should,? ?expects,? ?could,? ?intends,? ?plans,? ?anticipates,? ?estimates,? ?believes,? ?predicts? or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, 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 may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in the global financial markets and the availability of capital and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers' ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the petroleum, chemical, power and water industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global petroleum producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; our exposure to fluctuations in foreign currency exchange rates, particularly in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities; potential adverse consequences resulting from litigation to which we are a party, such as shareholder litigation and litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; our foreign subsidiaries autonomously conducting limited business operations and sales in certain countries identified by the U.S. State Department as state sponsors of terrorism; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangibles; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Flowserve Corporation
Investor Contact:
Paul Fehlman, 972-443-6517
Vice President, Financial Planning & Analysis and Investor Relations
or
Media Contact:
Steve Boone, 972-443-6644
Director, Global Communications & Public Affairs


© Business Wire 2010
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Financials ($)
Sales 2017 3 698 M
EBIT 2017 368 M
Net income 2017 187 M
Debt 2017 1 050 M
Yield 2017 1,75%
P/E ratio 2017 33,00
P/E ratio 2018 20,26
EV / Sales 2017 1,84x
EV / Sales 2018 1,80x
Capitalization 5 752 M
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Mean consensus HOLD
Number of Analysts 19
Average target price 52,7 $
Spread / Average Target 20%
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NameTitle
Robert Scott Rowe President, Chief Executive Officer & Director
Roger L. Fix Chairman
Thomas L. Pajonas Chief Operating Officer & Executive Vice President
John E. Roueche CFO, Treasurer & Vice President-Investor Relations
Rick J. Mills Independent Director
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