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Corp has reported record bookings and backlog for the first quarter of 2006. First quarter 2006 bookings of a record US$879 million include a negative currency effect of US$37.5 million and compare with US$686 million excluding divestitures during 2005. Backlog at the end of March 2006 increased 39% on the prior year period to US$1.23 billion, a record for any Flowserve quarter, including positive currency effects of 1%. This compares with a US$884 million backlog at the end of the first quarter of 2005 and US$994 million at the end of 2005, both excluding 2005 divestitures. The increase is due to a combination of a larger volume of project orders, stronger aftermarket business and longer negotiated product delivery lead times.
"We are continuing to see strong activity in virtually all of our markets on a global basis, including our oil, chemical and power customer base," reports Flowserve president and CEO Lewis Kling. Flowserve's strongest bookings increase was in its pump operations, led by new project business. This bodes well for Flowserve's valve project business, which traditionally lags the pump project business. Flowserve's seal business bookings also remained strong during the quarter.
Flowserve says that it is making good progress in closing its 2005 annual financial statements and expects to file its 2005 Form 10-K Report with the Securities and Exchange Commission during the latter part of the second quarter of 2006 and to become current with its SEC financial report filings later this year.
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