Flowserve Corp (FLS) Q4 2019 Earnings Call Transcript

Flowserve Corp (FLS) Q4 2019 Earnings Call Transcript

We appreciate you participating on our call today to discuss Flowserve's fourth quarter and full year 2019 financial results.. Joining me this morning are Scott Rowe, Flowserve's President and Chief Executive Officer; and Jay Roueche, Interim Chief Financial Officer.. I'd now like to turn the call over to Scott Rowe, Flowserve's President and Chief Executive Officer for his prepared comments.. Good morning everyone and thank you for joining today's call.. Flowserve's fourth quarter marked a strong finish to 2019 as we exceeded our initial full year expectations and continued to make significant progress with the Flowserve 2.0 transformation.. We believe this epidemic will have a short-term impact on the demand for our products and services, but it's still too early to tell the magnitude at this time.. Let me now turn to the financial highlights for the fourth quarter and the full year.. Flowserve delivered fourth quarter adjusted EPS of $0.66 and $2.20 for the full year at the high end of our revised guidance range and a 26% improvement over full year 2018.. On a full year basis, gross and operating margins improved 100 basis points and 150 basis points respectively, as the progress of the transformation initiatives more