Amy Schwetz on Middle East market
From Flowserve Corporation (NYSE: FLS) - CFO Amy Schwetz - Gabelli PVW Symposium · · GabelliTV
“We see the Middle East continuing to move up the value chain from oil and gas, benefiting Flowserve with projects like the $240 million Jaura project, which was one of the largest in our history. While mega projects are fewer, there are many mid-sized projects in the $20 to $40 million range that provide good margins.”
On , Amy Schwetz, Senior Vice President & Chief Financial Officer at FLOWSERVE CORP, spoke about Middle East market during Flowserve Corporation (NYSE: FLS) - CFO Amy Schwetz - Gabelli PVW Symposium on GabelliTV.
About Amy Schwetz
Amy Schwetz, Senior Vice President and Chief Financial Officer of Flowserve Corporation, spoke at the Gabelli PVW Symposium on March 17, 2025. She stated that 2023 and 2024 were "exciting years" for the company, characterized by a mix of supportive end markets and internal improvements. Schwetz noted that the company's formula involves growing revenue, expanding margins, and generating significant cash flow. She reported a backlog of $2.8 billion at the start of 2025, with 83% expected to convert into revenue that year, and described aftermarket bookings of over $600 million for three consecutive quarters. Schwetz discussed the company's M&A strategy, which she said focuses on diversification, decarbonization, and digitization, with acquisitions primarily used for diversification into new markets. She highlighted the recent acquisition of Mogus, which she said adds about $775 million in revenue and strengthens the flow control division for mining and oil and gas applications. Schwetz also addressed the company's nuclear power business, describing it as a strong margin business with growth opportunities globally, and noted that the company has diversified its supply chain across China, India, and Mexico to manage tariff-related risks.