Flowserve (NYSE:FLS) Issues FY24 Earnings Guidance

Flowserve (NYSE:FLS) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $2.60-2.75 for the period, compared to the consensus EPS estimate of $2.76. The company issued revenue guidance of ~$4.49-4.58 billion, compared to the consensus revenue estimate of $4.59 billion.

Flowserve Price Performance

NYSE FLS traded up $0.28 during trading hours on Monday, reaching $52.94. The company’s stock had a trading volume of 1,728,818 shares, compared to its average volume of 1,072,471. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 30.04, a P/E/G ratio of 1.27 and a beta of 1.39. Flowserve has a 1-year low of $35.80 and a 1-year high of $55.90. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. The company’s 50-day moving average is $50.36 and its two-hundred day moving average is $48.85.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the firm posted $0.52 EPS. Flowserve’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities analysts predict that Flowserve will post 2.76 EPS for the current year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.21 per share. The ex-dividend date was Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.59%. Flowserve’s payout ratio is currently 47.46%.

Analysts Set New Price Targets

A number of equities analysts have commented on FLS shares. Jefferies Financial Group started coverage on Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 target price for the company. Stifel Nicolaus increased their target price on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Robert W. Baird increased their target price on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Royal Bank of Canada increased their target price on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. Finally, Bank of America reaffirmed a “buy” rating and issued a $60.00 price target on shares of Flowserve in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.50.

About Flowserve

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.