Flowserve (NYSE:FLS) Updates FY 2024 Earnings Guidance

Flowserve (NYSE:FLS) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 2.600-2.750 for the period, compared to the consensus earnings per share estimate of 2.760. The company issued revenue guidance of $4.5 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion. Flowserve also updated its FY24 guidance to $2.60-2.75 EPS.

Analyst Ratings Changes

FLS has been the subject of several research analyst reports. Stifel Nicolaus upped their target price on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. TD Cowen lifted their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Jefferies Financial Group assumed coverage on shares of Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 target price for the company. The Goldman Sachs Group boosted their price target on shares of Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research report on Thursday, October 10th. Finally, Robert W. Baird increased their price objective on shares of Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $60.10.

Flowserve Price Performance

FLS stock traded down $0.63 on Thursday, reaching $53.13. 501,287 shares of the company’s stock were exchanged, compared to its average volume of 1,086,634. The firm has a market cap of $6.99 billion, a PE ratio of 29.86, a P/E/G ratio of 1.27 and a beta of 1.39. Flowserve has a twelve month low of $35.80 and a twelve month high of $55.90. The stock has a fifty day moving average of $50.72 and a 200-day moving average of $48.98. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS) last released its earnings results on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.05). Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. As a group, equities analysts predict that Flowserve will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.58%. Flowserve’s dividend payout ratio is presently 47.46%.

Flowserve Company Profile

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.