Flowserve (NYSE:FLS) Posts Earnings Results

Flowserve (NYSE:FLS) issued its quarterly earnings data on Monday. The industrial products company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.05), Briefing.com reports. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. The business’s revenue was up 3.5% compared to the same quarter last year. Flowserve updated its FY24 guidance to $2.60-2.75 EPS and its FY 2024 guidance to 2.600-2.750 EPS.

Flowserve Stock Performance

NYSE FLS traded up $0.92 on Tuesday, hitting $53.86. 934,321 shares of the company’s stock were exchanged, compared to its average volume of 1,070,197. 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 firm’s 50-day moving average price is $50.47 and its two-hundred day moving average price is $48.89. The firm has a market cap of $7.09 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 1.27 and a beta of 1.39. Flowserve has a fifty-two week low of $35.80 and a fifty-two week high of $55.90.

Flowserve Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors 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 annualized dividend and a yield of 1.56%. Flowserve’s dividend payout ratio is currently 47.46%.

Wall Street Analysts Forecast Growth

FLS has been the subject of several recent research reports. Stifel Nicolaus raised their price objective on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Jefferies Financial Group began coverage on shares of Flowserve in a report on Friday, October 18th. They set a “buy” rating and a $65.00 price target for the company. Bank of America reiterated a “buy” rating and set a $60.00 target price on shares of Flowserve in a research note on Tuesday, September 24th. TD Cowen upped their price objective on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada upped their price objective on shares of Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Flowserve presently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

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.