Flowserve (NYSE:FLS) Issues Quarterly Earnings Results

Flowserve (NYSE:FLS) announced its quarterly earnings data on Monday. The industrial products company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the company earned $0.50 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Flowserve updated its FY24 guidance to $2.60-2.75 EPS and its FY 2024 guidance to 2.600-2.750 EPS.

Flowserve Trading Down 1.6 %

Shares of NYSE:FLS traded down $0.87 during trading on Thursday, reaching $52.89. The company’s stock had a trading volume of 179,378 shares, compared to its average volume of 1,085,216. The stock has a market capitalization of $6.96 billion, a PE ratio of 30.37, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39. Flowserve has a 12 month low of $35.80 and a 12 month high of $55.90. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. The firm’s 50 day simple moving average is $50.60 and its two-hundred day simple moving average is $48.94.

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 given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.59%. The ex-dividend date was Friday, September 27th. Flowserve’s dividend payout ratio is 47.46%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FLS shares. Jefferies Financial Group began coverage on Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective on the stock. Royal Bank of Canada increased their price objective on shares of Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a report on Wednesday. TD Cowen boosted their target price on shares of Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. StockNews.com cut shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Stifel Nicolaus boosted their price target on shares of Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Flowserve currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.10.

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.