Flowserve (NYSE:FLS) Announces Earnings Results, Misses Estimates By $0.05 EPS

Flowserve (NYSE:FLS) posted its quarterly earnings results 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. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.50 EPS. Flowserve updated its FY24 guidance to $2.60-2.75 EPS and its FY 2024 guidance to 2.600-2.750 EPS.

Flowserve Price Performance

NYSE FLS traded up $0.92 during trading hours on Tuesday, reaching $53.86. The company’s stock had a trading volume of 934,321 shares, compared to its average volume of 1,070,197. The firm has a market capitalization 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 1-year low of $35.80 and a 1-year high of $55.90. The company’s 50-day moving average is $50.47 and its two-hundred day moving average is $48.89. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40.

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 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend was Friday, September 27th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FLS. The Goldman Sachs Group boosted their price target on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a report on Thursday, October 10th. StockNews.com lowered Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Jefferies Financial Group initiated coverage on shares of Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 target price for the company. Robert W. Baird upped their price target on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Finally, Mizuho lifted their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.