Flowserve (NYSE:FLS) Releases FY24 Earnings Guidance

Flowserve (NYSE:FLS) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $2.60-2.75 for the period, compared to the consensus 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 Stock Up 0.5 %

NYSE:FLS traded up $0.28 during mid-day trading on Monday, hitting $52.94. 1,588,772 shares of the company’s stock traded hands, compared to its average volume of 1,071,798. The company has a market capitalization of $6.97 billion, a P/E ratio of 30.04, a P/E/G ratio of 1.27 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00. Flowserve has a twelve month low of $35.80 and a twelve month high of $55.90. The company has a fifty day moving average of $50.36 and a 200 day moving average of $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 the consensus estimate of $0.63 by $0.10. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts forecast that Flowserve will post 2.76 EPS for the current year.

Flowserve Announces Dividend

The company also recently declared 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. The ex-dividend date was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.59%. Flowserve’s dividend payout ratio is currently 47.46%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Mizuho upped their target price on shares of Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. TD Cowen lifted their price objective on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Stifel Nicolaus raised their target price on shares of Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on shares of Flowserve in a report on Friday, October 18th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, The Goldman Sachs Group lifted their price objective on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.