Flowserve (NYSE:FLS) Updates FY24 Earnings Guidance

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

Flowserve Price Performance

Shares of NYSE FLS opened at $54.14 on Wednesday. The firm has a market cap of $7.13 billion, a PE ratio of 30.59, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39. The business has a 50 day moving average price of $50.47 and a two-hundred day moving average price of $48.89. 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 has a fifty-two week low of $35.80 and a fifty-two week high of $55.90.

Flowserve (NYSE:FLS) last issued 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). The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. Flowserve’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.50 EPS. Sell-side analysts expect that Flowserve will post 2.76 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.21 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.55%. Flowserve’s payout ratio is 47.46%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FLS shares. Robert W. Baird boosted their price objective on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Mizuho boosted their price objective on Flowserve from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. The Goldman Sachs Group lifted their target price on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. StockNews.com downgraded Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, TD Cowen lifted their target price on Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.50.

About Flowserve

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.