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 $2.65. The company issued revenue guidance of $4.49-4.58 billion, compared to the consensus revenue estimate of $4.58 billion. Flowserve also updated its FY 2024 guidance to 2.600-2.750 EPS.

Flowserve Trading Down 3.2 %

Shares of NYSE:FLS traded down $1.61 during midday trading on Thursday, hitting $48.94. 992,174 shares of the stock traded hands, compared to its average volume of 1,060,624. Flowserve has a one year low of $35.31 and a one year high of $52.09. The stock has a market capitalization of $6.43 billion, a PE ratio of 27.38, a P/E/G ratio of 1.27 and a beta of 1.42. The business’s 50 day moving average is $48.56 and its two-hundred day moving average is $46.01. The company has a quick ratio of 1.28, a current ratio of 2.00 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS) last released its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm earned $0.52 earnings per share. Flowserve’s revenue was up 7.1% on a year-over-year basis. As a group, research analysts forecast that Flowserve will post 2.68 earnings per share for the current year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date was Friday, June 28th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on FLS shares. Robert W. Baird upped their price objective on shares of Flowserve from $57.00 to $60.00 and gave the stock a neutral rating in a report on Wednesday. Royal Bank of Canada increased their price target on shares of Flowserve from $50.00 to $52.00 and gave the company a sector perform rating in a report on Wednesday. Stifel Nicolaus raised their target price on shares of Flowserve from $58.00 to $60.00 and gave the stock a buy rating in a report on Wednesday. Citigroup raised their target price on shares of Flowserve from $56.00 to $59.00 and gave the stock a buy rating in a report on Wednesday, May 1st. Finally, TD Cowen raised 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $53.27.

Insiders Place Their Bets

In other news, CEO Robert Scott Rowe sold 42,269 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $49.98, for a total transaction of $2,112,604.62. Following the sale, the chief executive officer now directly owns 407,243 shares in the company, valued at approximately $20,354,005.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

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.