Flowserve (NYSE:FLS) Announces Earnings Results

Flowserve (NYSE:FLS) released its quarterly earnings results on Monday. The industrial products company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05), Briefing.com reports. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the company 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 Stock Performance

NYSE FLS traded down $0.54 on Thursday, hitting $53.22. 89,555 shares of the company traded hands, compared to its average volume of 1,084,765. The company has a market capitalization of $7.01 billion, a price-to-earnings ratio of 30.37, a P/E/G ratio of 1.27 and a beta of 1.39. 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 business’s 50 day moving average price is $50.60 and its 200-day moving average price is $48.94. Flowserve has a 52-week low of $35.80 and a 52-week high of $55.90.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.58%. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analyst Weigh In

A number of research analysts have commented on FLS shares. Royal Bank of Canada upped their price target on Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a research report on Wednesday. Robert W. Baird upped their price target on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday. Stifel Nicolaus raised their target price on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Bank of America raised their target price on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group raised 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 equities 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, the company presently has an average rating of “Moderate Buy” and an average price target 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.