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 also updated its FY 2024 guidance to 2.600-2.750 EPS.

Flowserve Trading Down 1.2 %

Shares of FLS stock traded down $0.62 on Thursday, reaching $53.14. 418,684 shares of the stock were exchanged, compared to its average volume of 1,086,321. The stock has a market cap of $7.00 billion, a PE ratio of 29.86, a P/E/G ratio of 1.27 and a beta of 1.39. Flowserve has a one year low of $35.80 and a one year high of $55.90. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40. The stock has a 50 day moving average price of $50.72 and a 200 day moving average price of $48.98.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, October 28th. The industrial products company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). The company had revenue of $1.13 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 EPS. Equities research analysts forecast that Flowserve will post 2.76 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently disclosed 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 of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.58%. Flowserve’s dividend payout ratio is currently 47.46%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FLS. Robert W. Baird upped their price objective on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday. Royal Bank of Canada increased 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. The Goldman Sachs Group increased their price target on Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. Bank of America increased their price target on Flowserve from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $60.10.

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.