Flowserve (NYSE:FLS) Announces Earnings Results, Beats Estimates By $0.11 EPS

Flowserve (NYSE:FLS) issued its quarterly earnings data on Monday. The industrial products company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.47 by $0.11, RTT News reports. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the business posted $0.40 earnings per share. Flowserve’s quarterly revenue was up 10.9% compared to the same quarter last year. Flowserve updated its FY24 guidance to $2.50-2.70 EPS.

Flowserve Stock Performance

NYSE:FLS traded up $0.46 during mid-day trading on Monday, reaching $47.22. The company’s stock had a trading volume of 1,220,035 shares, compared to its average volume of 1,067,376. The company has a current ratio of 1.88, a quick ratio of 1.27 and a debt-to-equity ratio of 0.59. The stock has a market cap of $6.20 billion, a P/E ratio of 33.30, a PEG ratio of 1.33 and a beta of 1.46. The firm’s fifty day moving average price is $44.96 and its two-hundred day moving average price is $41.30. Flowserve has a 12-month low of $32.49 and a 12-month high of $48.31.

Flowserve Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, March 28th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.78%. This is an increase from Flowserve’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, March 27th. Flowserve’s dividend payout ratio (DPR) is presently 59.57%.

Analyst Ratings Changes

Several equities analysts have commented on FLS shares. Royal Bank of Canada raised their price objective on Flowserve from $43.00 to $46.00 and gave the company a “sector perform” rating in a research report on Thursday, February 22nd. Robert W. Baird lifted their target price on shares of Flowserve from $46.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. Citigroup upped their price target on Flowserve from $50.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Mizuho lifted their price objective on Flowserve from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 22nd. Finally, Stifel Nicolaus boosted their target price on Flowserve from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Flowserve presently has a consensus rating of “Hold” and a consensus target price of $48.25.

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.