Flowserve (NYSE:FLS) Releases FY 2024 Earnings Guidance

Flowserve (NYSE:FLS) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 2.600-2.750 for the period, compared to the consensus estimate of 2.760. The company issued revenue guidance of $4.5 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion. Flowserve also updated its FY24 guidance to $2.60-2.75 EPS.

Flowserve Price Performance

Shares of Flowserve stock traded down $0.02 during trading on Wednesday, hitting $54.12. 409,453 shares of the company were exchanged, compared to its average volume of 1,082,966. 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. The stock has a market capitalization of $7.13 billion, a price-to-earnings ratio of 30.54, a P/E/G ratio of 1.27 and a beta of 1.39. The firm has a 50 day moving average price of $50.60 and a 200 day moving average price of $48.94.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.05). The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 earnings per share. On average, equities analysts expect that Flowserve will post 2.76 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently declared 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 was Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a yield of 1.55%. Flowserve’s dividend payout ratio (DPR) is 47.46%.

Analyst Upgrades and Downgrades

FLS has been the subject of several recent analyst reports. 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. Jefferies Financial Group started coverage on Flowserve in a research note on Friday, October 18th. They issued a “buy” rating and a $65.00 price target for the company. Robert W. Baird lifted their price target on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday. TD Cowen lifted their price target on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group lifted their price target on Flowserve from $46.00 to $52.00 and gave the stock a “sell” rating in a research note 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.60.

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.