Flowserve (NYSE:FLS) Releases Earnings Results, Beats Expectations By $0.10 EPS

Flowserve (NYSE:FLS) announced its quarterly earnings data on Monday. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.10, RTT News reports. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Flowserve had a return on equity of 16.85% and a net margin of 5.67%. Flowserve’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Flowserve updated its FY 2024 guidance to 2.600-2.750 EPS and its FY24 guidance to $2.60-2.75 EPS.

Flowserve Stock Performance

Shares of NYSE:FLS traded up $0.14 on Wednesday, hitting $49.37. 49,026 shares of the company were exchanged, compared to its average volume of 1,048,763. The firm has a market capitalization of $6.50 billion, a P/E ratio of 27.81, a price-to-earnings-growth ratio of 1.32 and a beta of 1.42. The company has a current ratio of 1.88, a quick ratio of 1.28 and a debt-to-equity ratio of 0.58. Flowserve has a 1-year low of $35.31 and a 1-year high of $52.09. The stock’s 50 day moving average price is $48.55 and its 200 day moving average price is $45.98.

Flowserve Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were paid a dividend of $0.21 per share. The ex-dividend date was Friday, June 28th. This represents a $0.84 dividend on an annualized basis and a yield of 1.70%. Flowserve’s payout ratio is 47.46%.

Insider Activity at Flowserve

In other Flowserve news, CEO Robert Scott Rowe sold 42,269 shares of Flowserve stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total transaction of $2,112,604.62. Following the completion of the sale, the chief executive officer now owns 407,243 shares of the company’s stock, valued at approximately $20,354,005.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.72% of the stock is owned by insiders.

Analyst Ratings Changes

FLS has been the topic of a number of recent research reports. Stifel Nicolaus increased their price target on Flowserve from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. TD Cowen raised their target price on shares of Flowserve from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. UBS Group boosted their price target on shares of Flowserve from $46.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Robert W. Baird increased their price objective on shares of Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Mizuho reissued a “buy” rating and issued a $53.00 price target (up from $50.00) on shares of Flowserve in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.36.

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.