Flowserve (NYSE:FLS – Get Free Report) issued its quarterly earnings data on Monday. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.10, RTT News reports. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.13 billion. Flowserve had a return on equity of 16.85% and a net margin of 5.67%. Flowserve’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 EPS. Flowserve updated its FY 2024 guidance to 2.600-2.750 EPS and its FY24 guidance to $2.60-2.75 EPS.
Flowserve Trading Up 3.0 %
Shares of NYSE FLS traded up $1.48 during midday trading on Wednesday, reaching $50.71. The company had a trading volume of 857,430 shares, compared to its average volume of 1,054,057. Flowserve has a one year low of $35.31 and a one year high of $52.09. The company has a quick ratio of 1.28, a current ratio of 1.88 and a debt-to-equity ratio of 0.58. The firm’s fifty day moving average price is $48.55 and its 200-day moving average price is $45.98. The stock has a market cap of $6.68 billion, a PE ratio of 27.89, a price-to-earnings-growth ratio of 1.32 and a beta of 1.42.
Flowserve Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date was Friday, June 28th. Flowserve’s payout ratio is currently 47.46%.
Analysts Set New Price Targets
Check Out Our Latest Research Report on Flowserve
Insider Buying and Selling at Flowserve
In related news, CEO Robert Scott Rowe sold 42,269 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $49.98, for a total value of $2,112,604.62. Following the sale, the chief executive officer now owns 407,243 shares in the company, valued at approximately $20,354,005.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is currently owned by corporate insiders.
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.
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