Flowserve (NYSE:FLS) Issues Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Flowserve (NYSE:FLS) posted its earnings results on Monday. The industrial products company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.05), Briefing.com reports. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the firm earned $0.50 earnings per share. Flowserve’s quarterly revenue was up 3.5% compared to the same quarter last year. Flowserve updated its FY24 guidance to $2.60-2.75 EPS and its FY 2024 guidance to 2.600-2.750 EPS.

Flowserve Trading Down 1.0 %

Shares of NYSE FLS traded down $0.54 during midday trading on Thursday, reaching $53.22. The company had a trading volume of 89,555 shares, compared to its average volume of 1,084,765. Flowserve has a one year low of $35.80 and a one year high of $55.90. The company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60. The firm’s fifty day moving average price is $50.60 and its 200-day moving average price is $48.94. The stock has a market cap of $7.01 billion, a PE ratio of 30.37, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39.

Flowserve Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Friday, September 27th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FLS shares. Stifel Nicolaus boosted their target price on Flowserve from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. StockNews.com cut Flowserve from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 8th. Jefferies Financial Group assumed coverage on Flowserve in a research report on Friday, October 18th. They set a “buy” rating and a $65.00 target price for the company. TD Cowen upped their price objective on Flowserve from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada upped their price objective on Flowserve from $55.00 to $57.00 and gave the stock a “sector perform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.10.

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.