Flowserve (NYSE:FLS) Updates FY 2024 Earnings Guidance

Flowserve (NYSE:FLS) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 2.600-2.750 for the period, compared to the consensus earnings per share 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 Stock Performance

Shares of NYSE:FLS traded down $0.63 on Thursday, hitting $53.13. The company’s stock had a trading volume of 501,287 shares, compared to its average volume of 1,086,634. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 29.86, a price-to-earnings-growth ratio of 1.27 and a beta of 1.39. The stock’s 50-day moving average is $50.72 and its two-hundred day moving average is $48.98. Flowserve has a 12 month low of $35.80 and a 12 month high of $55.90. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.40 and a current ratio of 2.00.

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

Flowserve Dividend Announcement

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

Analyst Ratings Changes

FLS has been the topic of a number of recent research reports. StockNews.com downgraded shares of Flowserve from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 8th. Robert W. Baird raised their price target on Flowserve from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday. Jefferies Financial Group started coverage on shares of Flowserve in a research report on Friday, October 18th. They issued a “buy” rating and a $65.00 price objective for the company. Royal Bank of Canada increased their price target on shares of Flowserve from $55.00 to $57.00 and gave the company a “sector perform” rating in a research note on Wednesday. Finally, Mizuho boosted their price objective on shares of Flowserve from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given 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 target price 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.