Flowserve (NYSE:FLS) Issues FY 2024 Earnings Guidance

Flowserve (NYSE:FLS) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 2.600-2.750 for the period, compared to the consensus EPS estimate of 2.650. 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

FLS stock traded down $1.67 during trading on Tuesday, hitting $49.22. 612,353 shares of the company traded hands, compared to its average volume of 1,046,954. The stock’s 50-day simple moving average is $48.57 and its 200 day simple moving average is $45.91. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.88 and a quick ratio of 1.28. The company has a market cap of $6.48 billion, a PE ratio of 28.60, a P/E/G ratio of 1.32 and a beta of 1.42. Flowserve has a 1 year low of $35.31 and a 1 year high of $52.09.

Flowserve (NYSE:FLS) last announced its quarterly earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. Flowserve had a return on equity of 15.50% and a net margin of 5.29%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the business earned $0.52 earnings per share. Flowserve’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities analysts expect that Flowserve will post 2.66 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.71%. The ex-dividend date was Friday, June 28th. Flowserve’s payout ratio is currently 47.46%.

Analyst Ratings Changes

Several analysts have commented on FLS shares. UBS Group raised their price objective on Flowserve from $46.00 to $54.00 and gave the company a buy rating in a report on Wednesday, May 1st. Mizuho reissued a buy rating and issued a $53.00 price objective (up from $50.00) on shares of Flowserve in a report on Wednesday, May 1st. Citigroup raised their price objective on Flowserve from $56.00 to $59.00 and gave the company a buy rating in a report on Wednesday, May 1st. StockNews.com lowered Flowserve from a strong-buy rating to a buy rating in a research note on Monday. Finally, Robert W. Baird lifted their price target on Flowserve from $50.00 to $57.00 and gave the stock a neutral rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Flowserve currently has an average rating of Moderate Buy and an average target price of $51.82.

Insiders Place Their Bets

In other Flowserve news, CEO Robert Scott Rowe sold 42,269 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 407,243 shares of the company’s stock, valued at $20,354,005.14. The transaction was disclosed in a filing 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.