Flowserve (NYSE:FLS) Releases FY24 Earnings Guidance

Flowserve (NYSE:FLS) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $2.60-2.75 for the period, compared to the consensus EPS estimate of $2.65. The company issued revenue guidance of $4.49-4.58 billion, compared to the consensus revenue estimate of $4.58 billion. Flowserve also updated its FY 2024 guidance to 2.600-2.750 EPS.

Flowserve Stock Performance

Shares of NYSE:FLS traded down $1.92 during midday trading on Tuesday, reaching $48.97. The company had a trading volume of 661,537 shares, compared to its average volume of 1,047,293. The company’s 50 day moving average price is $48.57 and its 200 day moving average price is $45.91. 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 52-week low of $35.31 and a 52-week high of $52.09. The stock has a market cap of $6.45 billion, a P/E ratio of 28.60, a P/E/G ratio of 1.32 and a beta of 1.42.

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 in the previous year, the business earned $0.52 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Flowserve will post 2.66 EPS for the current fiscal year.

Flowserve Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date was Friday, June 28th. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. TD Cowen upped their target price on Flowserve from $50.00 to $55.00 and gave the stock a buy rating in a research note on Thursday, May 2nd. Mizuho reissued a buy rating and issued a $53.00 price target (up previously from $50.00) on shares of Flowserve in a research note on Wednesday, May 1st. Bank of America lifted their price objective on shares of Flowserve from $48.00 to $57.00 and gave the stock a buy rating in a report on Tuesday, April 30th. Citigroup boosted their target price on Flowserve from $56.00 to $59.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Finally, Robert W. Baird increased their price target on shares of Flowserve from $50.00 to $57.00 and gave the company a neutral rating 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 assigned a buy rating to the stock. According to data from MarketBeat.com, Flowserve currently has an average rating of Moderate Buy and a consensus price target of $51.82.

Insiders Place Their Bets

In related news, CEO Robert Scott Rowe sold 42,269 shares of the company’s stock in a transaction 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 directly owns 407,243 shares of the company’s stock, valued at $20,354,005.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.72% of the stock is currently owned by company insiders.

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.