Flowserve (NYSE:FLS) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

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

Flowserve Stock Down 1.6 %

NYSE:FLS traded down $0.87 during midday trading on Thursday, reaching $52.89. 179,378 shares of the stock traded hands, compared to its average volume of 1,085,216. The business has a 50-day moving average of $50.60 and a two-hundred day moving average of $48.94. 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 has a 12-month low of $35.80 and a 12-month high of $55.90. The stock has a market capitalization of $6.96 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 company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.21 per share. The ex-dividend date was Friday, September 27th. This represents a $0.84 annualized dividend and a dividend yield of 1.59%. Flowserve’s dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FLS shares. Jefferies Financial Group began 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. Robert W. Baird increased their price objective on Flowserve from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday. TD Cowen raised 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. Royal Bank of Canada upped their target price on Flowserve from $55.00 to $57.00 and gave the stock a “sector perform” rating in a report on Wednesday. Finally, Stifel Nicolaus raised their price target on Flowserve from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.