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

Flowserve (NYSE:FLS - Get Free Report) issued its quarterly 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. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Flowserve had a return on equity of 16.74% and a net margin of 5.67%. The company's quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm earned $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 Performance

Shares of NYSE:FLS traded up $1.20 during trading on Tuesday, reaching $54.14. 3,888,012 shares of the stock were exchanged, compared to its average volume of 1,086,189. Flowserve has a 12 month low of $35.80 and a 12 month high of $55.90. The stock has a 50-day moving average price of $50.47 and a 200-day moving average price of $48.89. The company has a current ratio of 2.00, a quick ratio of 1.40 and a debt-to-equity ratio of 0.60. The firm has a market cap of $7.13 billion, a PE ratio of 30.59, a PEG ratio of 1.27 and a beta of 1.39.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.84 annualized dividend and a yield of 1.55%. Flowserve's dividend payout ratio (DPR) is presently 47.46%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Jefferies Financial Group began coverage on Flowserve in a research note on Friday, October 18th. They issued a "buy" rating and a $65.00 price target for the company. Royal Bank of Canada raised their target price on shares of Flowserve from $50.00 to $52.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 31st. Stifel Nicolaus upped their price target on shares of Flowserve from $60.00 to $61.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Robert W. Baird increased their price target on shares of Flowserve from $57.00 to $60.00 and gave the company a "neutral" rating in a research note on Wednesday, July 31st. Finally, The Goldman Sachs Group boosted their price objective on shares of Flowserve from $46.00 to $52.00 and gave the stock a "sell" rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.50.

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.