Flowserve (NYSE:FLS) Issues FY 2024 Earnings Guidance

Flowserve (NYSE:FLS - Get Free Report) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 2.600-2.750 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

Several brokerages recently issued reports on FLS. Stifel Nicolaus boosted their price target on Flowserve from $60.00 to $61.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. Robert W. Baird boosted their price objective 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. Bank of America reissued a "buy" rating and set a $60.00 price objective on shares of Flowserve in a research note on Tuesday, September 24th. Royal Bank of Canada boosted their price objective 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. Finally, StockNews.com cut shares of Flowserve from a "strong-buy" rating to a "buy" rating in a research report on Thursday, August 8th. 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $58.50.

Flowserve Trading Up 0.6 %

Flowserve stock traded up $0.29 during midday trading on Monday, reaching $52.95. The stock had a trading volume of 1,767,386 shares, compared to its average volume of 1,072,471. The firm has a market cap of $6.97 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 1.27 and a beta of 1.39. The firm's fifty day simple moving average is $50.47 and its two-hundred day simple moving average is $48.89. Flowserve has a twelve month low of $35.80 and a twelve month high of $55.90. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.00 and a quick ratio of 1.40.

Flowserve (NYSE:FLS - Get Free Report) last posted its earnings results on Monday, July 29th. The industrial products company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.10. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.13 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 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Equities analysts anticipate that Flowserve will post 2.76 EPS for the current fiscal year.

Flowserve Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.21 per share. The ex-dividend date was Friday, September 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.59%. Flowserve's payout ratio is 47.46%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.