Flowserve (NYSE:FLS) Releases FY 2024 Earnings Guidance

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FLS. Stifel Nicolaus raised their target price on shares of Flowserve from $55.00 to $58.00 and gave the company a buy rating in a research note on Thursday, July 18th. Bank of America upped their price target on Flowserve from $48.00 to $57.00 and gave the stock a buy rating in a report on Tuesday, April 30th. Citigroup lifted their price objective on shares of Flowserve from $56.00 to $59.00 and gave the company a buy rating in a research note on Wednesday, May 1st. UBS Group boosted their target price on shares of Flowserve from $46.00 to $54.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Finally, Robert W. Baird upped their price objective 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 research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $51.82.

Flowserve Stock Performance

Shares of NYSE:FLS traded up $0.20 on Monday, reaching $50.89. 1,158,125 shares of the company’s stock were exchanged, compared to its average volume of 1,049,969. Flowserve has a fifty-two week low of $35.31 and a fifty-two week high of $52.06. The business’s 50-day moving average is $48.57 and its two-hundred day moving average is $45.91. The company has a quick ratio of 1.28, a current ratio of 1.88 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $6.70 billion, a price-to-earnings ratio of 28.75, a PEG ratio of 1.32 and a beta of 1.42.

Flowserve (NYSE:FLS) last released its quarterly earnings data on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.11. Flowserve had a net margin of 5.29% and a return on equity of 15.50%. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. Flowserve’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts forecast that Flowserve will post 2.66 EPS for the current year.

Flowserve Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, June 28th. Flowserve’s dividend payout ratio (DPR) is 47.46%.

Insider Activity at Flowserve

In other news, CEO Robert Scott Rowe sold 42,269 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $49.98, for a total transaction of $2,112,604.62. Following the completion of the transaction, the chief executive officer now owns 407,243 shares in the company, valued at $20,354,005.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.

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.