Flowserve (NYSE:FLS) Issues FY24 Earnings Guidance

Flowserve (NYSE:FLS) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $2.60-2.75 for the period, compared to the consensus earnings per share estimate of $2.76. The company issued revenue guidance of ~$4.49-4.58 billion, compared to the consensus revenue estimate of $4.59 billion. Flowserve also updated its FY 2024 guidance to 2.600-2.750 EPS.

Flowserve Stock Performance

Shares of FLS stock opened at $54.14 on Wednesday. Flowserve has a 1-year low of $35.80 and a 1-year high of $55.90. 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 company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 30.59, a P/E/G ratio of 1.27 and a beta of 1.39. The stock’s fifty day simple moving average is $50.47 and its 200-day simple moving average is $48.89.

Flowserve (NYSE:FLS) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.05). Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the firm posted $0.50 EPS. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, sell-side analysts predict that Flowserve will post 2.76 earnings per share for the current fiscal year.

Flowserve Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued 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 1.55%. Flowserve’s dividend payout ratio is 47.46%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FLS shares. Robert W. Baird lifted their price target on Flowserve from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Royal Bank of Canada lifted their price target on Flowserve from $50.00 to $52.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. Jefferies Financial Group initiated 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. The Goldman Sachs Group raised their price objective on shares of Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Thursday, October 10th. Finally, TD Cowen lifted their target price on shares of Flowserve from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

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.