Flowserve (NYSE:FLS) Releases FY24 Earnings Guidance

Flowserve (NYSE:FLS) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $2.50-2.70 for the period, compared to the consensus estimate of $2.54. The company issued revenue guidance of $4.49-4.58 billion, compared to the consensus revenue estimate of $4.57 billion. Flowserve also updated its FY 2024 guidance to 2.500-2.700 EPS.

Flowserve Stock Up 1.0 %

Shares of NYSE:FLS traded up $0.48 during midday trading on Monday, reaching $47.24. The company’s stock had a trading volume of 1,649,386 shares, compared to its average volume of 1,067,399. The firm has a 50 day moving average of $44.96 and a 200-day moving average of $41.30. The firm has a market capitalization of $6.20 billion, a P/E ratio of 33.30, a PEG ratio of 1.33 and a beta of 1.46. The company has a quick ratio of 1.27, a current ratio of 1.88 and a debt-to-equity ratio of 0.59. Flowserve has a 12-month low of $32.49 and a 12-month high of $48.31.

Flowserve (NYSE:FLS) last released its earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.11. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.04 billion. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. The company’s revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. On average, research analysts anticipate that Flowserve will post 2.55 earnings per share for the current year.

Flowserve Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were given a $0.21 dividend. The ex-dividend date was Wednesday, March 27th. This is an increase from Flowserve’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.78%. Flowserve’s dividend payout ratio is currently 59.57%.

Analyst Ratings Changes

A number of analysts have recently weighed in on FLS shares. StockNews.com downgraded shares of Flowserve from a strong-buy rating to a buy rating in a research report on Saturday. Stifel Nicolaus upped their price target on shares of Flowserve from $51.00 to $53.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. Royal Bank of Canada upped their price target on shares of Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a research note on Thursday, February 22nd. Mizuho upped their price target on shares of Flowserve from $48.00 to $50.00 and gave the stock a buy rating in a research note on Thursday, February 22nd. Finally, Robert W. Baird upped their price target on shares of Flowserve from $46.00 to $50.00 and gave the stock a neutral rating in a research note on Thursday, February 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $48.25.

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.