Flowserve (NYSE:FLS) Updates FY 2024 Earnings Guidance

by · The Cerbat Gem

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

Flowserve Stock Up 0.6 %

FLS traded up $0.29 during trading hours on Monday, hitting $52.95. 1,767,386 shares of the company’s stock were exchanged, compared to its average volume of 1,072,471. Flowserve has a 1-year low of $35.80 and a 1-year high of $55.90. The stock’s 50-day moving average is $50.47 and its two-hundred day moving average is $48.89. The stock 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 company has a quick ratio of 1.40, a current ratio of 2.00 and a debt-to-equity ratio of 0.60.

Flowserve (NYSE:FLS – Get Free Report) last announced its earnings results on Monday, July 29th. The industrial products company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.63 by $0.10. Flowserve had a net margin of 5.67% and a return on equity of 16.74%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. The firm’s revenue was up 7.1% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.59%. The ex-dividend date was Friday, September 27th. Flowserve’s payout ratio is 47.46%.

Analyst Ratings Changes

Several research analysts recently commented on FLS shares. Royal Bank of Canada increased their target price on shares of Flowserve from $50.00 to $52.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 31st. 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. Jefferies Financial Group initiated coverage on shares of 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 increased their price target on shares of Flowserve from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Thursday, October 10th. Finally, Bank of America reiterated a “buy” rating and issued a $60.00 price target on shares of Flowserve in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

Read Our Latest Stock Analysis on FLS

About Flowserve

(Get Free Report)

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.

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