Flowserve (NYSE:FLS) Releases FY 2024 Earnings Guidance

Flowserve (NYSE:FLS) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 2.500-2.700 for the period, compared to the consensus estimate of 2.540. 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 $2.50-2.70 EPS.

Wall Street Analyst Weigh In

FLS has been the subject of several analyst reports. Royal Bank of Canada boosted their target price on Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a research report on Thursday, February 22nd. Mizuho boosted their target price on Flowserve from $48.00 to $50.00 and gave the stock a buy rating in a research report on Thursday, February 22nd. Citigroup boosted their target price on Flowserve from $50.00 to $56.00 and gave the stock a buy rating in a research report on Monday, April 8th. Robert W. Baird boosted their target price on Flowserve from $46.00 to $50.00 and gave the stock a neutral rating in a research report on Thursday, February 22nd. Finally, StockNews.com lowered Flowserve from a strong-buy rating to a buy rating in a research report on Saturday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $48.25.

Flowserve Stock Up 0.6 %

Shares of FLS traded up $0.27 on Tuesday, hitting $47.49. The company’s stock had a trading volume of 835,835 shares, compared to its average volume of 1,068,845. The company has a quick ratio of 1.27, a current ratio of 1.88 and a debt-to-equity ratio of 0.59. The firm’s fifty day moving average price is $45.04 and its 200-day moving average price is $41.36. Flowserve has a fifty-two week low of $32.49 and a fifty-two week high of $49.35. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 33.50, a P/E/G ratio of 1.33 and a beta of 1.46.

Flowserve (NYSE:FLS) last released its quarterly 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. Flowserve had a return on equity of 14.44% and a net margin of 4.32%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the firm posted $0.40 EPS. The business’s revenue was up 10.9% on a year-over-year basis. On average, equities research analysts expect that Flowserve will post 2.55 EPS for the current year.

Flowserve Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.21 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.77%. This is a boost from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s dividend payout ratio is currently 59.57%.

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.