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 guidance of 2.500-2.700 for the period, compared to the consensus earnings per share 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.

Flowserve Stock Up 1.0 %

Flowserve stock traded up $0.48 during midday trading on Monday, hitting $47.24. 1,649,386 shares of the company were exchanged, compared to its average volume of 1,067,399. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.88 and a quick ratio of 1.27. Flowserve has a fifty-two week low of $32.49 and a fifty-two week high of $48.31. The company’s fifty day moving average price is $44.96 and its 200-day moving average price is $41.30. The company has a market cap of $6.20 billion, a PE ratio of 33.30, a price-to-earnings-growth ratio of 1.33 and a beta of 1.46.

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

Flowserve Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s dividend payout ratio (DPR) is 59.57%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Stifel Nicolaus upped their target price on Flowserve from $51.00 to $53.00 and gave the company a buy rating in a research report on Wednesday, April 17th. Robert W. Baird raised their price objective on shares of Flowserve from $46.00 to $50.00 and gave the stock a neutral rating in a report on Thursday, February 22nd. Royal Bank of Canada boosted their target price on shares of Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a research report on Thursday, February 22nd. Citigroup lifted their price target on Flowserve from $50.00 to $56.00 and gave the stock a buy rating in a research note on Monday, April 8th. Finally, Mizuho upped their price objective on Flowserve from $48.00 to $50.00 and gave the company a buy rating in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock 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.