Flowserve (NYSE:FLS) Posts Earnings Results

Flowserve (NYSE:FLS) announced its earnings results on Monday. The industrial products company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.11, RTT News reports. Flowserve had a return on equity of 14.44% and a net margin of 4.32%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The business’s revenue was up 10.9% compared to the same quarter last year. Flowserve updated its FY24 guidance to $2.50-2.70 EPS.

Flowserve Stock Performance

Shares of FLS traded up $0.46 during midday trading on Monday, reaching $47.22. 1,220,035 shares of the stock were exchanged, compared to its average volume of 1,066,760. The business’s 50-day moving average price is $44.96 and its 200 day moving average price is $41.30. 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 twelve month low of $32.49 and a twelve month high of $48.31. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of 33.30, a PEG ratio of 1.33 and a beta of 1.46.

Flowserve Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, March 28th were given 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 1.78%. This is a boost from Flowserve’s previous quarterly dividend of $0.20. Flowserve’s payout ratio is 59.57%.

Analysts Set New Price Targets

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