Flowserve (NYSE:FLS) Issues FY24 Earnings Guidance

Flowserve (NYSE:FLS) updated its FY24 earnings guidance on Monday. 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 Price Performance

Flowserve stock opened at $47.24 on Tuesday. The company has a market cap of $6.20 billion, a P/E ratio of 33.50, a price-to-earnings-growth ratio of 1.33 and a beta of 1.46. Flowserve has a one year low of $32.49 and a one year high of $48.31. The business has a fifty day moving average of $45.04 and a two-hundred day moving average of $41.36. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.27 and a current ratio of 1.88.

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

Flowserve Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FLS shares. Robert W. Baird raised their price objective on Flowserve from $46.00 to $50.00 and gave the stock a neutral rating in a report on Thursday, February 22nd. Stifel Nicolaus upped their price objective on shares of Flowserve from $51.00 to $53.00 and gave the company a buy rating in a research note on Wednesday, April 17th. Mizuho raised their target price on shares of Flowserve from $48.00 to $50.00 and gave the stock a buy rating in a research report on Thursday, February 22nd. StockNews.com downgraded shares of Flowserve from a strong-buy rating to a buy rating in a report on Saturday. Finally, Royal Bank of Canada increased 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. 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 company’s stock. According to data from MarketBeat, Flowserve currently has an average rating of Hold and an average price target of $48.25.

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.