Flowserve (NYSE:FLS) Updates FY 2024 Earnings Guidance

Flowserve (NYSE:FLS) issued an update on its FY 2024 earnings guidance on Monday morning. 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.

Flowserve Stock Performance

Flowserve stock traded up $0.48 during trading on Monday, reaching $47.24. The company had a trading volume of 1,649,386 shares, compared to its average volume of 1,067,399. The firm’s 50-day simple moving average is $44.96 and its 200 day simple moving average is $41.30. Flowserve has a 52 week low of $32.49 and a 52 week high of $48.31. The company has a current ratio of 1.88, a quick ratio of 1.27 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of 33.30, a price-to-earnings-growth ratio of 1.33 and a beta of 1.46.

Flowserve (NYSE:FLS) last released its earnings results on Monday, April 29th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm posted $0.40 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Sell-side analysts forecast that Flowserve will post 2.55 earnings per share for the current fiscal year.

Flowserve Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FLS shares. Stifel Nicolaus lifted their price objective on shares of 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 target price on shares of Flowserve from $46.00 to $50.00 and gave the company a neutral rating in a report on Thursday, February 22nd. StockNews.com downgraded shares of Flowserve from a strong-buy rating to a buy rating in a research note on Saturday. Mizuho lifted their price objective on shares of Flowserve from $48.00 to $50.00 and gave the stock a buy rating in a research note on Thursday, February 22nd. Finally, Citigroup upped their price target on shares of Flowserve from $50.00 to $56.00 and gave the stock a buy rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Flowserve has a consensus 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.