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

Shares of FLS opened at $47.24 on Tuesday. The business has a 50-day moving average of $45.04 and a 200-day moving average of $41.36. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.88 and a quick ratio of 1.27. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 1.33 and a beta of 1.46. Flowserve has a 1 year low of $32.49 and a 1 year high of $48.31.

Flowserve (NYSE:FLS) last released its quarterly 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 firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the business earned $0.40 EPS. The company’s revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Flowserve will post 2.55 earnings per share for the current year.

Flowserve Increases Dividend

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

Analyst Upgrades and Downgrades

FLS has been the subject of several recent analyst reports. Stifel Nicolaus raised their target price on Flowserve from $51.00 to $53.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. Robert W. Baird increased their target price on shares of Flowserve from $46.00 to $50.00 and gave the stock a neutral rating in a research note on Thursday, February 22nd. Mizuho raised their price target on shares of Flowserve from $48.00 to $50.00 and gave the stock a buy rating in a report on Thursday, February 22nd. StockNews.com cut shares of Flowserve from a strong-buy rating to a buy rating in a research report on Saturday. Finally, Royal Bank of Canada upped their price target on Flowserve from $43.00 to $46.00 and gave the stock a sector perform rating in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Flowserve currently has a consensus rating of Hold and an average 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.