Flowserve (NYSE:FLS) Issues Quarterly Earnings Results

Flowserve (NYSE:FLS) released its earnings results on Monday. The industrial products company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.11, RTT News reports. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.04 billion. Flowserve had a net margin of 4.32% and a return on equity of 14.44%. The company’s revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. Flowserve updated its FY24 guidance to $2.50-2.70 EPS and its FY 2024 guidance to 2.500-2.700 EPS.

Flowserve Stock Performance

Shares of FLS stock opened at $47.24 on Tuesday. Flowserve has a one year low of $32.49 and a one year high of $48.31. The company’s 50-day moving average is $45.04 and its 200 day moving average is $41.36. 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. 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 Increases Dividend

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on FLS shares. Mizuho upped 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. Stifel Nicolaus upped their target price on shares of Flowserve from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Robert W. Baird upped their target price on shares of Flowserve from $46.00 to $50.00 and gave the stock a “neutral” 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 research report on Saturday. Finally, Royal Bank of Canada upped 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Flowserve presently 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.