Flowserve (NYSE:FLS) Issues Quarterly Earnings Results

Key Points

• Flowserve beat earnings expectations: The company reported quarterly EPS of $1.07, topping the $0.98 consensus estimate, while revenue matched expectations at $1.24 billion.
• Shares rose 1.3% to $71.76 following the results. Flowserve reported an 8.01% net margin and 21.42% return on equity.
• Analysts remain moderately bullish: Seven analysts rate the stock a Buy and four rate it a Hold, producing a consensus “Moderate Buy” rating and an $85.40 price target. The company also maintains a quarterly dividend of $0.22 per share, yielding about 1.2%.

Flowserve (NYSE:FLS - Get Free Report) posted its quarterly earnings data on Wednesday. The industrial products company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.09, FiscalAI reports. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Flowserve had a net margin of 8.01% and a return on equity of 21.42%.

Flowserve Stock Up 1.3%

Shares of FLS stock traded up $0.92 on Wednesday, hitting $71.76. The company's stock had a trading volume of 1,644,218 shares, compared to its average volume of 1,871,518. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.15 and a quick ratio of 1.58. Flowserve has a fifty-two week low of $57.51 and a fifty-two week high of $92.41. The firm's fifty day moving average price is $74.39 and its 200-day moving average price is $76.37. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of 25.18, a P/E/G ratio of 1.52 and a beta of 1.23.

Flowserve Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 25th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, September 25th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.2%. Flowserve's dividend payout ratio (DPR) is currently 30.88%.

Analyst Ratings Changes

FLS has been the subject of several research reports. Royal Bank Of Canada decreased their price target on shares of Flowserve from $94.00 to $88.00 and set an "outperform" rating for the company in a report on Wednesday, October 14th. Weiss Ratings upgraded Flowserve from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 21st. The Goldman Sachs Group set a $82.00 price objective on Flowserve in a research report on Thursday, July 30th. Mizuho lowered their target price on Flowserve from $91.00 to $85.00 and set an "outperform" rating on the stock in a research note on Thursday, October 15th. Finally, Robert W. Baird set a $93.00 target price on Flowserve in a research note on Friday, July 31st. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $85.40.

About Flowserve

Flowserve Corporation is a global manufacturer of flow-control equipment and related services. The company designs, produces and services pumps, valves, mechanical seals and associated systems used to move, control and protect fluids in industrial processes.

Its products and services support applications across the energy, chemical and petrochemical, water, pharmaceutical, mining, power and general industrial markets. Flowserve also provides aftermarket services, including equipment repair, maintenance, upgrades and replacement parts, helping customers improve the reliability and efficiency of their operations.

Headquartered in Irving, Texas, Flowserve serves customers through manufacturing, sales and service operations in North America, Europe, Asia and other international markets.

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