Flowserve (NYSE:FLS) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Flowserve (NYSE:FLS) posted its earnings results 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 during the quarter, compared to analyst estimates of $1.24 billion. Flowserve had a return on equity of 21.42% and a net margin of 8.01%.

Flowserve Stock Performance

NYSE:FLS traded up $0.92 during mid-day trading on Wednesday, hitting $71.76. 1,644,218 shares of the company’s stock traded hands, compared to its average volume of 1,871,518. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of 25.18, a price-to-earnings-growth ratio of 1.52 and a beta of 1.23. The firm has a 50 day moving average of $74.39 and a two-hundred day moving average of $76.37. The company has a current ratio of 2.15, a quick ratio of 1.58 and a debt-to-equity ratio of 0.91. Flowserve has a 12 month low of $57.51 and a 12 month high of $92.41.

Flowserve Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Friday, September 25th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, September 25th. This represents a $0.88 annualized dividend and a yield of 1.2%. Flowserve’s dividend payout ratio is presently 30.88%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FLS shares. The Goldman Sachs Group set a $82.00 price target on Flowserve in a report on Thursday, July 30th. Robert W. Baird set a $93.00 price objective on shares of Flowserve in a research note on Friday, July 31st. Weiss Ratings raised shares of Flowserve from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 21st. Stifel Nicolaus raised their target price on shares of Flowserve from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Royal Bank Of Canada lowered their target price on shares of Flowserve from $94.00 to $88.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 14th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.