Flowserve Corporation (FLS) Issues Earnings Results
Flowserve Corporation (NYSE:FLS) released its earnings results on Wednesday. The industrial products company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03, Bloomberg Earnings reports. The business had revenue of $883.38 million during the quarter, compared to the consensus estimate of $871.20 million. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.32%. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 EPS. Flowserve Corporation updated its FY17 guidance to $1.30-1.40 EPS.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Stockholders of record on Friday, September 22nd were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend was Thursday, September 21st. Flowserve Corporation’s dividend payout ratio (DPR) is 98.70%.
FLS has been the subject of a number of recent analyst reports. Jefferies Group LLC reissued a “buy” rating and set a $50.00 target price on shares of Flowserve Corporation in a research report on Friday, July 14th. Cowen and Company reissued a “buy” rating and set a $55.00 target price on shares of Flowserve Corporation in a research report on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating and set a $45.00 target price on shares of Flowserve Corporation in a research report on Sunday, September 3rd. Zacks Investment Research raised shares of Flowserve Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 17th. Finally, BidaskClub raised shares of Flowserve Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $47.55.
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About Flowserve Corporation
Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company’s segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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