$880.71 Million in Sales Expected for Flowserve Corporation (FLS) This Quarter
Brokerages forecast that Flowserve Corporation (NYSE:FLS) will announce sales of $880.71 million for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Flowserve Corporation’s earnings, with estimates ranging from $857.00 million to $913.00 million. Flowserve Corporation reported sales of $943.33 million in the same quarter last year, which indicates a negative year-over-year growth rate of 6.6%. The firm is scheduled to announce its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Flowserve Corporation will report full year sales of $880.71 million for the current financial year, with estimates ranging from $3.58 billion to $3.74 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.81 billion per share, with estimates ranging from $3.75 billion to $3.87 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Flowserve Corporation.
Flowserve Corporation (NYSE:FLS) last issued its quarterly earnings results on Thursday, July 27th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.21. Flowserve Corporation had a net margin of 2.68% and a return on equity of 13.32%. The business had revenue of $877 million during the quarter, compared to analyst estimates of $933.91 million. During the same period last year, the firm posted $0.57 earnings per share. Flowserve Corporation’s quarterly revenue was down 14.6% compared to the same quarter last year.
Several equities research analysts recently weighed in on the company. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Flowserve Corporation in a research report on Monday, July 31st. Cowen and Company restated a “buy” rating and set a $50.00 price target on shares of Flowserve Corporation in a research report on Thursday, August 10th. Zacks Investment Research lowered Flowserve Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Susquehanna Bancshares Inc upgraded Flowserve Corporation from a “neutral” rating to a “positive” rating and dropped their price target for the company from $50.00 to $46.00 in a research report on Tuesday. Finally, UBS AG upgraded Flowserve Corporation from a “neutral” rating to a “positive” rating in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $48.36.
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Flowserve Corporation (FLS) opened at 38.39 on Friday. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 47.99 and a beta of 1.46. The firm has a 50-day moving average price of $43.68 and a 200 day moving average price of $47.01. Flowserve Corporation has a 52 week low of $38.27 and a 52 week high of $52.10.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank boosted its position in shares of Flowserve Corporation by 28.0% in the second quarter. Huntington National Bank now owns 2,195 shares of the industrial products company’s stock worth $101,000 after buying an additional 480 shares during the last quarter. Harbour Capital Advisors LLC bought a new position in shares of Flowserve Corporation during the first quarter worth about $116,000. Creative Planning boosted its position in shares of Flowserve Corporation by 6.2% in the second quarter. Creative Planning now owns 2,408 shares of the industrial products company’s stock worth $112,000 after buying an additional 141 shares during the last quarter. Federated Investors Inc. PA boosted its position in shares of Flowserve Corporation by 1.8% in the second quarter. Federated Investors Inc. PA now owns 2,539 shares of the industrial products company’s stock worth $118,000 after buying an additional 46 shares during the last quarter. Finally, Evercore Wealth Management LLC boosted its position in shares of Flowserve Corporation by 41.2% in the second quarter. Evercore Wealth Management LLC now owns 2,593 shares of the industrial products company’s stock worth $120,000 after buying an additional 756 shares during the last quarter.
Flowserve Corporation Company Profile
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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