Flowserve Corp (FLS) Releases Earnings Results, Misses Expectations By $-0.04 EPS

Flowserve Corp (FLS) reported quarterly earnings results on Thursday, Apr-28-2016. The company reported $0.39 earnings per share for the quarter, missing the analyst consensus estimate by $-0.04. Analysts had a consensus of $0.43. The company posted revenue of $947.25 million in the period, compared to analysts expectations of $870.60 million. The company’s revenue was down -6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 EPS.

Many Wall Street Analysts have commented on Flowserve Corp. Flowserve Corp was Downgraded by Nomura to ” Reduce” on Apr 4, 2016. Company shares were Reiterated by RBC Capital Mkts on Feb 22, 2016 to “Underperform”, Firm has raised the Price Target to $ 35 from a previous price target of $33 .Shares were Reiterated by Stifel on Feb 22, 2016 to “Buy” and Lowered the Price Target to $ 51 from a previous price target of $52 .

Flowserve Corp opened for trading at $47.06 and hit $47.93 on the upside on Wednesday, eventually ending the session at $47.84, with a gain of 2.03% or 0.95 points. The heightened volatility saw the trading volume jump to 12,89,002 shares. Company has a market cap of $6,223 M.

In a different news, on Aug 7, 2015, Keith E. Gillespie (Chief Strategy & Admin Officer) purchased 10,719 shares at $46.60 per share price. According to the SEC, on Aug 7, 2015, William C Rusnack (director) sold 1,692 shares at $46.71 per share price. On Feb 20, 2015, Michael S Taff (SVP and CFO) sold 30,000 shares at $62.48 per share price, according to the Form-4 filing with the securities and exchange commission.

Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company develops and manufactures precision-engineered flow control equipment integral to the movement control and protection of the flow of materials. The Company operates through three segments: Engineered Product Division (EPD) Industrial Product Division (IPD) and Flow Control Division (FCD). Its EPD designs manufactures distributes and services engineered pumps and pump systems mechanical seals auxiliary systems replacement parts and related equipment. Its IPD designs manufactures distributes and services pre-configured engineered pumps and pump systems including submersible motors for industrial markets. The Company’s FCD designs manufactures distributes and services a portfolio of industrial valve and automation solutions including isolation and control valves actuation controls and related equipment.

Flowserve Corp

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