DALLAS - Flowserve Corporation (NYSE: NYSE:FLS), a global provider of flow control products and services, has announced a quarterly cash dividend of $0.21 per share to be paid to shareholders of record as of December 27, 2024. The dividend is scheduled for payment on January 10, 2025. The company's stock has shown remarkable strength, with a 49% return year-to-date, trading near its 52-week high of $62.32. According to InvestingPro analysis, the stock appears slightly overvalued at current levels.
This announcement comes as part of the company's ongoing commitment to return value to its shareholders. InvestingPro data shows that Flowserve has maintained dividend payments for 18 consecutive years, with a current dividend yield of 1.39%. Flowserve's Board of Directors will continue to assess and declare future dividends on a quarterly basis, although there is no guarantee that future dividends will be paid at the same rate or at all, as they are subject to the Board's discretion.
Flowserve operates in over 50 countries and offers a broad portfolio that includes engineered and industrial pumps, seals, valves, and a suite of related flow management services. The company's products and services cater to essential infrastructure markets worldwide.
The press release also contained forward-looking statements, cautioning that such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the forecasts. However, InvestingPro analysis indicates strong financial health with liquid assets exceeding short-term obligations (current ratio: 1.99) and moderate debt levels. The company has demonstrated solid performance with 8.3% revenue growth in the last twelve months. Discover more detailed insights and 10+ additional ProTips with an InvestingPro subscription. These risks include, but are not limited to, economic and political conditions affecting international operations, the impact of the COVID-19 pandemic on business and operations, supply chain disruptions, customer order cancellations or delays, and fluctuations in raw material prices.
Flowserve's financial performance and condition are influenced by various factors, including the success of the oil and gas, chemical, power generation, and water management industries, as well as foreign currency exchange rates and litigation outcomes.
Investors are reminded that all forward-looking statements are based on current expectations and assumptions, and Flowserve has no obligation to update any forward-looking statement. The company emphasizes the use of non-GAAP financial measures alongside GAAP results to provide additional insight into its operations, although these non-GAAP measures should not be considered in isolation from, or as a substitute for, financial results prepared in accordance with GAAP.
The information provided in this article is based on a press release statement from Flowserve Corporation.
In other recent news, Flowserve Corporation has reported robust third-quarter performance, with revenue reaching $1.1 billion, marking a 3.5% increase year-over-year, and adjusted earnings per share growing by 24% to $0.62. The company's backlog increased by $100 million to $2.8 billion, with bookings of $1.2 billion and a book-to-bill ratio of over 1.06. Flowserve reaffirmed its full-year adjusted earnings guidance of $2.60 to $2.75 per share.
Jefferies maintained its Buy rating on Flowserve, projecting a potential increase in earnings to approximately $5 per share by 2027. Goldman Sachs upgraded Flowserve to Neutral, recognizing the company's significant operational improvements and the positive growth outlook for its end markets.
Flowserve's initiatives, such as the 80/20 strategy, are expected to drive margin expansion and overall efficiency. The successful integration of MOGAS Industries is anticipated to enhance product offerings and generate $15 million in cost synergies. The company is also bullish on growth in power markets, with nearly 30% growth in power bookings year-over-year. These are among the recent developments for Flowserve.
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