FLS - Flowserve beats earnings estimates as sales rise 19%
2023-05-01 16:51:52 ET
Flowserve ( NYSE: FLS ) on Monday reported Q1 sales and profit that beat the average estimates among Wall Street analysts.
Sales for the maker of pumps and other equipment rose 19% from a year earlier to $980.3 million, compared with the consensus estimate of $898.9 million.
Flowserve ( FLS ) reported Q1 earnings of $26.77 million, or $0.20 a share, contrasting with a loss of $15.8 million, or $0.20 a share, in the prior year.
Earnings adjusted for one-time items were $0.40 a share, beating the consensus estimate of $0.26 a share.
“We delivered a very strong start to 2023, building on the momentum established in the fourth quarter of 2022,” Scott Rowe, president and CEO of Flowserve ( FLS ), said in a statement. ““Our performance was supported by improved operational execution and healthy revenue growth which enabled us to achieve adjusted gross margins above 30%.”
The company’s bookings fell 2.7%, or 0.5% when adjusted for foreign exchange, from a year earlier to $1.06 billion.
Flowserve ( FLS ) raised its estimated for full-year adjusted earnings to a range of $1.65 to $1.85 from the prior guidance of $1.50 to $1.75. It also expects revenue growth of 10% to %12% for 2023, up from 9% to 11% previously.
Flowserve's ( FLS ) stock has risen 3.2% in the past 12 months. It is up 8.9% since the beginning of the year.
Seeking Alpha contributor The Value Investor has a Hold rating on Flowserve ( FLS ) base on its valuation . Contributor GS Investing rates Flowserve ( FLS ) a Buy on its potential earnings growth .
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Flowserve beats earnings estimates as sales rise 19%