Flowserve Down 0.2% Since Last Earnings Report: Can It Rebound?

A month has gone by since the last earnings report for Flowserve (NYSE: FLS). Shares have lost about 0.2% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Flowserve due for a breakout? Before we dive into how investors and analysts have reacted as of late, let’s take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Flowserve Q2 Earnings & Revenues Top Estimates, Rise Y/Y

Flowserve’s second-quarter 2024 adjusted earnings (excluding 18 cents from non-recurring items) of 73 cents per share beat the Zacks Consensus Estimate of 63 cents. The bottom line increased 40.4% year over year. Results primarily benefited from higher revenues, partially offset by an increase in operating costs and expenses.

Flowserve’s total revenues of $1.16 billion beat the consensus estimate of $1.12 billion. The top line increased 7.1% year over year. Sales increased 7.7% on a constant-currency basis.

Aftermarket sales increased 5% year over year (up 5.8% on a constant-currency basis) to $590.5 million. Original equipment sales totaled $566.4 million, reflecting an increase of 9.4% year over year (up 9.8% on a constant-currency basis).

Total bookings amounted to $1.25 billion, reflecting an increase of 12.2% (up 13% on a constant-currency basis) year over year. The backlog at the end of the quarter was $2.7 billion, up 2.8% sequentially.

Segmental Details

Flowserve currently has two reportable segments, Flowserve Pump Division and Flow Control Division. A brief discussion of the segments is provided below:

Revenues from the …

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