Stock trading in red: Flowserve Corp (NYSE: FLS)

Free $100 Forex No-Deposit Bonus

Flowserve Corp (NYSE: FLS) stock fell over 0.8% on Feb 18th, 2020 (as of 11:12 am GMT-5 ; Source: Google finance) after the company missed the earnings estimate for the fourth quarter of FY 19. The company’s total bookings for the fourth quarter were $1.05 billion, which is up 0.7%, or 1.7% on a constant currency basis, comprising of Original equipment bookings of $535 million, or 51% of total bookings, which is an increase of 4.5%, or 5.3% on a constant currency basis and Aftermarket bookings of $517 million, or 49% of total bookings, an decrease of 2.9%, or 1.8% on a constant currency basis. In FY 19, total bookings were $4.24 billion, which is an increase of 5.4%, or 8.1% on a constant currency basis, and included approximately 0.8% negative impact related to divested businesses, comprising of Original equipment bookings of $2.21 billion, or 52% of total bookings, which is an increase of 10.9%, or 13.4% on a constant currency basis and aftermarket bookings of $2.03 billion, or 48% of total bookings, which is an increase of 0.1%, or 2.9% on a constant currency basis. Backlog at the end of December, 2019 stood at $2.16 billion, up 14.0% versus 2018 beginning backlog. Further, the company’s 2019 free cash flow had increased $140 million, which reflects a 130% increase year-over-year

FLS in the fourth quarter of FY 19 has reported the adjusted earnings per share of 53 cents, missing the analysts’ estimates for the adjusted earnings per share of 65 cents, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 8.1 percent to $1.07 billion in the fourth quarter of FY 19. The company’s Original equipment segment sales were $546 million, an increase of 11.3%, or 12.1% on a constant currency basis and Aftermarket sales were $522 million, an increase of 5.3%, or 6.6% on a constant currency basis

For fiscal 2020, the company expects Revenues to grow in the range of 3.0% to 5.0%, Reported Earnings Per Share is expected to be in the range of $2.05 – $2.20, Adjusted Earnings Per Share is expected to be in the range of $2.30 – $2.45, Net interest expense is expected to be in the range of $45 – $50 million and adjusted Tax rate is expected to be in the range of 24% – 26%. The quarterly phasing of expected 2020 earnings is projected to be slightly more second half weighted than Flowserve’s traditional seasonality. While there is continuous macroeconomic and geopolitical uncertainty, Flowserve’s strong backlog and expectations for continued traction from the growth-oriented transformation initiatives, such as commercial intensity and strike zone, position the company well to drive enhanced performance in 2020.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.