On July 30, Flowserve rose 10.01% in regular trading, trading at $76.88/share, with turnover of $68.68 million. The rally was driven by the company's Q2 earnings report released after market close on July 29, which significantly exceeded analyst expectations.
Flowserve reported Q2 adjusted EPS of $0.95, up 4.4% year-over-year and beating the consensus estimate of $0.86 by 10.47%. Revenue came in at $1.169 billion, modestly above the $1.159 billion estimate, though down from $1.19 billion a year earlier. The company simultaneously raised its full-year adjusted EPS guidance to $4.05-$4.20, up from the prior range of $4.00-$4.20.
This marks Flowserve's third consecutive quarter of EPS beats, following Q4 and Q1 surprises of 18.34% and 6.25% respectively. The results come amid the company's ongoing integration of its $490 million acquisition of Trillium Flow Technologies' Valves Division, which closed on June 30 and is expected to generate approximately $200 million in annualized revenue.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments