LONDON, March 16, 2015 /PRNewswire/ --
Editor Note: For more information about this release, please scroll to bottom.
Investor-Edge.com has issued free earnings review on Flowserve Corp. (NYSE: FLS). On February 17, 2015, the company reported its financial results for Q4 FY14 and full year FY14 (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=Flowserve&d=16-Mar-2015&s=FLS to read our free earnings review on Flowserve Corporation (Flowserve). During Q4 FY14 and full-year FY14, the company's fully diluted earnings per share (EPS) grew 14.9% Y-o-Y and 10.3% Y-o-Y, respectively. President and CEO of Flowserve, Mark A. Blinn, said he was pleased with the company's solid Q4 FY14 and full-year FY14 results, as Flowserve drove continued gross and operating margin improvement through its strong operating performance and sound bidding discipline. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=Flowserve&d=16-Mar-2015&s=FLS
Earnings Overview
During Q4 FY14, Flowserve reported sales of $1.38 billion compared to $1.39 billion in Q4 FY13. The company's Q4 FY14 sales slightly missed Bloomberg analysts' forecast of $1.39 billion. Furthermore, Flowserve's bookings improved 5.6% Y-o-Y to $1.32 billion in Q4 FY14. Free research on FLS can be downloaded in PDF format at:
http://get.Investor-Edge.com/pdf/?c=Flowserve&d=16-Mar-2015&s=FLS
In Q4 FY14, Flowserve's gross profit increased 3.2% to $485.70 million from $470.47 million in Q4 FY13. The company reported operating income of $238.75 million in Q4 FY14 compared to $212.89 million in Q4 FY13. Net earnings attributable to Flowserve in the reported quarter were $159.02 million, or $1.16 per diluted share, compared to $141.08 million, or $1.01 per diluted share, in Q4 FY13. Analysts from Bloomberg had expected Q4 FY14 net earnings attributable to Flowserve of $152.67 million, or $1.12 per diluted share.
For FY14, Flowserve's sales stood at $4.88 billion compared to $4.95 billion in FY13. The company's FY14 sales came in line with Bloomberg analysts' forecast of $4.88 billion. Moreover, Flowserve's bookings grew 5.7% Y-o-Y to $5.16 billion in FY14.
During FY14, Flowserve's gross profit was $1.71 billion compared to $1.69 billion in FY13. Flowserve reported operating income of $789.83 million in FY14 compared to $760.28 million in FY13. For FY14, net earnings attributable to Flowserve were $518.82 million, or $3.76 per diluted share, compared to $485.53 million, or $3.41 per diluted share, in FY13. Analysts from Bloomberg had expected net earnings attributable to Flowserve of $510.00 million, or $3.72 diluted per share, in FY14.
The company's cash flow from operations increased 17% Y-o-Y to $570.96 million in FY14. Flowserve reported $450.35 million as cash and cash equivalents as of December 31, 2014. The company's gross leverage ratio was 1.3 times earnings before interest, taxes, depreciation, and amortization, well within its stated 1-2 times range, with net leverage ratio at 0.8 time, as of December 31, 2014. Sign up and read the free analyst's notes on FLS at:
http://get.Investor-Edge.com/pdf/?c=Flowserve&d=16-Mar-2015&s=FLS
Michael S. Taff, Senior Vice President and Chief Financial Officer at Flowserve, stated that for 2015, the company is reaffirming its Adjusted EPS target range of $3.60 to $4.00 on a revenue range between down 1% to up 3%, as detailed in its January 29, 2015 press release. He also informed that the company returned over 60% of its FY14 net income to its shareholders in the form of share repurchases and dividends, as its strong cash flow provided additional capital to be allocated for repurchases at attractive valuations, continuing its disciplined approach.
On February 17, 2015, the company's Board of Directors announced a12.5% hike in quarterly cash dividend, increasing from $0.16 per share paid in January 2015, to $0.18 per share to be paid on April 10, 2015. The dividend is payable to all shareholders on record at the close of business on March 27, 2015. Visit Investor-Edge and access the latest research on FLS at:
http://get.Investor-Edge.com/pdf/?c=Flowserve&d=16-Mar-2015&s=FLS
Stock Performance
On the day following the earnings release, February 18, 2015, Flowserve's stock surged 3.22%, finishing the session at $61.50. Since then, the stock has moved both ways. On the last close, Friday, March 13, 2015, the company's shares finished 2.94% lower at $56.38. Flowserve's shares vacillated between $55.30 and $57.72 during the session. A total of 2.88 million shares were traded which was above their three months average volume of 1.81 million shares. Over the previous three trading sessions and over the last one month, the company's shares have fallen by 2.88% and 4.94%, respectively. However, the stock has advanced 2.75% over the past three months.
Sneak Peek to Corporate Insider Trading
In the last one month, there were 11 corporate insider transactions done by 10 individuals. Between February 20, 2015 and February 24, 2015, a total of 13,064 shares have been purchased at an average price of $20.50 per share and for a total value of $267,867. During the stated period, a total of 139,000 shares were also disposed at an average price of $62.48 per share, and for a total of $8.68 million. The following are a few of the abovementioned transactions: on February 20, 2015, Mark A. Blinn, purchased 10,500 shares at an average price of $10.32 per share and disposed 69,000 shares at an average price of $62.48 per share. On the same day, Thomas L. Pajonas, Executive Vice President and Chief Operating Officer at Flowserve, and Michael S. Taff sold 40,000 and 30,000 shares, respectively, at an average price of $62.48 per share. Complimentary in-depth research on FLS is available at:
http://get.Investor-Edge.com/pdf/?c=Flowserve&d=16-Mar-2015&s=FLS
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