Weekly Recap: Q3 growth and revised outlook and acquisitions and divestiture

Flowserve Corporation (NYSE:FLS) posted 5% Q3 sales growth, higher adjusted EPS and record backlog, while trimming its sales outlook but raising EPS guidance. It acquired Trillium’s Valves Division and FAMCO, sold PMV Automation, and won higher price targets from Citigroup and RBC.

Previous Week Recap

• Sales Growth, Raised EPS Guidance: Flowserve’s Q3 sales rose 5% to $1.24B and adjusted EPS climbed 19% to $1.07. Bookings hit $1.4B; backlog reached a record $3.5B. It cut sales outlook, raised EPS guidance.
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• Acquisitions; PMV Automation Divestiture: - Flowserve Corporation (FLS) acquired Trillium’s Valves Division and FAMCO and divested PMV Automation.
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• Buy Ratings, Higher Price Targets: Citigroup kept its Buy rating on Flowserve (FLS) and raised its price target to $93 from $92. RBC Capital maintained Outperform and lifted its target to $98 from $88.
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