Why Flowserve Stock Dropped 11% Thursday
Wall Street doesn't always seem to make sense -- as investors in industrial flow management equipment maker Flowserve (NYSE: FLS) learned Thursday after their company reported earnings that, by all accounts, beat analyst estimates pretty soundly. Whether calculated according to GAAP accounting standards, or the more lenient "adjusted earnings" variety that's become more popular on Wall Street, Flowserve's Q3 earnings of $0.36 (GAAP) and $0.37 (adjusted) easily topped Wall Street's predicted $0.34 in per-share profits for the quarter.
Nonetheless, Flowserve stock closed the day down 11% on the news. Why?
Despite beating earnings, Flowserve stock is circling the drain Thursday. Image source: Getty Images.
Source: Fool.com
Flowserve Corp. Stock
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-0.470%
The stock is an absolute favorite of our community with 21 Buy predictions and no Sell predictions.
With a target price of 77 € there is a slightly positive potential of 12.44% for Flowserve Corp. compared to the current price of 68.48 €.
