Flowserve Corporation Shares Plunge 7% Following Q3 Preannouncement  
<p><a href='https://financialmodelingprep.com/financial-summary/FLS'>Flowserve Corporation (NYSE:FLS)</a> shares closed more than 7% lower on Wednesday following the company’s pre-announced Q3 EPS results, cutting 18c-22c/48% below the $0.42 Street estimate.</p>
<p>According to the analyst at RBC Capital, the two culprits driving the miss are company-specific, with 60% of the shortfall from bumps in its ERP implementation and 40% from higher corporate expense accruals. </p>
<p>Notably, demand at Flowserve remains resilient and the company disclosed that it expects to post Q3/22 orders totaling over $1 billion for the third consecutive quarter, partly driven by its new “3D” strategy: Diversify/Decarbonize/Digitize.</p>
<p>The analysts lowered their 2022/2023 EPS estimates by 20c/10c to $1.30/ $1.95 and their price target by $2 to $31.</p>

NYSE:FLS