Looking back on gas and liquid handling stocks' Q1 earnings, we examine this quarter's best and worst performers, including Flowserve (NYSE:FLS) and its peers.
Gas and liquid handling companies possess the technical know-how and specialized equipment to handle valuable (and sometimes dangerous) substances. Lately, water conservation and carbon capture–which requires hydrogen and other gasses as well as specialized infrastructure–have been trending up, creating new demand for products such as filters, pumps, and valves. On the other hand, gas and liquid handling companies are at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.
The 4 gas and liquid handling stocks we track reported an impressive Q1; on average, revenues beat analyst consensus estimates by 3.9%. Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and gas and liquid handling stocks have held roughly steady amidst all this, with share prices up 3.7% on average since the previous earnings results.
Best Q1: Flowserve (NYSE:FLS) Manufacturing the largest pump ever built for nuclear power generation, Flowserve (NYSE:FLS) manufactures and sells flow control equipment for various industries.
Flowserve reported revenues of $1.09 billion, up 10.9% year on year, topping analysts' expectations by 4.7%. It was an incredible quarter for the company, with an impressive beat of analysts' revenue and earnings estimates.
Flowserve pulled off the biggest analyst estimates beat of the whole group. The stock is up 1.4% since the results and currently trades at $47.86.
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ITT (NYSE:ITT) Playing a crucial role in the development of the first transatlantic television transmission in 1956, ITT (NYSE:ITT) provides motion and fluid handling equipment for various industries
ITT reported revenues of $910.6 million, up 14.1% year on year, outperforming analysts' expectations by 3.1%. It was a very strong quarter for the company, with an impressive beat of analysts' organic revenue estimates and a decent beat of analysts' earnings estimates.
ITT had the weakest performance against analyst estimates among its peers. The stock is down 1.3% since the results and currently trades at $127.55.
SPX Technologies (NYSE:SPXC) SPX Technologies (NYSE:SPXC) is an industrial conglomerate catering to the energy, manufacturing, automotive, and aerospace sectors.
SPX Technologies reported revenues of $465.2 million, up 16.4% year on year, exceeding analysts' expectations by 4.6%. It was a strong quarter for the company, with an impressive beat of analysts' earnings estimates and a solid beat of analysts' organic revenue estimates.
SPX Technologies achieved the fastest revenue growth in the group. The stock is up 15.4% since the results and currently trades at $140.99.
Helios (NYSE:HLIO) Originally named Sun Hydraulics, Helios (NYSE:HLIO) designs, manufactures, and sells motion and electronic control components to various sectors.
Helios reported revenues of $212 million, down 0.6% year on year, surpassing analysts' expectations by 3.2%. It was a very strong quarter for the company, with an impressive beat of analysts' organic revenue estimates.
Helios had the slowest revenue growth among its peers. The stock is down 0.4% since the results and currently trades at $48.14.
