Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So What: Earnings actually came in at $1.84 per share above estimates of $1.81 but revenue was down 8% from last year to $971.7 million. This was lower than estimates of $994.7 million and has helped push the stock lower today.
Now What: Flowserve has been on quite a run since hitting lows in July and investors may have been expecting a little too much this quarter. An earnings beat and forecast in line with expectations is usually positive but much more was expected. Today's dip is a nice buying opportunity for long-term investors looking for an opportunity to jump into this stock given the solid earnings and guidance for the rest of the year.
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