After the closing bell yesterday, the flow control systems maker posted adjusted earnings of 89 cents per share, which did not meet analysts' estimates for earnings of 92 cents per share.
Revenue for the period was $1.29 billion, surpassing Wall Street's estimates of $1.22 billion.
Additionally, bookings for the quarter fell 20.7% to $969 million.
"During 2015 and into the fourth quarter, our end-markets deteriorated further than anticipated a year ago and we are not currently forecasting near-term improvement," CEO Mark Blinn said in a statement.
Oppenheimer said Flowserve's overall booking declines limit visibility to near-term earnings power, particularly given continued pricing pressure.
"Accelerated restructuring actions and share repurchases are prudent, and should partly offset deteriorating end-market demand, but we believe it's still too early to call stabilization in FLS' bottom line and stock price," the firm, which has a "perform" rating on the stock, said in an analyst note.
Flowserve is an Irving, TX-based manufacturer and aftermarket service provider of flow control systems.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its expanding profit margins and largely solid financial position with reasonable debt levels by most measures.
As a counter to these strengths, the team also finds weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and deteriorating net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FLS