Flowserve: 2Q Earnings Snapshot
IRVING, Texas (AP) _ Flowserve Corp. (FLS) on Wednesday reported second-quarter profit of $58.2 million.
The Irving, Texas-based company said it had net income of 44 cents per share. Earnings, adjusted for non-recurring costs, came to 54 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The company that makes pumps, valves and other parts for the oil and gas industries posted revenue of $990.1 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $1.01 billion.
Flowserve expects full-year earnings in the range of $2.05 to $2.20 per share.
Flowserve shares have increased 32% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. In the final minutes of trading on Wednesday, shares hit $50.08, an increase of 13% in the last 12 months.