Flowserve: 3Q Earnings Snapshot
IRVING, Texas (AP) _ Flowserve Corp. (FLS) on Wednesday reported third-quarter net income of $68.4 million.
On a per-share basis, the Irving, Texas-based company said it had profit of 52 cents. Earnings, adjusted for non-recurring costs, came to 59 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The company that makes pumps, valves and other parts for the oil and gas industries posted revenue of $996.5 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.01 billion.
Flowserve expects full-year earnings in the range of $2.15 to $2.20 per share.
Flowserve shares have risen 30% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 22%. In the final minutes of trading on Wednesday, shares hit $49.56, a rise of 8% in the last 12 months.