Flowserve: 2Q Earnings Snapshot
IRVING, Texas (AP) _ Flowserve Corp. (FLS) on Wednesday reported second-quarter earnings of $13.2 million.
On a per-share basis, the Irving, Texas-based company said it had profit of 10 cents. Earnings, adjusted for non-recurring costs, were 22 cents per share.
The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The company that makes pumps, valves and other parts for the oil and gas industries posted revenue of $973.1 million in the period, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $921.6 million.
Flowserve expects full-year earnings in the range of $1.50 to $1.70 per share.
Flowserve shares have increased 9 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 7 percent. In the final minutes of trading on Wednesday, shares hit $45.95, an increase of 15 percent in the last 12 months.