Flowserve: 3Q Earnings Snapshot
IRVING, Texas (AP) _ Flowserve Corp. (FLS) on Wednesday reported third-quarter net income of $28.2 million.
The Irving, Texas-based company said it had profit of 21 cents per share. Earnings, adjusted for non-recurring costs, came to 49 cents per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The company that makes pumps, valves and other parts for the oil and gas industries posted revenue of $952.7 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $921 million.
Flowserve expects full-year earnings in the range of $1.65 to $1.75 per share.
Flowserve shares have increased 17 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5 percent. In the final minutes of trading on Wednesday, shares hit $49.14, an increase of 24 percent in the last 12 months.