Flowserve shares hit all-time high on 3Q results

Flowserve shares hit all-time high a day after posting 3Q results than beat expectations

Associated Press

Flowserve Corp. shares hit an all-time high Friday after the maker of pumps, valves and other parts for the oil and gas industries posted third-quarter results that beat Wall Street expectations.

THE SPARK: The Irving, Texas-based company said late Thursday that its net income rose 19 percent to $126.3 million, or 90 cents per share, in the three months ending Sept. 30. Revenue rose 5.4 percent to $1.23 billion.

Analysts expected earnings of 84 cents per share and revenue of $1.22 billion, according to FactSet.

SHARE ACTION: Up $6.40, or 10 percent, to $69.89 in late afternoon trading. Earlier Friday, shares peaked at $70.31, an all-time high. Its shares are up about 60 percent from a year ago.

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