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Flowserve: 1Q Earnings Snapshot

IRVING, Texas (AP) _ Flowserve Corp. (FLS) on Thursday reported first-quarter net income of $57.3 million.

The Irving, Texas-based company said it had profit of 44 cents per share. Earnings, adjusted for non-recurring gains, were 41 cents per share.

The results beat Wall Street expectations. The average estimate of nine 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 $890.1 million in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $939.1 million.

Flowserve expects full-year earnings in the range of $1.95 to $2.15 per share.

Flowserve shares have climbed 25% since the beginning of the year, while the Standard & Poor's 500 index has risen 16%. In the final minutes of trading on Thursday, shares hit $47.53, an increase of 5% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FLS at https://www.zacks.com/ap/FLS