U.S. Markets closed

Flowserve misses Street 2Q forecasts

IRVING, Texas (AP) _ Flowserve Corp. (FLS) on Thursday reported second-quarter net income of $41.9 million.

The Irving, Texas-based company said it had net income of 32 cents per share. Earnings, adjusted for non-recurring gains, came to 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 44 cents per share.

The company that makes pumps, valves and other parts for the oil and gas industries posted revenue of $877.1 million in the period, also missing Street forecasts. Nine analysts surveyed by Zacks expected $926.2 million.

Flowserve expects full-year earnings in the range of $1.30 to $1.50 per share.

Flowserve shares have decreased 3.5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 11 percent. The stock has decreased 6 percent 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


Keywords: Flowserve, Earnings Report