Flowserve: 2Q Earnings Snapshot

IRVING, Texas (AP) _ Flowserve Corp. (FLS) on Thursday reported second-quarter profit of $8.6 million.

On a per-share basis, the Irving-based company said it had profit of 7 cents. Earnings, adjusted for non-recurring costs, came to 53 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The company that makes pumps, valves and other parts for the oil and gas industries posted revenue of $925 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $890.9 million.

Flowserve shares have declined 40% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. In the final minutes of trading on Thursday, shares hit $29.96, a decrease of 42% in the last 12 months.

- FWBP Digital Partners -

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