Flowserve: Q1 Earnings Snapshot

IRVING, Texas (AP) _ Flowserve Corp. (FLS) on Monday reported first-quarter net income of $14.1 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Irving, Texas-based company said it had profit of 11 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 28 cents per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.

The company that makes pumps, valves and other parts for the oil and gas industries posted revenue of $857.3 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $814.1 million.

Flowserve expects full-year earnings in the range of $1.40 to $1.60 per share.

Flowserve shares have increased almost 10% since the beginning of the year, while the S&P's 500 index has climbed 12%. In the final minutes of trading on Monday, shares hit $40.46, a climb of 52% 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