Flowserve Corp Earnings: Powering Ahead
S&P 500 (NYSE:SPY) component Flowserve Corporation (NYSE:FLS) reported its results for the first quarter. Flowserve develops and manufactures flow control products and systems for the world’s most critical applications.
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Flowserve Earnings Cheat Sheet for the First Quarter
Results: Net income for Flowserve Corporation rose to $1.07 billion ($1.69 per share) vs. $97 million ($1.72 per share) in the same quarter a year earlier. This marks a substantial increase from the year-earlier quarter.
Actual vs. Wall St. Expectations: Flowserve Corporation beat the mean analyst estimate of $1.62 per share.
Quoting Management: Mark Blinn, Flowserve president and chief executive officer, said, “I am pleased with our performance in in the first quarter, as we continued to drive top line growth and improve our operating results. Our strongest bookings quarter since the third quarter of 2008 was led by improvement in our longer and later cycle project business in the chemical and oil and gas industries. We also saw sustained strength in our short cycle business and aftermarket activity, where executing on our strategies has enabled us to capture opportunities.”
The company has now seen net income rise in three straight quarters. In the fourth quarter of the last fiscal year, net income rose 11.2% and in the third quarter of the last fiscal year, the figure rose 3.7%.
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of $2.25 versus a mean estimate of net income of $2.26 per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from $2.10 a share to $1.99 over the last ninety days. For the fiscal year, the average estimate has moved down from $8.62 a share to $8.61 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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