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Flowserve Profit Rises 8 Percent In 1Q

The Associated Press

DALLAS (AP) — Pump and valve maker Flowserve Corp. said Wednesday first-quarter profit rose 8 percent on higher sales and tighter cost controls.

Net income for the period ended March 31 was $92.3 million, or $1.64 per share, up from $88 million, or $1.52 per share, in the same period last year. Sales inched up 3 percent to $1 million from $993,319.

Analysts surveyed by Thomson Reuters expected earnings of $1.49 on revenue of $1 million.

Bookings for the period were down 32 percent to $968 million on uncertainty in markets for large projects. Still, the company reaffirmed 2009 full-year earnings guidance between $6.75 and $7.50 per share. Analysts surveyed by Thomson Reuters are looking for $7.13.

"We are remaining cautiously optimistic about bookings for the rest of 2009 as we saw pump bookings begin to strengthen in March, when compared to the first two months of the year," said President and Chief Executive Lewis Kling.

Shares of Flowserve rose $3.40, or 5.5 percent, to close at $64.88. Shares rose $2.62, or 4 percent, to $67.50 in afterhours trading.