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STOCK PICKS: Top 5 Fast-Growth for Aug. 25

Each business day, TheStreet.com Ratings compiles a list of the top five stocks in five categories -- fast-growth, all-around value, large-cap, mid-cap and small-cap -- and publishes these lists in the Ratings section of our Web site.

This list is based on data from the close of the previous trading session. Today, fast-growth stocks are in the spotlight. These are stocks of companies that are projected to increase revenue and profit by at least 12% in the coming year and rank near the top all stocks rated by our proprietary quantitative model, which looks at over 60 factors.

In addition, the stocks must be followed by at least one financial analyst who posts estimates on the Institutional Brokers' Estimate System. Please note that definitions of revenue vary by industry, and this screen does not make adjustments for acquisitions, which can materially affect posted results. Likewise, earnings-per-share growth may be affected by accounting charges, share repurchases and other one-time items.

Note that no provision is made for off-balance-sheet assets such as unrealized appreciation/depreciation of investments, market value of real estate or contingent liabilities that might affect book value. This could be material for some companies with large underfunded pension plans.

Flowserve (FLS - Get Report) engages in the development, manufacture and sale of precision-engineered flow equipments through three divisions: flowserve pump, flow control and flow solutions. The company operates worldwide in more than 56 countries, with 43% of its revenue coming from North America.

We have rated Flowserve a buy since January 2007 on the basis of several positive investment measures, such as the company's increasing revenue and net income. On July 30, the company reported that its net earnings for the second quarter of fiscal year 2008 increased 94.4% year over year to $122.86, million from $63.21 million, attributable to increased sales in the flowserve pump (up 21.0% year over year), flow control (up 30%) and flow solutions (up 29%) divisions.

Revenue in the quarter increased 24.4% to $1.16 billion from $930.68 million a year ago, driven by strong growth in the power and chemical markets, as well as continued strength in the oil and gas market. The revenue result for the latest quarter included currency benefits of about $85 million. Furthermore, earnings per share increased 91.9% to $2.13 per share from $1.11 per share a year ago.

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