NEW YORK (TheStreet) --Shares of Flowserve (FLS) are down by 4.58% to $55.85 in afternoon trading on Friday, following the release of the manufacturer and aftermarket service provider of comprehensive flow control systems' 2015 first quarter earnings results, which came in below what analysts' were expecting for the period.
Flowserve said its adjusted earnings per share were 58 cents, compared to the 69 cents per share analysts had forecast for the most recent quarter. Sales came in at $1.04 billion, above the $1.01 billion analysts were anticipating.
"Our 2015 first quarter results were lower than expected, specifically in the final month, by broad-based industrial spending declines, which originated in the oil and gas markets, and were further accentuated by the strengthening U.S. dollar," company CEO Mark Blinn said in a statement.
Separately, TheStreet Ratings team rates FLOWSERVE CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FLOWSERVE CORP (FLS) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."