(FLS) – Flowserve Corp – guidance ranges between $7.20 to $7.50, versus the previous range of $5.90 to $6.20
Flowserve Corp. (FLS) recently posted record results for the second quarter and hiked its guidance by a significant margin. The company’s full-year 2008 guidance ranges between $7.20 to $7.50, versus the previous range of $5.90 to $6.20. Wall Street is forecasting $6.47, up from last month’s $6.31.
Company Description
Flowserve supplies pumps, valves, seals automation and services to the power, oil, gas, chemical and other industries. With more than 14,000 employees, the company operates in more than 56 countries.
Record Results Signal Growth
In late July, the company reported record results for the second quarter. Operating income of $171.6 million jumped 77% year-over-year. Second-quarter sales were a record $1.16 billion, up 24% from $931 million.
Flowserve also announced record second-quarter bookings of $1.31 billion, up 24% from last year. The bookings increase was attributed to continued strong growth of both original equipment and aftermarket business.
“As a leader in its industry, Flowserve is continuing to execute well against both its original equipment and aftermarket strategies,” said Lewis Kling, Flowserve President and CEO. “We also continue to see strength in our large project infrastructure business globally in the oil and gas, power, chemical and water markets.”
Competitive Income
FLS declared a dividend of 25 cents per share in late May. The dividend was paid out on July 9, 2008. Flowserve’s dividend yield of 0.8% is ahead of the industry average as most companies within Flowserve’s industry group pay no dividends.
Bullish Forecasts
The company hiked its guidance by a significant margin. Flowserve’s full-year 2008 guidance ranges between $7.20 to $7.50, versus the previous range of $5.90 to $6.20. Wall Street is forecasting $6.47, up from last month’s $6.31.
Content Courtesy: Zacks Investment Research
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