Flowserve Corporation Q1 Profit Increases, beats estimates

(RTTNews) - Flowserve Corporation (FLS) reported a profit for its first quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $74.22 million, or $0.56 per share. This compares with $26.77 million, or $0.20 per share, in last year's first quarter.

Excluding items, Flowserve Corporation reported adjusted earnings of $77.39 million or $0.58 per share for the period.

Analysts on average had expected the company to earn $0.47 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 11.2% to $1.09 billion from $980.31 million last year.

Flowserve Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $74.22 Mln. vs. $26.77 Mln. last year. -EPS (Q1): $0.56 vs. $0.20 last year. -Revenue (Q1): $1.09 Bln vs. $980.31 Mln last year.

-Guidance: Full year EPS guidance: $2.50 - $2.70