Flowserve Q1 Results Miss Estimates; Cuts FY15 Outlook

(RTTNews) - Flowserve Corp. (FLS) reported net income for the first quarter of $27.7 million or $0.20 per share, compared to $107.7 million or $0.78 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $78.6 million or $0.58 per share.

sales for the first quarter fell to $1.01 billion from $1.07 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.69 per share on revenue of $1.06 billion for the first quarter. Analysts' estimates typically exclude special items.

Flowserve revised its 2015 revenue and adjusted earnings per share guidance utilizing March 31, 2015 foreign currency rates and to reflect the current business environment. The company now expects full year revenues, excluding SIHI, to be down 8% to 12% and full year adjusted EPS to be $3.25 to $3.65. Previously, the company expected full year revenue to be down 1% to up 3% and earnings per share to be $3.60 to $4.00.

Analysts currently expect the company to earn $3.62 per share on revenue growth of 0.60% for the full year 2015.