WASHINGTON (dpa-AFX) - Flowserve Corp. (FLS) reported that its first-quarter net earnings attributable to the company declined to $93.13 million or $1.69 per share, from $96.98 million or $1.72 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.62 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter rose to $1.07 billion from $997.21 million in the prior year quarter. Eleven analysts had consensus revenue estimate of $1.07 billion for the quarter.
The company said it is well positioned to achieve its 5% to 7% revenue growth target for 2012.
The company reaffirmed its 2012 earnings guidance in a range of $8.00 to $8.80 per share. This guidance still anticipates approximately $0.50 of above and below the line negative currency effects compared to 2011. The company said it continue to expect its earnings performance for the balance of 2012 to be weighted towards the second half of the year.
Analysts expect the company to report earnings of $8.61 per share on revenues of $4.08 billion for fiscal 2012.
Copyright RTT News/dpa-AFX
© 2012 AFX News
