Flowserve Corp. (FLS: Quote) reported that its second-quarter net income was attributable to the company increased to $107.32 million or $1.98 per share, from $98.73 million or $1.76 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.90 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter rose to $1.18 billion from $1.13 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $1.16 billion for the quarter.
The company now estimates total negative currency effects of $1.00 per share at current exchange rates compared to $0.50 per share in prior guidance, with most of the expected increase impacting the second half of 2012.
The company expects the third quarter of 2012 to be impacted by seasonality, ongoing shipments of low margin legacy backlog and currency. But, the company said its fourth quarter is shaping up to clearly be its strongest of the year.
The company reaffirmed its 2012 earnings guidance in a range of $8.00 to $8.80 per share. Analysts expect the company to report earnings of $8.55 per share for fiscal 2012.
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by RTT Staff Writer
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