Flowserve Corp. (FLS) announced that it now sees 2009 earnings per share at or above the high end of its previously announced target range of $7.20 to $7.50, including approximately $68 million, or $0.90 per share, in 2009 realignment charges. Analysts polled by Thomson Reuters expect the company to report earnings of $7.45 per share for fiscal 2009. Analysts' estimates typically exclude special items.
The company added that it expects to achieve approximately $110 million in annual run rate benefits from these realignment initiatives and the realignment charges expected to be taken in 2010.
The company announced its 2010 earnings per share target range of $6.35 to $7.15, which includes the full impact of up to $20 million, or approximately $0.26 per share, in planned 2010 realignment charges and an expected first quarter after-tax charge of around $14 million, or $0.25 per share, to reflect the adverse impact of the devaluation of the Venezuelan bolivar. Analysts expect the company to report earnings of $7.28 per share for fiscal 2010.
For comments and feedback: editorial@rttnews.com