Flowserve Q4 Profit Declines; Sales Down 14.7% On Constant Currency Basis

(RTTNews) - Flowserve Corp. (FLS), a provider of flow control products and services for the global infrastructure markets, reported fourth-quarter adjusted EPS of $0.72 excluding the adjusted items but including the negative currency translation. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.64 for the quarter. Analysts' estimates typically exclude special items. Net earnings attributable to Flowserve was $65.1 million or $0.50 per share compared to $71.4 million or $0.54 per share, previous year.

Fourth-quarter sales were $1.07 billion, down 14.7% on a constant currency basis. Analysts expected revenue of $1.07 billion for the quarter. Total bookings were $908 million, down 4.2% on a constant currency basis.

For 2017, Flowserve expects: revenues to be down 6% to 11%; reported earnings per share of $0.72 - $1.02; and adjusted earnings per share of $1.55 - $1.85. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.13.

Flowserve announced its Board has authorized the payment of a quarterly cash dividend of $0.19 per share on the company's outstanding shares of common stock. The dividend is payable on April 7, 2017, to shareholders of record as of the close of business on March 24, 2017.