Flowserve Q4 Profit Tops Estimate

(RTTNews) - Flowserve Corp. (FLS) reported net income for the fourth quarter of $159.0 million or $1.16 per share, compared to $141.1 million or $1.01 per share for the year-ago quarter.

Sales for the fourth quarter declined 0.6% to $1.38 billion from $1.39 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $1.13 per share on revenue of $1.40 billion for the fourth quarter.

The company reaffirmed its full year 2015 adjusted earnings per share guidance of $3.60 to $4.00 on a revenue range between down 1% to up 3%. Analyst currently expect the company to earn $3.81 per share on revenue growth of 2.5%.

Flowserve also said that its Board of Directors has authorized the payment of a quarterly cash dividend of $0.18 per share, payable on April 10 to shareholders of record on March 27. The dividend represents a 12.5% increase compared to the $0.16 per share amount paid in January 2015.