IRVING, Texas (AP) — IRVING, Texas (AP) — Flowserve Corp. (FLS) on Tuesday reported fourth-quarter profit of $77.5 million.
The Irving, Texas-based company said it had profit of 59 cents per share. Earnings, adjusted for non-recurring costs, were 70 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The company that makes pumps, valves and other parts for the oil and gas industries posted revenue of $1.18 billion in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $1.21 billion.
For the year, the company reported profit of $282.8 million, or $2.14 per share. Revenue was reported as $4.56 billion.
Flowserve expects full-year earnings in the range of $3.10 to $3.30 per share.
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