April 29, 2009 / 9:18 PM / 9 years ago

REFILE-UPDATE 1-Flowserve Q1 profit beats Street, shares up

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* Q1 EPS $1.64 vs est $1.47

* Q1 rev $1.02 bln, beats Street

* Reaffirms FY EPS view of $6.75-$7.50

* Says “cautiously optimistic” on bookings for 2009

* Shares rise 4 pct after the bell

April 29 (Reuters) - Industrial pump maker Flowserve Corp (FLS.N) posted a quarterly profit that beat market estimates, helped by higher sales at its flow pump business, and it reaffirmed its full-year earnings forecast.

For the first quarter, net income was $92.3 million, or $1.64 a share, compared with $88.1 million, or $1.52 a share, a year ago. Sales rose 3 percent to $1.02 billion.

Analysts on average, were expecting earnings of $1.47 a share, before items, on revenue of $1.04 billion, according to Reuters Estimates.

Flow pump sales, which accounted for more than half of total sales, grew 7 percent during the quarter, the company said.

Bookings for the first quarter were down 32 percent at $968 million.

“We are remaining cautiously optimistic about bookings for the rest of 2009 as we saw pump bookings begin to strengthen in March, when compared to the first two months of the year,” the Irving, Texas-based company said.

For 2009, the company expects to earn $6.75 to $7.50 a share, including about 50 cents a share in realignment charges.

Shares of the company were trading up at $67.50 after the bell. They closed at $64.88 Wednesday on the New York Stock Exchange.

For the alerts, double click on [ID:nWNAB0481] [ID:nWNAB0499] (Reporting by Mary Meyase in Bangalore; Editing by Deepak Kannan)

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