April 30, 2012 at 17:03 PM EDT
Flowserve Q1 Earnings Rise, Topping Estimates; Forecast Reiterated (FLS)

Flow control systems maker Flowserve Corporation (FLS) late Monday posted better-than-expected first quarter earnings results and stood by its previously-announced full-year outlook.

The Irving, TX-based company reported first quarter net income of $1.07 billion, or $1.69 per share, beating the average Wall Street analyst expectation of $1.62 per share.

Looking ahead, FLS reiterated its full-year 2012 outlook of $8.00 to $8.80 per share, while analysts are looking for $8.61 per share for the year.

Flowserve shares closed down 95 cents, or -0.8%, in Monday trading.

The Bottom Line
Shares of Flowserve Corporation (FLS) have a 1.25% dividend yield, based on today’s closing stock price of $114.93. The stock has technical support in the $100-$105 price area. If the shares can firm up, we see overhead resistance around the $120-$127 price levels.

Flowserve Corporation (FLS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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