1. Flowserve shares hit all-time high on 3Q results
Flowserve Corp. shares hit an all-time high Friday after the maker Lift Station Pump of pumps,
valves and other parts for the oil levy pump and gas industries posted third-quarter results that beat
Wall Street expectations.
THE SPARK: The Irving, Texas-based company said late Thursday that its net income rose 19
percent to $126.3 million, or 90 cents per share, in the three months ending Sept. 30. Revenue rose
5.4 percent to $1.23 billion.
Analysts expected earnings of 84 cents per share and
revenue of $1.22 billion, according to FactSet.
SHARE ACTION: Up $6.40, or 10 percent, to $69.89 in late afternoon trading. Many installed pumps
were not originally designed for their current function. Often, a line in a plant changes and a pump
that started out providing cooling fluid to an injection molding machine is now asked to transfer oil
from a rail car to a tank. All too often, this is the cause of a substantial number of problems for the
pump and the facility. Pumps operate where the pump curve crosses the system curve. When you
move a pump from one system to another, this means that the system curve is different. This new
system may cause the pump to operate away from its best efficiency point, leading to seal failures
and other component failures that are merely symptoms of a mis-matched pump and system.Earlier
Friday, shares peaked at $70.31, an all-time high. Its shares are up about 60 percent from a year
ago.
