Lufkin Industries (LUFK): Shares define bullish 'flag'

Filed under: Earnings reports, Technical Analysis, Stocks to Buy

Lufkin Industries (NASDAQ: LUFK) serves the heavy industry arena. Its oil field division manufactures, services and refurbishes oil field pumping units. It also provides computer control equipment for the units and operates an iron foundry to produce castings for new units. The company's power transmission segment provides gearboxes for industrial applications and makes parts for after-market service. The firm operates in North America, Latin America and Europe.

Lufkin pleased investors last week, when it reported Q1 EPS of $1.01 and revenues of $147 million. Analysts had been expecting $1.00 and $132.7 million. Management also guided Q2 EPS to $1.30-$1.40 ($1.20 consensus) and FY08 EPS to $5.10-$5.30 ($5.17 consensus). Backlog totals increased 45.2% from the year-ago quarter and 17.9% from the end of 2007.

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