Flowserve Corporation (FLS): Share price defines bullish 'flag' pattern

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

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. It produces engineered and industrial pumps, seals and valves, and a range of related flow management systems. Customers are in the oil and gas, chemical, general industrial, power generation, and water treatment sectors. The firm employs more than 14,000 and operates from offices in nearly sixty countries.

Flowserve pleased investors late last month, when it reported Q1 EPS of $1.53 and revenues of $993 million. Analysts had been expecting 94 cents and $930.3 million. The company posted record quarterly bookings of $1.43 billion, led by strong growth in both the original equipment and aftermarket businesses. Management also guided FY08 EPS to $5.90-$6.20, versus consensus of $5.39.

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