Flowserve Raises Guidance

Flowserve (FLS) won’t report its first-quarter earnings until February 25, but the company gave us a nice preview today. Flowserve said that its 2009 earnings will be
somewhat above the high end” of its earlier forecast. The earlier forecast was $7.20 to $7.50 per share.

CEO Lewis Kling said, “We are extremely pleased with our record full year bookings, our record year end backlog, our strong cash flow and our strong balance sheet.”

I’m very impressed that Flowserve was able to say this in January. Companies tend to set the bar low at the beginning of the year so they can later tell shareholders that they’re exceeding expectations. Flowserve continues to be an excellent buy.

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