UPDATE 1-Flowserve profit beats on higher bookings

Mon Apr 30, 2012 5:23pm EDT

* Q1 EPS $1.69 vs est $1.61

* Q1 Sales up 8 pct to $1.07 bln

* Bookings up 7 pct

* Reaffirms FY 2012 EPS outlook of $8.00 to $8.80

April 30 (Reuters) - Industrial pump maker Flowserve Corp's quarterly profit beat analysts' estimates, helped by an increase in bookings.

For the first quarter, bookings rose 7 percent to $1.25 billion.

"Our strongest bookings quarter since the third quarter of 2008 was led by improvement in our longer and later cycle project business in the chemical and oil and gas industries," chief executive Mark Blinn said in a statement.

Flowserve, which competes with Franklin Electric Co and Pentair Inc, said it continues to expect 2012 earnings of $8.00 to $8.80 per share.

It also expects investments in emerging markets to help achieve its revenue growth target of 5 percent to 7 percent for 2012.

Analysts, on average, are expecting earnings of $8.61 a share on revenue of $4.8 billion for 2012, according to Thomson Reuters I/B/E/S.

For the first quarter, Flowserve's net income fell to $93.1 million, or $1.69 a share, from $97 million, or $1.72 a share, a year ago.

Sales rose 8 percent to $1.07 billion.

Analysts had expected earnings of $1.61 a share on revenue of $1.07 billion.

Shares of the company closed at $114.93 on Monday on the New York Stock Exchange.

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