UPDATE 1-Flowserve profit beats Street, ups '08 view
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July 30 (Reuters) - Flowserve Corp (FLS.N), which makes industrial pumps and fluid handling equipment, almost doubled its second-quarter earnings, helped by strong demand, and it raised its outlook for the year.
The company posted net income of $122.9 million, or $2.13 a share, compared with $63.2 million, or $1.11 a share, a year earlier.
Sales rose 24 percent to $1.16 billion.
Analysts on average expected earnings of $1.49 a share, before special items, on revenue of $1.13 billion, according to Reuters Estimates.
The company said it continues to see strength in its large project infrastructure business globally in the oil and gas, power, chemical and water markets.
It raised its 2008 earnings outlook to a range of $7.20 to $7.50 a share, compared with its previous forecast of $5.90 to $6.20 a share.
Analysts were expecting the company to earn $6.31 cents a share, before items, for 2008.
Shares of the Irving, Texas-based company were up $6.91 at $142 in after hours trading, after closing up 6 percent at $135.09 Wednesday on the New York Stock Exchange. (Reporting by Eric Yep in Bangalore; Editing by Anil D'Silva)
