Flowserve Reports Q4 EPS Of $1.01, Reaffirms FY14 EPS Target; Lifts Dividend

(RTTNews) - Flowserve Corp. (FLS), a provider of flow control products and services for the global infrastructure markets, reported fourth-quarter net earnings attributable to company of $141.08 million or $1.01 per share, compared to $141.60 million or $0.94 per share, last year. The company noted that its fourth-quarter results include $13.8 million in discrete realignment, acquisition, legal and severance charges and $4.1 million of below-the-line FX currency effects. Excluding the discrete charges and currency effects, adjusted earnings per share was $1.10, for the quarter.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.01 for the quarter. Analysts' estimates typically exclude special items.

Sales were $1.39 billion, compared to $1.33 billion, prior year. Analysts expected revenue of $1.39 billion for the quarter.

Looking forward to 2014, the company expects a solid year-over-year increase in earnings per share, built on 3-to-6% revenue growth, an improved backlog of work, continued operating improvements, cost leverage and capital allocation policy. The company reaffirmed its 2014 earnings per share target range of $3.65 to $4.00 per share. Analysts expect the company to report 2014 earnings per share of $3.95.

Flowserve also announced that its Board has authorized the payment of a quarterly cash dividend of $0.16 per share on the company's outstanding shares of common stock. The dividend represents a 14.3% increase compared to the $0.14 per share amount paid in January 2014. The dividend is payable on April 11, 2014, to shareholders of record as of the close of business on March 28, 2014.