Furmanite (FRM) is an industrial services company offering online repairs of leaks in valves, pipes, and other components of piping systems and related equipment used in flow-process industries; and on-site machining, bolting and valve testing, valve repair, product distribution, heat treating, and repair on such systems and equipment. Furmanite also provides hot tapping, fugitive emissions monitoring, passive fire protection, concrete repair, heat exchanger design and repair, and manufacturing, as well as diagnostic services on valves and motors.

The company’s financial prospects appear rosy as its second quarter earnings more than doubled. For the quarter, Furmanite earned $7.7 million, or 21 cents per share, compared with $3.9 million, or 11 cents per share, for the same quarter last year. Sales rose 21 percent to $90.2 million from $74.7 million a year earlier. Furmanite’s major competitors include Flowserve Corp., Team Inc. and privately held T.D. Williamson Inc. Only one sell-side analyst currently tracks Furmanite, according to recent data. Brokerage firm Jesup & Lamont rates the shares a “buy.”

Texas-based Furmanite also has a government services business through which it provides program and policy analysis, program implementation, and program evaluation services; and research studies and services, training and technical assistance, conference and event management logistical support services, grant review services and support. The company also provides Web-based solutions and services. Furmanite shares are seven percent owned by insiders and 89 institutions own another 58 percent. Mutual fund owners include DFA, Franklin Value, Gabelli Funds and Vanguard.

Shares of Furmanite closed at $7.06 on Wednesday and have traded between $5.80 and $13 over the past 52 weeks. The company has a market value of $257.7 million and a price-to-earnings ratio of 14. The company has 70 service centers across the globe.

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