One of my favorite Emerging Growth stocks, Flowserve (FLS), just reported delivered an outstanding second-quarter earnings report. The numbers are simply astounding.

First, let me set the stage. For last year's Q2, the company earned 98 cents a share and Wall Street was looking for $1.49 a share for this year's Q2, so those were some pretty high expectations. Nevertheless, Flowserve still shattered Wall Street's predictions. Flowserve wound up earning $1.97 a share! That's 48 cents a share more than Wall Street was expecting.

That's not all. Flowserve also dramatically raised its earnings guidance for 2008. Before today, the company said it was expecting earnings-per-share of $5.90 to $6.20 for the entire year. Now it's says to expect earnings-per-share of $7.20 to $7.50. That's a huge increase. Once again, Wall Street was off the market. They had been expecting 2008 EPS of just $6.31. Expect to see a lot earnings upgrades very soon.