FORM 10-Q

                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

(Mark One)
   [ X ]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
           For the quarterly period ended March 31, 1996
                                    OR
   [   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
           For the transition period
           from.............to..............

   Commission file number 0-684

                      GOULDS PUMPS, INCORPORATED            
       (Exact name of registrant as specified in its charter)

           Delaware                                15-0321120   
(State or other Jurisdiction of               (I.R.S. Employer
  Incorporation or Organization)               Identification No.)

        300 WillowBrook Office Park, Fairport, New York 14450  
              (Address of principal executive offices)
                           (Zip Code)


                           (716) 387-6600                      
       (Registrant's telephone number, including area code)

                                                               
       (Former name, former address and former fiscal year,
                   if changed since last report)


     Indicate by check mark whether the registrant (1) has filed 
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file 
such reports), and (2) has been subject to such filing requirements
for the past 90 days.      Yes   X       No      


     Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.

     As of April 30, 1996, 21,292,612 shares of $1 par value common
stock were outstanding.
<F50>
                        GOULDS PUMPS, INCORPORATED

                                   INDEX



                                                               PAGE

                      PART I - FINANCIAL INFORMATION              
   


Item 1.     Condensed Consolidated Balance Sheets -
            March 31, 1996 and December 31, 1995..............   3

            Condensed Consolidated Statements of Earnings -
            Three Months Ended March 31, 1996 and 1995........   4

            Condensed Consolidated Statements of Cash Flows -
            Three Months Ended March 31, 1996 and 1995........   5

            Notes to Condensed Consolidated Financial
            Statements........................................ 6-7


Item 2.     Management's Discussion and Analysis of
            Financial Condition and Results of Operations.... 8-13




                       PART II - OTHER INFORMATION                



Item 1.     Legal Proceedings................................  14

Item 4.     Submission of Matters to a Vote of Security -
              Holders........................................  14

Item 6.     Exhibits and Reports on Form 8-K................14-15


            Signature......................................... 16

<F50>

Condensed Consolidated Balance Sheets                                         
Goulds Pumps, Incorporated                            March 31,   December 31,
(In thousands)                                            1996           1995
                                                    (Unaudited)      (Audited)
  ASSETS
  Current Assets:
   Cash and cash equivalents                          $  6,034       $  6,383
   Receivables - net                                   152,185        143,819
   Inventories                                         137,922        131,693
   Deferred tax asset                                   19,676         18,972
   Prepaid expenses and other current assets            12,751         16,598
     Total current assets                              328,568        317,465

  Property, plant and equipment - net                  170,422        173,304
  Deferred tax asset                                     9,109          8,834
  Goodwill - net                                        27,308         29,858
  Other assets                                          25,508         24,525
                                                      $560,915       $553,986

  LIABILITIES AND STOCKHOLDERS' EQUITY
  Current Liabilities: 
   Short-term borrowings                              $ 45,820       $ 37,904 
   Current portion of long-term debt                    17,761         21,716
   Trade payables                                       67,972         71,406
   Compensation and commissions                         20,895         24,265
   Other current liabilities                            51,146         55,245
     Total current liabilities                         203,594        210,536

  Long-term debt                                        84,755         73,454
  Pension                                               26,136         26,302
  Other postretirement benefit obligation               50,961         50,903
  Deferred tax liability and other                       2,867          2,477

  Stockholders' Equity:

   Preferred stock - $20.00 par value: shares - 
      authorized:  750,000; issued and outstanding:
      none                                                   -             -  
   Common stock - $1.00 par value; shares-authorized:
      90,000,000; issued and outstanding:
      21,292,612 and 21,283,496 shares,
      respectively                                      21,293         21,283
   Additional paid-in capital                           59,604         59,175
   Retained earnings                                   125,720        122,741
   Cumulative translation adjustments and other        (14,015)       (12,885)
      Total stockholders' equity                       192,602        190,314
                                                      $560,915       $553,986
                                                                              
 
See Accompanying Notes to Condensed Consolidated Financial Statements.
<F50>
Condensed Consolidated Statements of Earnings (Unaudited)     
Goulds Pumps, Incorporated
(In thousands except per share data)
                                                 
                                   Three Months Ended March 31,
                                             1996          1995
                                                 
                    
Net sales                                $183,581     $160,052
                                                                    
                                                
Costs and expenses
                                                    
Cost of sales                             130,154      114,561
                                                 
Selling, general and
 administrative expenses                   38,602       33,154
                                                          
Research and development expenses           2,328        2,030
                                                 
Interest expense                            2,787        2,118
                                                 
Interest income                              (325)        (646)
                                                 
Other (income) expense - net               (1,227)         196
                                                                               
                                                 
Earnings before income taxes               11,262        8,639
                                                 
Income taxes                                4,025        3,205
                                                                      
                                                 
Net earnings                             $  7,237     $  5,434
                                                 
                                                 
Net earnings per common share            $    .34     $    .26
                                                 
                                                 
Dividends per common share               $    .20     $    .20
                                                 
                                                 
Weighted average shares
 outstanding (in thousands)                21,292       21,205
                                                 
                                                 
<F50>
      See Accompanying Notes to Condensed Consolidated Financial Statements.
Condensed Consolidated Statements of Cash Flows (Unaudited)                 
Goulds Pumps, Incorporated                   Three Months Ended March 31,
(In Thousands)                                          1996         1995   

OPERATING ACTIVITIES: 
Net earnings                                         $ 7,237      $ 5,434
Adjustments to reconcile net earnings to net cash
  provided by (applied to) operations:
  Depreciation and amortization                        6,847        6,794 
  Gain on sale of product lines                       (1,174)          --
Net changes in assets and liabilities, net of
  effects from acquisition                           (24,520)      (7,505)
  Net cash (applied to) provided by
      operating activities                           (11,610)        4,723 

INVESTING ACTIVITIES:
Capital additions                                     (4,279)      (7,220)
Purchases of other assets                               (710)      (1,515)
Proceeds from sale of product lines                    2,723           --
Investment in subsidiary - net of cash acquired          231           --
Other - net                                              152           87
   Net cash applied to investing activities           (1,883)      (8,648)

FINANCING ACTIVITIES:
Proceeds from long-term debt                          30,173       14,752
Payments on long-term debt                           (21,370)      (1,525)
Increase (decrease) in short-term borrowings           8,463       (3,796)
Proceeds from issuance of common stock                   201          411
Dividends paid                                        (4,258)      (4,238)
   Net cash provided by financing activities          13,209        5,604

Effect of exchange rate changes on cash                  (65)      (1,624)

(Decrease) increase in cash and cash equivalents        (349)          55
Cash and cash equivalents:
  Beginning of period                                  6,383        7,374
  End of period                                      $ 6,034      $ 7,429
                                                                              

See Accompanying Notes to Condensed Consolidated Financial Statements.
<F50>
  Goulds Pumps, Incorporated    Form 10-Q
  Part I, Item 1

           NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
  
1. In the opinion of management, the accompanying unaudited
   condensed consolidated financial statements contain all
   adjustments necessary to present fairly the Company's financial
   position as of March 31, 1996 and the results of operations and
   cash flows for the three months ended March 31, 1996 and 1995.
   All such adjustments are of a normal recurring nature.  The
   results of operations for the three month period ended March 31,
   1996 are not necessarily indicative of the results to be
   expected for the entire year of 1996.
 
   In October 1995, the Financial Accounting Standards Board issued
   Statement of Financial Accounting Standards (SFAS) No. 123,
   Accounting for Stock-Based Compensation,  which will be
   effective for the Company beginning January 1, 1996.  SFAS No.
   123 requires expanded disclosures of stock-based compensation
   arrangements with employees and encourages (but does not
   require) compensation cost to be measured based on the fair
   value of the equity instrument awarded.  Companies are
   permitted, however, to continue to apply APB Opinion No. 25,
   which recognizes compensation cost based on the intrinsic value
   of the equity instrument awarded.  The Company will continue to
   apply APB Opinion No. 25 to its stock based compensation awards
   to employees and will disclose the required pro forma effect on
   net income and earnings per share in its Annual Report on Form
   10-K for the year ending December 31, 1996.
   
   The accounting policies followed by the Company are set forth
   in Note 1 to the Company's financial statements in the 1995
   Annual Report on Form 10-K which is incorporated by reference.
 
2. Supplemental Schedule of Cash Flow Information (in thousands):
                                            
                                        For the three months ended,
                                    March 31, 1996   March 31, 1995
   Interest paid                       $2,931           $1,494
   Income taxes (refunded) paid        (1,857)           2,099
  
  
3. Net income per share of common stock is based upon the weighted
   average number of shares of common stock outstanding during the
   period.  No effect has been given to options outstanding under
   the Company's Stock Option Plans as no significant dilutive
   effect would result from the exercise of these options.  See
   Exhibit XI on page 15.
<F50>
4. Inventories were as follows (in thousands):
  
                                         March 31,  December 31,
                                             1996          1995   
                                       (Unaudited)     (Audited)
  
   Raw materials                       $ 40,555      $ 38,962
   Work-in-process                       60,472        58,097
   Finished goods                        69,335        66,613
  
   Inventories valued at FIFO/
     average cost                       170,362       163,672
   LIFO allowance                       (32,440)      (31,979)
   Inventories less LIFO allowance     $137,922      $131,693
<F50>
Goulds Pumps, Incorporated     Form 10-Q
Part I, Item 2

Management's Discussion and Analysis of Financial Condition and
Results of Operations

     Management's discussion and analysis reviews the Company's
operating results for the three months ended March 31, 1996 and
1995, and its financial condition at March 31, 1996.  The focus of
this review is on the underlying business reasons for significant
changes and trends affecting our sales, net earnings, and financial
condition.  This review should be read in conjunction with the
accompanying condensed consolidated financial statements.

   In an effort to give investors a more complete view of the
Company's current condition and future opportunities, this Form 10-
Q includes forward looking statements by the Company's management
about future performance and results.  Because they are forward-
looking, these statements about future performance are exposed to
certain significant risks such as potential increases in
manufacturing costs; market acceptance of or preference for the
Company's products; competitive forces; the impact of, and changes
in, government regulations, such as trade restrictions or
prohibition, import and other charges or taxes; changes in global
demand for pumps and pump-related products; availability of the
Company's products; cyclicality of industries to which the Company
markets certain of its products; general and economic factors in 
markets where the Company's products are sold, manufactured or
marketed; technological factors; and other factors discussed in the
Company's filings with the Securities and Exchange Commission.

Overview

     The Company's first quarter 1996 results reflected the highest
first quarter level of sales, orders and earnings in its history
with increases of  14.7%, 7.8% and 33.2%, respectively, over the
first quarter of 1995.   Earnings per share increased 30.8% over
first quarter 1995 results.

     Net sales for the three months ended March 31, 1996 were
$183.6 million, compared with $160.1 million for the first quarter
of 1995. First quarter orders in 1996 were $177.7 million compared
with 1995 first quarter orders of $164.9 million. Backlog at March
31, 1996 was $140.5 million compared with $146.8 million at March
31, 1995.

     The first quarter 1996 results included a pre-tax charge of 
approximately $1.2 million for a European management change.
However, this charge was fully offset by a gain of approximately 
$1.2 million on the sale of certain Municipal Business Unit product
lines.
<F50>
     In January 1996, the Company purchased a controlling interest
in Nanjing Goulds Pumps Limited Co.,  by investing an additional
$1.4 million.  This investment increased the Company's ownership
from 45% to 62%. As such, the financial results for this affiliate
have been consolidated within, and are considered to be immaterial
to, the accompanying condensed consolidated financial statements as
of March 31, 1996.  

     In early March 1996, the Company established a global
strategic alliance with John Crane International, a division of TI
Group plc, a company headquartered in the United Kingdom.  The
Company believes that this alliance with John Crane, the world's 
leading mechanical seal company, will leverage the strengths of
both companies to foster product innovation and supply chain
integration.  As a result of this alliance, the two companies
intend to jointly develop pump and seal combinations to enhance
plant performance and optimize life cycle costs.

     In March 1996, the Company announced its plans to invest
approximately $9 million to expand its Auburn, New York facility 
to accommodate the manufacturing of Water Systems products
currently produced in the Seneca Falls, New York location.   The 
Auburn facility will be expanded by adding 48,500 square feet of 
manufacturing space and renovating existing office space.  This
project is anticipated to be completed by mid-1997.  The expanded
Auburn facility will utilize focused factory cellular manufacturing
systems that are expected to provide manufacturing and productivity
enhancements to help meet the increasing demand for products and to
further improve the Company's competitive position.  As of  March
31, 1996, no significant costs had been incurred by the Company
with respect to this project. 

     The Company believes that its record first quarter 1996
results reflect continued economic strength in most of its core
markets and a strong focus on its strategic imperatives.  The
Company anticipates that these factors will continue to have a
positive impact on profitability for 1996 through manufacturing
efficiencies resulting from the continued implementation of its
focused factories in North America and strong sales growth in the
Asia Pacific and Latin American regions.

Results of Operations

     The increase in sales of $23.5 million in the first quarter 
of 1996 compared with the first quarter of 1995 combines increases
of $16.1 million, or 19.5%, in the Industrial Products (IP) sector
sales and $7.4 million, or 9.6%, in the Water Technologies (WT)
sector sales.  The increase in the Industrial Products sales is
reflective of the Company's sizable backlog at the beginning of the
period and continued strength in such core markets as chemical
process and general industry.  This increase included strong
shipments to the Asia Pacific, Latin America and Middle East
markets. The increase in sales achieved in Water Technologies is
primarily attributable to increased sales in Europe and sales of
the Company's turbine products in North America. 
<F50>
     Gross margin as a percentage of sales improved to 29.1% for 
the first quarter of 1996 compared to 28.4% for the first quarter
of 1995.  The Industrial Products sector's gross profit percentage
increased to 30.6% for the first quarter of 1996 compared to 28.7%
for the first quarter 1995.   Gross margin percentage increases
reflect improved efficiencies on increased manufacturing throughput
as a result of the continued implementation of the Company's
focused factory strategy and due to a more favorable sales mix
resulting from a more selective approach to the pricing of large
engineered products.  The Water Technologies sector's gross profit
percentage for the first quarter of 1996 declined to 27.4% from
28.8% in the first quarter of 1995.  Gross margin percentage
increases at WT-North America, due to improved manufacturing
performance and slight sales price increases, were offset by lower
margins at WT-Europe (WT-E), as a result of higher raw material
costs and weaker economic conditions in a number of European
economies, particularly Germany.  This has limited opportunities
for implementing additional pricing strategies.

     At WT-E, raw material costs have declined since the end of the
first quarter of 1996 and it is anticipated that second quarter
1996 gross margin performance will improve for this region in
comparison to the first quarter  of 1996. 

     As a percentage of sales, SG&A expenses were 21.0% for the
first three months of 1996 compared with 20.7% for the same period
last year, reflecting the approximately $1.2 million charge
associated with the European management change in 1996. Without
this charge, SG&A expenses for the first quarter of 1996 would have
been 20.4% of sales.

     Interest expense increased $.7 million in the first three
months of 1996 compared with the first quarter of 1995.  This
increase resulted from higher debt levels in the first quarter of
1996 required to fund a portion of the 1995 restructuring of the 
Environamics and Venezuelan business units and increased working 
capital requirements particularly related to the Company's European
operations.  Interest income for the first quarter of 1996
decreased  $.3 million as compared to the same period last year
due, in part, to reduced interest income from investments in Italy
and to a decline in interest rates worldwide, as compared to the
first quarter of 1995.

     Other  income increased $1.4 million in the first quarter of
1996 as compared to the first quarter 1995, and is primarily
attributable to a gain on the sale of certain product lines of the
Company's Municipal Business Unit, in Baldwinsville, New York.

     The provision for income taxes represents 35.7% and  37.1% of
earnings before income taxes in the first quarter of 1996 and 1995,
respectively.  The lower 1996 effective tax rate, which management
expects to be the rate applicable to the full year, is reflective
of domestic state tax reduction strategies and a reduction in the
effective tax rate due to relatively higher profitability levels in
lower tax jurisdictions.
<F50>
Liquidity and Capital Resources

     As reflected in the Condensed Consolidated Statements of Cash
Flows, $13.2 million of cash generated by net financing activities
was utilized to fund $11.6 million of net operating activities and
$1.9 million of net investing activities while decreasing cash and
cash equivalents by $.3 million.
 
     Significant items impacting cash flow from operating
activities in 1996 included a $9.2 million increase in receivables
due mainly to the high level of first quarter shipments, a $7.5
million increase in inventories due in part to the seasonal build-
up of inventory to meet the requirements of the Water Technologies
sector and a $10.1 million decrease in trade payables and accrued
expenses resulting primarily from certain payments made in
connection with the Environamics and Venezuelan restructuring and
first quarter funding requirements of the Company's pension plans.

     Capital additions for the first three months of 1996 were $4.3
million.  Significant projects included equipment and building
additions, primarily in North America and Europe.  The Company
expects to spend approximately $35 to $40 million in capital
expenditures for the year.

     Cumulative translation adjustments on the accompanying
Condensed Consolidated Balance Sheet at March 31, 1996 were $14.0
million compared to $12.9 million at December 31, 1995, reflecting
the weakening of the Italian lira and the Mexican peso against the
U.S. dollar in the first quarter of 1996.  In addition, a
devaluation of the Venezuelan bolivar occurred in April 1996.  The
Company anticipates that any losses resulting from this devaluation
will have an insignificant effect on the consolidated results of
the Company for the year ending December 31, 1996.

Restructuring Charges

     In December 1995, the Company recorded a pre-tax restructuring
charge of $19.7 million.   This charge resulted from the Company's
decision to transfer its ownership interest in Environamics
Corporation to that company's management and to wind down its
manufacturing activities in Venezuela.  The charge provided for
$1.4 million of termination costs and $18.3 million of other exit
costs (including the write-off of previous investments). The
following charges against this restructuring reserve were recorded
in the first quarter of 1996 relating to the following components:
costs to exit owned and leased facilities were $14.0 million; costs
of termination benefits were $.2 million.  

     In the fourth quarter of 1994, the Company recorded an initial
pre-tax restructuring charge of $3.5 million and a related
liability for such costs.  The restructuring plan included the
downsizing of the Company's operations in California, the
Netherlands, and Mexico, and the consolidation of sales offices,
<F50>
PRO Service Centers, and other Company facilities. In December
1995, the Company reversed $1.2 million of the 1994 restructuring
charge due to lower than expected outsourcing in California and the
transfer of certain Netherlands employees to other Goulds Pumps
European operations.  At March 31, 1996, the remaining reserve
related to the 1994 restructuring was $.4 million compared to $.7
million at December 31, 1995, reflecting $.3 million in charges
against the reserve in the first quarter of 1996 related to costs
of termination benefits.

     The Company believes its restructuring reserves are adequate
to complete the restructuring plans, outlined above, by December 
31, 1996.

Orders and Backlog

     For the three months ended March 31, 1996 orders were a first
quarter record of $177.7 million, a 7.8% increase compared with
orders for the first quarter of 1995 of $164.9 million. Orders for
the IP sector of $92.5 million were up 3.6% over the first quarter
of 1995 while orders for the WT sector of $85.2 million increased
12.6% in the first quarter of 1996 as compared to the first quarter
of 1995.  The IP sector's orders strength continued in the chemical 
process and general industrial markets and geographically in the
Asia Pacific and Latin American regions.  Orders were below last
year's record high in the pulp and paper market as paper companies
deferred or postponed many larger capital projects, but remained
stronger than 1994.  Orders volume in the IP sector was also
impacted by the Company's more selective approach to the pricing of
large engineered projects. Within the WT sector, the increase in
the orders activity for the first quarter of 1996 was evenly split
between the North American and European regions.

     Backlog decreased from $146.8 million at March 31, 1995 to
$140.5 million at March 31, 1996. Industrial Products backlog
decreased $4.6 million to a total backlog of $120.3 million while
Water Technologies backlog  decreased $1.7 million from the March
31, 1995 level to a total backlog of $20.2 million.  

Environmental Matters

     In 1995, a legal action was filed against the Company and 21
other defendants in the United States District Court for the
Western District of New York (Rochester) by two plaintiffs seeking
damages for environmental contamination at or near an inactive
landfill site in Seneca Falls, New York.  The Company s
investigation into the allegations in these actions is in its
preliminary phases.  The Company believes that under applicable
laws it should not bear any liability to one of the claimants, the
current landfill owner, who purchased the property with full
knowledge of its prior use and continued to operate it thereafter. 
In addition, the Company believes that there is little reasonable
likelihood of material liability to the other claimant at this
stage of investigation, based upon considerations of the damages
claimed, nature of contamination and the existence of other
financially viable co-defendants, and after reviewing the
<F50>
applicable legal principles.  The Company has answered the
complaint by denying the material allegations and asserting various
affirmative defenses, cross-claims and counter-claims.  The Company
intends to vigorously defend this litigation, but no assurance can
be given as to the ultimate outcome of such litigation or its
impact on the Company.

     The Company recorded a $2.0 million provision in 1991 for
estimated costs to monitor and remediate an inactive Company
landfill site in Seneca Falls, New York.  At March 31, 1996, the 
remaining reserve was $1.7 million.  The remediation plan has been
approved by the New York State Department of Environmental
Conservation and is expected to be completed by the end of 1996. 
The Company currently believes that the reserve associated with
this site is sufficient to absorb any future costs.

     Apart from issues discussed above, the Company is not
currently aware of any other environmental matters which would be
reasonably likely to have any material impact on recurring costs,
capital expenditures, or mandated expenditures.
<F50>
Goulds Pumps, Incorporated    Form 10-Q
Part II

                      PART II.  Other Information

Item 1.  Legal Proceedings

     Disclosures regarding legal proceedings are set forth in Part
I, Item 3 of the Company's Form 10-K for the year ended December 
31, 1995, which is incorporated herein by reference.

     No material developments have occurred since that report was
filed on March 29, 1996.


Item 4.  Submission of Matters to a Vote of Security Holders

     The Annual Meeting of Stockholders was held on May 1, 1996. 
Stockholders elected eight Directors nominated in the March 31,
1996 Proxy Statement, incorporated herein by reference, to hold
office until the next Annual Meeting of Stockholders. Additionally,
stockholders ratified the appointment of Deloitte & Touche LLP as
the Company's independent auditors for the 1996.  Results of
stockholder voting are as follows:

1.   Election of Directors          Votes For     Votes Withheld

     William W. Goessel            18,966,685         325,533
     David P. Gruber               18,971,634         320,584    
     Melvin Howard                 18,971,722         320,496
     Barbara B. Lucas              18,959,229         332,989
     Thomas C. McDermott           18,898,532         393,686
     James C. Miller III           18,971,534         320,684
     Peter Oddleifson              18,852,878         439,340
     Arthur M. Richardson          18,940,844         351,374

2.   Proposal to Ratify the Appointment of Deloitte & Touche LLP as
     Independent Certified Public Accountants for 1996:

          Votes          Votes          Votes          Broker
           For          Against      Abstaining      Non-votes
      
       19,171,378        78,369         42,471           -- 
     
Item 6.  Exhibits and Reports on Form 8-K

     (a)  Exhibit XI.  (Earnings Per Share Computation)

     (b)  Exhibit XXVII (Financial Data Schedule) filed
          electronically only.

     (c)  No reports on Form 8-K were filed for the three months 
          ended March 31, 1996.

<F50>
                                EXHIBIT XI

         GOULDS PUMPS, INCORPORATED AND CONSOLIDATED SUBSIDIARIES
                     COMPUTATION OF EARNINGS PER SHARE
                   (IN THOUSANDS, EXCEPT PER SHARE DATA)

                                                         March 31,  March 31, 
                                                              1996        1995

a.  Net earnings                                           $ 7,237     $ 5,434 


b.  Actual weighted average number of shares outstanding    21,292      21,205 
  
c.  Primary earnings per share based on actual average
    shares outstanding  (a / b) (1)                        $   .34      $  .26

d.  Shares exercisable under outstanding options               621         684 
  
e.  Proceeds assuming exercise of outstanding options      $12,859     $13,631 
  
    Reinvestment of proceeds under "Treasury Stock Method":

f.  Average market price per share during each quarter or
    market price at quarter-end (whichever is higher)      $ 22.60     $ 23.50 
  
g.  Shares to be acquired (e / f)                              569         580 
  
h.  Net increase in outstanding shares relative to stock
    options (d - g)                                             52         104

i.  Other Common Stock Equivalents                              42          --

J.  Net increase in common stock equivalents                    94         104
   
k.  Adjusted weighted average shares outstanding (b + j)    21,386      21,309 

l.  Fully Diluted Earnings Per Share (a / k)               $   .34     $   .26
 
m.  Dilutive (Anti-dilutive) effect on earnings per
    share (c - l) (2)                                      $    --     $    -- 

                                                                              
 
(1)  Earnings per share information is based on weighted average number of
     shares of common stock outstanding during each period.  No effect has been
     given to options outstanding under the Company's Stock Option Plans as no
     material dilutive effect would result from the exercise of these options.


(2)  This calculation is submitted in accordance with Securities Exchange Act
     of 1934 Release No. 9038 although not required by APB Opinion No. 15 since
     no material dilutive effect would result from the exercise of these
     options.
<F50>
                                 SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on 
its behalf by the undersigned thereunto duly authorized.




                                  GOULDS PUMPS, INCORPORATED
                                               (Registrant)




Date: May 13, 1996                    /s/ John P. Murphy          
                                      John P. Murphy
                                      Vice President - Finance
                                      (Mr. Murphy is the Chief
                                      Financial Officer and has
                                      been duly authorized to sign
                                      on behalf of the Registrant.)