Robbins & Myers 4th-qtr profit falls 58 percent

Robbins & Myers posts 58 percent drop in 4th-qtr profit; outlook falls well below Street view

• On 5:31 pm EDT, Monday October 5, 2009

DAYTON, Ohio (AP) -- Industrial equipment maker Robbins & Myers Inc. on Monday said its fiscal fourth-quarter profit plunged 58 percent as the recession hurt sales across all of its businesses.

Results came in ahead of Wall Street expectations, but the company also issued a forecast that fell short of analyst estimates, and shares fell sharply in aftermarket electronic trading.

For the three months ended Aug. 31, Robbins & Myers said net income fell to $12.8 million, or 39 cents per share, from $30.6 million, or 88 cents per share, in the year-earlier quarter. The per-share figures reflect a 5 percent drop in the number of outstanding shares year-over-year.

Revenue dropped 32 percent to $155.2 million, from $227.8 million last year.

Analysts polled by Thomson Reuters, on average, expected profit of 20 cents per share on revenue of $136.8 million.

Robbins & Myers said sales in its fluid management segment fell 39 percent to $55 million in the fourth quarter. Orders dropped 52 percent from the year earlier to $48 million.

Its process solutions segment sales were 27 percent lower, at $64 million. Orders fell 32 percent to $47 million. The company's Romaco segment posted sales of $37 million, down 27 percent. Orders declined 6 percent to $28 million.

For the full fiscal year, the company posted profit of $55.4 million, or $1.66 per share, down from $87.4 million, or $2.52 per share, in the prior fiscal year.

President and CEO Peter C. Wallace said the company expects fiscal first-quarter earnings between 5 cents and 15 cents per share. Analysts are expecting first-quarter profit, on average, of 22 cents per share, with estimates ranging from 18 cents to 25 cents.

For fiscal 2010, the company expects profit between 80 cents and $1 per share, excluding restructuring costs. Wall Street has forecast profit of $1.19 per share, with estimates ranging from $1.05 to $1.39.

In aftermarket trading, Robbins & Myers shares fell $1.40, or 6 percent, to $21.75. The stock closed the regular session up 55 cents, or 2.4 percent, at $23.15.

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