Robbins & Myers falls on weak quarter, outlook

Shares of Robbins & Myers drop after 4Q profit drops 58 percent, outlook weak

• On 3:47 pm EDT, Tuesday October 6, 2009

ri HARTFORD, Conn. (AP) -- Robbins & Myers Inc. shares fell Tuesday, a day after quarterly profits plunged 58 percent and the equipment maker issued a disappointing outlook as the recession continues to hurt sales across its businesses.

BMO Capital Markets analyst Charles Brady said the number of gas rigs has stabilized recently, but are still down more than 50 percent year over year. The lower rig counts contributed to the order declines, he said.

Shares of Robbins & Myers, which make equipment for energy, chemicals and industrial producers, fell 81 cents, or 3.5 percent, to $22.35 in afternoon trading.

The Dayton, Ohio, company reported on Monday that it fourth-quarter results surpassed Wall Street expectations, but its outlook for fiscal 2010 fell short of analysts' estimates. Quarterly revenue dropped 32 percent.

Robbins & Myers said Monday that fourth-quarter orders in its fluid management segment fell 52 percent from the year earlier, to $48 million. Orders in its process solutions segment fell 32 percent, to $47 million.

And orders in its Romaco segment declined 6 percent, to $28 million.