Diversified machinery company Robbins & Myers Inc. (RBN) reported a drop in third-quarter net income attributable to the company to $44.23 million from last year's $70.95 million, with quarterly earnings per share falling to $1.02 from $1.54 a year before. Recent quarter's net income per share included favorable benefits of $0.07 from tax accrual adjustments, along with benefits from a legal settlement that accounted for $0.03 of the earnings, the company added.
However, excluding the impact of these items, adjusted earnings per share were $0.92, a 35% increase from $0.68 in the comparable period in 2011. Adjusted earnings per share from continuing operations for T-3 acquisition jumped to $1.02 from $0.53 in the previous year. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.90 for the quarter. Analysts' estimates typically exclude one-time items.
Consolidated sales for the latest quarter were $266.34 million, as compared with $237.06 million in the 2011 third quarter. Excluding the impact of currency translation sales went up $34 million, or 14%, over the prior-year period. Analysts estimated revenues of $267.18 million for the quarter.
Looking ahead to the fourth quarter, Robbins & Myers anticipates to earn $0.90 - $1.00, excluding some $0.08 of higher than normal tax cost related to structural tax changes that are expected to benefit future years. Twelve analysts estimate earnings per share of $1.05 for the fourth quarter.
The company narrowed its fiscal 2012 earnings per share forecast to $3.45 - $3.55 from its earlier guidance of $3.40 - $3.60, whereas 12 analysts project full-year earnings of $3.55 per share.
Additionally, the company's board approved its regular quarterly cash dividend payment of $0.05 per share, payable on August 10, 2012 to shareholders of record as of July 11, 2012.
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