Robbins & Myers Inc. (RBN), Thursday said its net income for the third quarter decreased from the same quarter a year ago, hurt primarily by a decline in orders. Third quarter net income, however, was above the Street's view. Robbins & Myers provided its guidance for the fourth quarter, while revising its full year earnings forecast, The company also declared a cash dividend.
Robbins & Myers' third quarter net income declined to $10.3 million or $0.31 per share from $26.5 million or $0.77 per share in the same quarter last year due to a slump in revenues.
On average, six analysts polled by Thomson Reuters expected third-quarter earnings of $0.25 per share. Analysts' estimates typically exclude special items such as one-time charges or gains.
Robbins & Myers' third-quarter operating income dropped to $10.286 million from $26.495 million in the same quarter a year ago.
Quarterly revenues declined to $143.4 million from $201.0 million in the third quarter a year ago, with orders declining to $119.084 million from $205.287 million in the corresponding quarter last year. Revenues for the third quarter , however, was above the analysts' view of $135.23 million.
The slump in quarterly orders were related to a 49% decline in orders recorded in the Fluid management segment, a 44% decrease in orders in the Process solution segment and a 20% decline in orders in the Romaco segment.
The company's earnings before interest and income taxes or EBIT for the third quarter decreased to $12 million from $40 million in the same quarter a year ago.
For the nine-months period, net income decreased to $42.557 million or $1.28 per share from $56.770 million or $1.64 per share in the corresponding quarter a year ago.
Revenues for the nine-month period also declined to $485.171 million from $559.414 million in the same quarter last year.
Looking ahead to the fourth quarter, the company now expects earnings in the range of $0.14 per share to $0.24 per share.
The Street currently expects earnings of $0.26 per share for the quarter.
For the fiscal year 2009, the company, however, tightened its earnings guidance in the range of $1.41 - $1.51 per share from the previous guidance that ranged from $1.35 to $1.65 per share. Wall Street analysts currently expect earnings of $1.46 per share for the full year.
The company declared a regular cash dividend of $0.04 per share, payable on August 7, 2009 to shareholders of record as of July 10, 2009.
The company also said it has taken several measures including headcount reduction so as to overcome difficulties in the market and currently expects to generate $15 million of annualized gross savings from the completed actions.
RBN closed Thursday's trading at $21.45, up $0.78 or $3.77%, on a volume of 493k shares on the NYSE. In after hours, the stock lost $0.16 or 0.75%, trading at $21.29.
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