Robbins & Myers says 1st-qtr profit falls 65 percent, sees weak demand persisting into 2nd qtr

Robbins & Myers 1Q profit falls 65 percent

DAYTON, Ohio — Robbins & Myers Inc. said Wednesday its profit dropped 65 percent in the fiscal first quarter on weak demand for its engineered equipment, and its CEO said the drag would continue into the second quarter.

Robbins maintained its 2010 profit guidance but its second-quarter estimate fell short of analyst expectations, and the stock dropped. Shares fell $1.84, or 7.3 percent, to $23.47 in afternoon trading.

The company reiterated 2010 profit guidance of 80 cents to $1 per share, compared to a 99 cent per share prediction of analysts polled by Thomson Reuters. For the second quarter, Robbins said it expects to earn 5 cents to 15 cents per share, which is below the 21 cents per share analysts expect.

In the quarter that ended Nov. 30, the Dayton, Ohio, company said profit fell to $6 million, or 18 cents per share, from the $17.2 million, or 50 cents per share, it earned a year earlier.

Excluding one-time costs, the company’s first-quarter profit of 16 cents per share still beat a Wall Street consensus estimate of 13 cents per share.

Revenue fell 27 percent to $129.4 million from $178 million. Analysts had expected $121.7 million.

CEO Peter C. Wallace said in a statement that Robbins & Myers, which serves the energy, industrial, chemical and pharmaceutical industries, faced pressure to lower prices in some cases.