HOUSTON (AP) — Robbins & Myers Inc., an engineered equipment supplier, said Friday that its fiscal first-quarter profit more than doubled, boosted by revenue from a recent acquisition and exchange rate benefits.
For the quarter ended Nov. 30, Robbins & Myers posted a profit attributable to common shareholders of $35.3 million, or 77 cents per share, up from $14.7 million, or 44 cents per share, in the same quarter last year.
Analysts, on average, expected a profit of 68 cents per share, according to a FactSet poll.
Revenue jumped 69 percent to $237.3 million from $140.8 million, while analysts polled by FactSet expected $242.1 million in revenue.
Excluding the effects of exchange rates and T-3 Energy Services Inc., which the company bought in the second quarter of fiscal 2011, sales rose 21 percent.
Citing strong demand from energy and fine chemical end markets, Robbins & Myers boosted its fiscal 2012 earnings prediction to a range of $3 to $3.20 per share from its previous prediction of $2.85 to $3.05 per share. Analysts expect a profit of $3.06 per share for the year.
The company added that it expects to post a second-quarter profit of 68 cents to 78 cents per share, citing costs related to seasonal holiday plant shut-downs and investments in personnel. Analysts expect a profit of 72 cents per share for the quarter.
Also on Thursday, Robbins & Myers said its board approved the increase of the company's quarterly cash dividend to 5 cents. The dividend, which represents an 11 percent increase from the company's previous dividend of 4.4 cents, will be paid on Feb. 17 to shareholders of record as of Jan. 20.
In morning trading, Robbins & Myers shares fell 26 cents to $49.81.