Robbins & Myers Reports Q3 Results

Robbins & Myers Reports Q3 Results



Robbins & Myers Inc (NYSE:RBN) reported Q2 EPS today of $0.62 excluding one time charges related to its acquisition of T-3 Energy Services, beating the consensus estimate for $0.48 per share. Consolidated revenue was up 65% year-over-year to $215 million, beating the consensus estimate for $199 million. Excluding revenue from T-3 Energy, sales were up 38% from the year ago period.

"We are rapidly integrating T-3 into our Fluid Management Group and have secured most of the expected $9 million of annualized synergies," said Peter C. Wallace, President and CEO. "Other potential benefits from the acquisition have surfaced, such as new sales opportunities with key account relationships, opportunities to leverage regional strengths and capabilities, and savings through low-cost sourcing. All of this is occurring against a backdrop of strong order levels at T-3, which continues to benefit from increased North American oil & gas maintenance and repair activity as well as higher spending related to shale projects. Our legacy energy business is also benefitting from high levels of customer demand, tempered somewhat by capacity constraints for one product line, for which we expect additional capacity to begin coming on line at the end of the third quarter."