Robbins & Myers Beats Estimates With 44 Cents EPS (RBN)

Robbins & Myers, Inc. RBN released financial results on Friday morning that easily beat Wall Street estimates. Robbins & Myers, Inc announced that its 1st quarter net income climbed to $14.7 million, or 44 cents per share, up from $6.0 million, or 18 cents per share, a year earlier. Robbins & Myers, Inc. (RBN) reported revenue of $163.9 million, up from $129.4 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 33 cents per share, on revenue of $149.56 million. President and chief executive officer Peter C. Wallace said, "We are benefiting from growth in unconventional drilling, which includes both horizontal and directional rigs, as exploration and production companies invest to capture oil and gas from the shale formations. This particular portion of the energy markets has been extremely strong, and we have products well-suited for this type of drilling. Other energy market products are experiencing growth, although at more moderate levels. Outside of the energy markets, our businesses continue to benefit from slowly-improving market conditions in developed global regions and higher growth in developing regions. As expected, recent growth in orders is translating into higher sales and profits." Robbins & Myers, Inc finished the previous trading day at $35.53 per share. The consensus price target of analysts covering the company's stock is $34.71 per share. Robbins & Myers, Inc is a leading supplier of engineered equipment and systems for critical applications in global energy, industrial, chemical and pharmaceutical markets. Read more from Benzinga's Company news.