Robbins & Myers, Inc. (NYSE: RBN) declined 0.38% to $49.88 in the morning hour after the company announced first-quarter results.
The company reported a first quarter profit of $35.3 million, or $0.77 a share, up from $14.7 million, or $0.44 a share, a year earlier. Its October forecast was $0.60 to $0.70 a share. Sales rose 69% to $237.3 million for the quarter. Analysts had expected the company to report revenue of $242 million.
First quarter fiscal 2012 cash from operations was $29 million, an improvement of $31 million from the same prior year period.
Under the Company’s share repurchase program the Company bought 351 thousand shares for $16 million during the quarter. The Company ended the first quarter of 2012 with $231 million of cash, slightly higher than the ending balance of the last quarter despite the share repurchase program.
Moreover, the company also announced today that its Board of Directors approved an increase in the quarterly cash dividend payment from $0.045 to $0.050 per share. The dividend is payable on February 17, 2012 to shareholders of record as of January 20, 2012.
Robbins & Myers, Inc. is a supplier of engineered equipment and systems for critical applications in global energy, industrial, chemical and pharmaceutical markets. The Company operates in three segments: Fluid Management segment, Process Solutions segment and Romaco segment.