Robbins & Myers Inc. (NYSE: RBN) reported Wednesday its profit dropped 65 percent in the fiscal first quarter, citing weak demand for its engineered equipment, according to Associated Press.
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Robbins maintained its 2010 profit guidance but its second-quarter estimate fell short of analyst expectations.
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 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.
Shares fell $1.59, or 6.3 percent, to $23.72 in afternoon trading.
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