Robbins said it has achieved most of $9 million in annual savings it expects after the sale is completed, with $7 million coming from a reduction in overlapping corporate jobs, and eliminating duplicate fees and costs associated with merging public companies.
The company reported net earnings of 32 cents per share, up from 13 cents per share in the year-ago quarter. Earnings were 62 cents a share when adjusted for one-time items like costs related to its purchase of T-3 Energy Services in January.
Revenue rose 65 percent to $215 million.
The company’s fluid management, process solutions and Romaco segments all reported double-digit order growth due to strength in energy markets and improving demand for capital goods in certain regional chemical markets. That has created some capacity issues for Robbins.
Robbins said it ended the quarter with $51 million cash and $2 million of debt, and expects to pursue more acquisitions.
The company also updated its forecasted diluted earnings per share for fiscal 2011 to $1.95 to $2.15, up from $1.85 to $2.05. It expects to earn 45 cents to 55 cents per share in the fiscal third quarter, excluding restructuring costs and one-time costs from the T-3 purchase and gains from the sale of Romaco businesses and income from discontinued operations.
Robbins shares (NYSE: RBN) closed Thursday at $45.99, up 19 cents.
Robbins supplies engineered equipment and systems to the global energy, industrial, chemical and pharmaceutical sectors. It has 400 employees in Dayton and Springfield.
Contact this reporter at (937) 225-7457 or bsutherly@DaytonDailyNews.com.
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