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Robbins & Myers Inc, USA
COMPANY WATCH
Met-Pro Corp, USA Key Figures (US$ million) First quarter ended 30.4 2011
Robbins & Myers Inc, USA Key Figures (US$ million) Three months ended 31.5 2011
2010
Net Sales Of Which: Fluid Handling Technologies
23.4
22.3
9.6
6.5
Cost of Goods Sold
15.4
Gross Profit
2010
Sales Of Which: Fluid Management
237.1
119.7
180.5
79.8
14.3
Cost of Sales
151.0
78.7
8.1
8.0
Gross Profit
86.1
41.0
Operating Expenses
6.0
5.9
Net Income from Continuing Operations 19.2
6.9
Income from Operations Of Which: Fluid Handling Technologies
2.1
2.1
Net Income Attributable to Robbins & Myers Inc
71.0
8.2
2.2
1.3
262.7
132.3
Net Income
1.4
1.4
204.0
85.0
Nine months ended 31.5 2011
2010
COMMENT Met-Pro has posted first quarter sales of US$23.4 million, the highest for the period in the company’s history and up 5% on the year earlier. Net income for the quarter was static at US$1.4 million. New order bookings for the first quarter were up 15% to US$25.5 million compared with the 2010 comparator. Met-Pro’s backlog of orders at quarter end was US$20.1 million, an increase of 16% on a year earlier, all of which is expected to be shipped during the current fiscal year. Met-Pro’s Fluid Handling Technologies segment saw sales increase by 46% year-on-year to US$9.6 million, while income was up 74% on a year ago. “We are pleased to have sustained our recent trend of year-over-year quarterly revenue growth, with the best revenue first quarter in the company’s history,” Met-Pro’s chair and CEO, Raymond De Hont, said. “Gross margins in the quarter were 34.4%, continuing to
June 2011
track toward the high end of our historical range, although somewhat off from the comparable year ago quarter primarily due to product mix, higher commodity costs, and some temporary softness in our Product Recovery/Pollution Control Technologies segment”. De Hont said Met-Pro had taken a number of measures to offset the rising commodity costs, including product price increases and improved purchasing practices. During the quarter, De Hont said the company had continued to invest in growth initiatives, including the addition of a business development manager in China and accelerating the incorporation of its new South American subsidiary. “Both of these investments should improve our competitive profile throughout these rapidly industrializing markets, creating strong demand for a broad range of Met-Pro products,” he said. ■ www.met-pro.com
Orders Of Which: Fluid Management
Sales Of Which: Fluid Management
561.6
338.3
406.6
215.0
Cost of Sales
356.9
227.7
Gross Profit
204.8
110.6
Net Income from Continuing Operations 45.7
17.3
Net Income Attributable to Robbins & Myers Inc
98.6
18.4
Orders Of Which: Fluid Management
614.3
367.0
449.7
233.0
Backlog Of Which: Fluid Management
247.9
120.3
155.1
52.0
COMMENT Robbins & Myers Inc reported diluted net earnings per share (DEPS) of US$1.54 in its fiscal third quarter ended 31 May 2011, including a US$1.16 net gain from the sale of its Romaco business in April. Adjusting for charges relating to the January 2011 acquisition of T-3 Energy Services Inc, Robbins & Myers earned US$0.53 per share from continuing operations in the third quarter of 2011. “Recent record-setting per formance reflects in part a more profitable portfolio of businesses following the recent acquisition of T-3 and divestiture of
Romaco,” said Peter Wallace, president and CEO of Robbins & Myers Inc. “The company supplies products and services that improve customer productivity in critical applications. We are improving product management, engineering and customer-facing capabilities to support our organic growth strategy, and our acquisition program focuses on new platforms for growth and businesses that complement existing product lines. We have ample financial capacity to support our growth programs.” ■ www.robbinsmyers.com
Pump Industry Analyst
9
Met-Pro Corp, USA Key Figures (US$ million) First quarter ended 30.4 2011
Robbins & Myers Inc, USA Key Figures (US$ million) Three months ended 31.5 2011
2010
Net Sales Of Which: Fluid Handling Technologies
23.4
22.3
9.6
6.5
Cost of Goods Sold
15.4
Gross Profit
2010
Sales Of Which: Fluid Management
237.1
119.7
180.5
79.8
14.3
Cost of Sales
151.0
78.7
8.1
8.0
Gross Profit
86.1
41.0
Operating Expenses
6.0
5.9
Net Income from Continuing Operations 19.2
6.9
Income from Operations Of Which: Fluid Handling Technologies
2.1
2.1
Net Income Attributable to Robbins & Myers Inc
71.0
8.2
2.2
1.3
262.7
132.3
Net Income
1.4
1.4
204.0
85.0
Nine months ended 31.5 2011
2010
COMMENT Met-Pro has posted first quarter sales of US$23.4 million, the highest for the period in the company’s history and up 5% on the year earlier. Net income for the quarter was static at US$1.4 million. New order bookings for the first quarter were up 15% to US$25.5 million compared with the 2010 comparator. Met-Pro’s backlog of orders at quarter end was US$20.1 million, an increase of 16% on a year earlier, all of which is expected to be shipped during the current fiscal year. Met-Pro’s Fluid Handling Technologies segment saw sales increase by 46% year-on-year to US$9.6 million, while income was up 74% on a year ago. “We are pleased to have sustained our recent trend of year-over-year quarterly revenue growth, with the best revenue first quarter in the company’s history,” Met-Pro’s chair and CEO, Raymond De Hont, said. “Gross margins in the quarter were 34.4%, continuing to
June 2011
track toward the high end of our historical range, although somewhat off from the comparable year ago quarter primarily due to product mix, higher commodity costs, and some temporary softness in our Product Recovery/Pollution Control Technologies segment”. De Hont said Met-Pro had taken a number of measures to offset the rising commodity costs, including product price increases and improved purchasing practices. During the quarter, De Hont said the company had continued to invest in growth initiatives, including the addition of a business development manager in China and accelerating the incorporation of its new South American subsidiary. “Both of these investments should improve our competitive profile throughout these rapidly industrializing markets, creating strong demand for a broad range of Met-Pro products,” he said. ■ www.met-pro.com
Orders Of Which: Fluid Management
Sales Of Which: Fluid Management
561.6
338.3
406.6
215.0
Cost of Sales
356.9
227.7
Gross Profit
204.8
110.6
Net Income from Continuing Operations 45.7
17.3
Net Income Attributable to Robbins & Myers Inc
98.6
18.4
Orders Of Which: Fluid Management
614.3
367.0
449.7
233.0
Backlog Of Which: Fluid Management
247.9
120.3
155.1
52.0
COMMENT Robbins & Myers Inc reported diluted net earnings per share (DEPS) of US$1.54 in its fiscal third quarter ended 31 May 2011, including a US$1.16 net gain from the sale of its Romaco business in April. Adjusting for charges relating to the January 2011 acquisition of T-3 Energy Services Inc, Robbins & Myers earned US$0.53 per share from continuing operations in the third quarter of 2011. “Recent record-setting per formance reflects in part a more profitable portfolio of businesses following the recent acquisition of T-3 and divestiture of
Romaco,” said Peter Wallace, president and CEO of Robbins & Myers Inc. “The company supplies products and services that improve customer productivity in critical applications. We are improving product management, engineering and customer-facing capabilities to support our organic growth strategy, and our acquisition program focuses on new platforms for growth and businesses that complement existing product lines. We have ample financial capacity to support our growth programs.” ■ www.robbinsmyers.com
Pump Industry Analyst
9