* Q1 EPS $0.44 vs est. $0.33
* Q1 rev up 27 pct to $163.9 mln, beats mkt
* Raises FY EPS view to $1.85-2.05, above Street
* Shares up 13 pct to a 2-year high
(Adds details, background, share movement)
Jan 7 Robbins & Myers Inc <RBN.N >, known for
its oil and gas drilling equipment, posted strong quarterly
results and boosted its full-year earnings outlook as oil firms
step up investments in shale drilling.
The company's shares, which have doubled in value since
touching a year-low of $20.09 in May last year, rose 13 percent
to $40.29, their highest in more than two years. They were
trading up 12 percent at $39.88 Friday morning on the New York
"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," Chief Executive Peter Wallace
said in a statement.
United States is seeing a boom in shale oil and gas
exploration with oil production from the Bakken shale in North
Dakota rising 20-fold in just a year. That success has led
independent producers to fan out to other shale formations in
search of similar gains. [ID:nN20139968].
Dayton, Ohio-based Robbins & Myers agreed to buy oilfield
and pipeline services firm T-3 Energy Services TTES.O for
$422 million in October to take advantage of the growth in
drilling and boost its key fluid management business.
Sales at the fluid management group, which provides surface
and down-hole pumps and systems, power sections and pipeline
closures and accounts for about 55 percent of total sales, rose
34 percent to $91.3 million in the first quarter.
The company, which also serves pharmaceutical and
industrial markets, now expects full-year earnings of
$1.85-2.05 a share, while analysts on average were looking for
a profit of $1.60 a share, according to Thomson Reuters
(Reporting by Bijoy Koyitty in Bangalore; Editing by Prem
Udayabhanu, Unnikrishnan Nair)