UPDATE 1-Robbins & Myers Q3 profit dips, narrows FY shr view

* Q3 EPS 31 cents vs 76 cents yr-ago

* Q3 sales $143.4 mln vs $200.9 mln yr-ago

* Narrows FY shr view to $1.41-$1.51 from $1.35-$1.65

June 25 (Reuters) - Diversified manufacturer Robbins & Myers Inc (RBN.N) posted a 61 percent fall in quarterly profit, hurt by a sharp decline in sales and orders, and narrowed its full-year earnings guidance.

"We have responded to difficult market conditions by reducing employment 6 percent this fiscal year and reducing overtime to achieve a total reduction in full time equivalents of approximately 8 percent," Chief Executive Peter Wallace said.

The company is reviewing and finalizing restructuring plans in each business unit to permanently cut fixed costs and expects to implement them by year-end, Wallace said in a statement.

For the third quarter ended May 31, 2009, Robbins & Myers reported profit of $10.3 million, or 31 cents per share, compared with a $26.5 million, or 76 cents a share, a year-ago.

Sales fell 29 percent to $143 million. Orders fell 42 percent in the third quarter to $119 million.

Analysts on average expected the company to earn 25 cents a share, before items, on revenue of $135.2 million, according to Reuters Estimates.