Pall Corporation (NYSE: PLL), today, reported an 11% increase in third-quarter earnings. However, PLL’s core earnings dropped due to higher expenses and flat revenue. The company’s results also missed Street estimates, sending shares down sharply.
Pall shares fell to an intra-day low of $51.13 before finishing the day 4.28% lower at $52.29 on above average volume of 4.93 million.
Pall Corporation, which supplies filtration, separation and purification technologies, reported a profit of $78.9 million, or $0.67 per share for the third-quarter ended April 30. This compares with a profit of $71.1 million, or $0.60 per share reported for the same period in the previous year.
Excluding one-time items, PLL reported a profit of $0.70 per share, down from $0.72 per share reported for the same period in the previous year.
Revenue for the quarter rose 0.6% to $658 million.
Analysts surveyed by Thomson Reuters were expecting Pall Corporation to report adjusted earnings of $0.79 per share and revenue of $725 million.
PLL’s gross margin for the quarter remained unchanged at 50.8% in the third quarter.
Larry Kingsley, CEO of Pall Corporation, said that the third quarter was difficult for the company, especially as the euro zone struggled and the company’s previously announced global go-live ERP transition disrupted its supply chain more than anticipated.
Due to the disruption, certain shipments of high-margin consumables were delayed and the company had bear substantial additional costs.
Looking ahead, the company expects full year earnings to come in at $3.10 per share.
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